Family businesses create a significant number of jobs, generate higher returns and bring about top innovations. These facts make family businesses the economic bedrock of every thriving nation. Their success is due to the strong family-oriented presence and practices that they bring to the business.
To ensure that your business successfully gains and maintains more customers, creates wealth, and contributes to the economy, you must have a convergence between strong family and effective business principles.
Here are five attributes your family business must portray to be successful.
Values: Every family has laid out rules and regulations that govern their mode of operation. Likewise, your business must have core values that showcase the culture of your business both internally and externally.
Vison: You must have a clearly defined vision for the business and plans for future growth and development. This way, everyone will know and follow through on the vision at every level.
Commitment and Collaboration: Just as family members do not disown each other when things get tough, all family members must be committed to the welfare and success of the business, both in good and challenging times.
Consistency: Whatever you say, you must do. Whatever you offer, you must perform. Never go below your standards or values. And this applies to every member of your business. In this manner, you will ensure the outright success of your business.
Leadership: Be the role model by first fulfilling your responsibility in the business. This will be a signal to other members to do the same. In every family, there is a head who leads by example and not just instruction, carrying the other family members along every step. This form of leadership makes for a stronger family unit; the same rule applies to the family business.
Your family business will succeed and last through generations if you instil these attributes. You might not build them all at once, but make a plan and start with one feature, then add on one more every month. You will note the marked improvement in satisfaction and performance of all stakeholders involved in your business. If you need help with instilling these attributes in your organisation, then send me a message.