Sunday, May 24, 2015

5 Must Haves to Keep Your Family Small Business Plans Working

If you are in control of the family small business plans, welcome to the majority. Around 80% of businesses throughout the United States are just like you. Even 60% of the U.S. workforce is employed by a family business. All those long summers at your father's bait and tackle shop make sense now don't they. It's the family business that really represents the country's entrepreneurial spirit and keeps the faith for being self-sufficient, independent, and wealthy. It's unfortunate that family businesses are facing more challenges that any other business won't come across.

Family small business plans take regard to the needs and fears of what effect it will have on the family. It can be the beginning of sibling rivalries, competition, parental approval, or much more. Communicating with your family can be more difficult then with a co-worker when it has to do with business. I couldn't tell you how many times I yelled at my father working as a stone mason for his company when I was younger. Would that of ever happened if I was working for a non-family member? No way!
All of these difficulties are often the cause for their downfall. Fewer then one third of family owned businesses make it to the second generation. As a leader of the family small business plans, how are you going to manage the complexity and keep your business afloat?
I've found there are five must haves when it comes to keeping a steady successful small family business going.
  • First and most important, the business can never destroy or decrease the family relationship. It comes second to the happiness of your family. Every member of the family business needs to understand that.
  • The leader of the business must always be proactive in both the small business plans and the family activities.
  • You must realize that there will be family issues that are going to impact your business. This is always the case with family owned businesses and there really isn't much way around it.
  • Don't force your family business upon the members that don't want to be a part of it. This is for those trying to pass their family business on to their children. There is no problem having your teenage son helping out on his off time, but as they get older and have their own dreams and passions, you must never expect them to want to run your business.
  • Create a process to control family business issues that arise. Every family works differently to get past their problems, but you must have a strategy to get everyone moving towards the next day. Keeping problems and emotions bottled up throughout a work day with family members is one of the most destructive things that could happen for a family business.
With the right family small business plans, you can be highly successful. It often helps to use family members strengths. If your wife is more interested in the marketing and the promotion strategy, allow her to take control of that aspect. When everyone does what they love, you are sure to have a great business.
Learn more about how to improve your small business plans with my free guide to the Five Step Formula For Explosive Growth []. Don't forget to add me as a Twitter friend. I have a better chance of helping you one on one.
Article Source:

Article Source:

No comments:

Post a Comment