about business,financial and entrepreneur

Tuesday, May 15, 2018

The Key To Success Managing The Family Business

Many large companies and well established originating from a family business which was later expanded. One example of a corporate world that comes from the family business is a company of origin Germany, Fiber pencil Castel which are currently managed by the 3rd generation – 7 Castell.
Maybe we've heard opinions if the biggest test in the family business is through the generations to the 3rd. The first generation is the generation of the founders, then developed and bred by the second generation and third generation dissolve his. This view is not entirely appropriate, especially if the family is able to make the structure of the company appropriately and applying the principle of management that is true, then the company will grow and able to survive from generation to generation.

Managing the family business certainly gives an advantage. Had known each other since their respective characters in the family, then it will make it easier to communicate or convey the ideas so that communication can be run more openly. In addition to managing the family business together, then the profits will also be jointly owned. Thus each family member who is involved in the business will try to make the maybe manage its business to turn a profit. When a business is experiencing constraints or does not run in accordance with expectations, then those involved in it will corroborate and give support.

Although business jointly managed family members, does not mean these businesses do not face the problem. The problems often faced by family businesses are the internal conflicts within the family where each has their own special interests resulting in businesses experiencing a shake-up.

Managing the family business should be based on with the achievement of the vision and mission that was built from the beginning, open each other between family members, as well as transparent to everything, especially the issue of profit sharing.

The Key To Success In Managing The Family Business

Below are some of the keys to success in managing the family business:

1. Establish regulations

Although business handle by people who are still in the family circle does not mean it can run at will. The rules must still be made to reference and appreciate performance among family members. Making the regulations, determine its vision and mission, outlining the work description, and the Division of business results should be discussed together and open. In addition, they involved must also understand what is the vision and mission of motivating them to do their best.

The existence of such a regulation, then each individual would understand what the duties and responsibilities and encourage them to be disciplined. For example, if a store business hours 09.00 hours, but because the shopkeeper who was the brother of late arrival at 10.00, surely will harm consumers and your business.

2. Leaders are able to make informed decisions
Monetize your website traffic with yX Media
As in the above discussion, one of the advantages of the family business is the ease of communicating, where the individuals involved can be easily expressed ideas or input. However, in the absence of a leader, a business decision cannot be taken. In any business, requires a leader who can direct his men to achieve company goals. A leader should be selected based on skill and leadership skill.

3. Sort out the personal and business interests

The family business is run together with other family members. This is what causes the onset of conflict vulnerable in the family business. In the event of a conflict, should be sorting out which is the problem of the family and where business-related. If a conflict of personal and business mix stir, then interfere with the operations of the business. For example, when the leader provides feedback on the performance of one staff member who was also his family, then the staff must be able to accept it with the pros.

4. Transparent and open Communication

Despite his often meet, there is no harm if you specify a specific time to discuss business matters with. Each family member involved is expected to convey feedback or criticism related to the operations of the business or the obstacles faced in business. Discuss this problem doesn't have to be done in the Office or place of business, but can also be done at the time of the great family recreation.

No comments:

Post a Comment