Look anywhere. There are a huge number of businesses that are run by families and are successful. From big brands to smaller enterprises, keeping it within the family has obviously worked out for a number of businesses. Here are some tips to their success.
1. What is family?
When it comes to big family-owned businesses that have a huge number of non-family members, it is all about asking oneself what really constitutes family. Is it only the blood relations that matter or do the employees matter as well?
Family-owned businesses that have been very successful in their respective fields are of the opinion that they consider their employees and customers as family. This helps them offer better service at all levels. Whether it is taking care of employees as one of its own or of customers by giving them the best service and products, redefining who family really is matters.
2. Keeping business away at family gatherings
When you have a family-owned business, it is easy to get sucked in discussions regarding it at all family gatherings. For example, if brothers turn business partners, it is very easy for all family gatherings to be about the business.
However, this is just not a good idea because it takes away time from family relationships. Developing and maintaining family relationships are just as important as business. So keep business discussions away during family gatherings and vacations and enjoy the bonding time.
3. Let talent be the guide
It is extremely important for family-owned businesses to promote talent and character. If your business employs non-family staff, this becomes essential.
It does not matter whether an employee is not a family member, if he has the latent and character to go far, make sure that you give him the opportunities to do so.
Sometimes, you come upon really good people who are worth keeping around. They may not be your family but they are definitely very valuable. Make sure that you keep them around because that is what is going to make your business a success. Non-family members should be given the chance to get ahead too.
4. Make joining the family business an option
It is extremely important not to make joining the family business a requirement for everyone in the family. Say, a husband and wife start their own business. As time goes by, the children grow up. Whether or not they want to take an active part in the business is something that you should leave it up to them to decide.
Forcing a family-owned business on everyone in the family is just not a good idea. For highly successful family-owned business, joining is considered an option, not a rule. It is important that you do the same or there may be bad blood.
Family-owned businesses are a structure that has been highly successful for centuries. Plan well and things will be good for yours too.