Achieving a Successful Family Business.
There should be a gap between family and business. The business premises should only be meant for doing business not solving family problems. As this is going to make production go down as a lot of work time is wasted on solving family problems. When they will be solving family problems no work will be going on. Do not relax because it is a family business , work as if you don’t know anybody -treat them as business partners not as a family member. Do not allow anybody to do a wrong thing to your site. How the business is managed should change.
Gone are the times when the senior family member was the one who was making all the decisions concerning the family. There is suppose to be changed in guard when the senior member of the family has resisted change then the younger ones should take charge . The senior family members should step down and give the younger generation time to show him how things are supposed to be done . The younger generation will be able to open his eyes to see the opportunities that can enrich their lives. They should better play the role of mentors instead of business managers.
Another thing is that the senior members of the family should stop telling people what they need to do and not. They should allow the younger generation to take charge and show them the right way. Because there are many changes that are taking place in the business and they are not aware of. They have refused to change their tactics which are not working in the firm today. Once they are out of the business, the business will do well.
What I Can Teach You About Companies
Proper records of the transactions made should be held by family business just as other quoted companies do. It is imperative to keep proper records since it will tell you the direction the industry has taken. They should not make any assumptions -all the records must be maintained. And there should be an accountability of anything that is not going as expected. This will make the business to be successful.
Assumptions should not be made in a family business. You should not make assumptions when you see something that is not right. Differentiating between what is wrong and right is a weakness to some people. Things that are not going well in the business should be corrected with immediate effect to keep the business running. People should act professionally not doing what they like because after all, it is their source of income.
Avoid gossips at all cost. Gossips bring negativity in the business. As this is going to result in little production as a lot of time is wasted.