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. The production is going to go down as a result of time is spent in addressing family issues. As during this time work has been stopped. 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. Correct the people who are doing inappropriate things. The junior should replace senior people.
Gone are the times when the senior family member was the one who was making all the decisions concerning the family. In business when the senior member of the family has resisted change then the younger ones should take charge of the firm. 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. The younger generation should be able to see their seniors as the mentors not onsite managers.
The tradition of senior members of the a family advising the juniors on what they should do and not do should stop. They should allow the younger generation to take charge and show them the right way. The senior members lack information on the many changes that are taking place in the business world they should therefore step down. They have refused to change their tactics which are not working in the firm today. Eliminating the senior members from the business will lead to the success of the business.
The Essentials of Services – Revisited
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. All records must be preserved, and no assumptions should be made. For anything that is not going as required there should be accountability. This will make the business to be successful.
Another thing is to avoid assuming things. Do not assume when you if something is not right in the business. Don’t think that everybody knows what is right and what is wrong. 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.
Family members should not engage in gossips. Because it results in negative attitude in the enterprise. And once some part of the group has developed negative attitude then the production is going to be affected.