Principles of Managing Your Family Business


If you are running a family business you must have found it challenging to separate business and family matters. Most are the times your family finds itself transferring the boardroom from the office to the dinner table but with good Business management skills this will not happen.

Business counselors have said that sometimes it is very challenging for some family members as they are given managerial positions in the business which they cannot handle. This may end up causing bad decisions which eventually will lead to failure of the business. To avoid such cases you should follow these simple steps to make sure that your family business thrives.

  1. Understand the strengths of each family member:  You should establish boundaries on the responsibilities and roles that each member plays in the business. Order is the most important factor to consider if you want your family business to be successful.
  2. Learn to keep personal issues out of the business:  Every morning you report to work make sure that you have left your emotions at the door and view your family members as co-workers while in the office. Make sure that no member of the family brings personal issues into the business and always treat each other with respect.
  3. Understand the age difference:  Generational gap between the family members may bring challenges into the business. This is because the workers have been exposed to different kinds of education, for example you might find that the older folk like using type writers whenever they want a document in hard copy while the younger generation prefers using computers. Dressing code could also be a challenge caused by the age difference. Let all the family members understand that they are expected to dress decently .this will depend with the kind of business that you are running.
  4. Management of professional time: Many are the times you will find yourself discussing business issues in the dinner table. You should create your own time making sure that you have time for your personal issues. You should also not do your personal things like reading novels while you are in the office. If you are able to manage your time properly then you can rest assured that you are on the right track. Never allow any of the family members to skip work with the excuse that they have personal things to do. Let them know that they are just workers like the rest of the employees and for any action there are consequences to face.

Related posts: