Keeping Your Family Business Run Smoothly
Separating family from the business is the first strategy. The business premises should only be meant for doing business not solving family problems. If family matters are addressed in the business premises this is going to make the production go down. As during this time work has been stopped. When you are in the business premises work as if you don’t know anybody -deal with them as business partners not as a family member. Correct the people who are doing inappropriate things. You should be changing the guard.
Like was being done in the past where seniors-things made all the decisions concerning the family business have changed. 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 . They should open his eyes to see the opportunities that can help boost their lives. They should better play the role of mentors instead of business managers.
Another thing is that the senior members of the family should stop telling people what they need to do and not. They should allow the younger generation to take charge and show them the right way. Because there are many changes that are taking place in the business and they are not aware of. They are still using their old tactics which might not work for the business presently. Removing the old tactics will mean the success of the business.
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Proper records of the transactions made should be held by family business just as other quoted companies do. The direction the business is taking will be known by going through red tape. The business should not make any assumptions they must keep all the records. And there should be an accountability of anything that is not going as expected. as a result the business will thrive well.
Another thing is to avoid assuming things. You should not make assumptions when you see something that is not right. Differentiating between what is wrong and right is a weakness to some people. Correct quickly the things that are not happening in the business as expected. The members should act responsibly since the company is their source of income.
Talking about one another should be discouraged. Gossips bring negativity in the business. And once some part of the group has developed negative attitude then the production is going to be affected.