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Tuesday, May 15, 2018

10 Tips for Managing the Family Business with Precision and Success

There is a lot of difference when managing the business alone or with the family. There is definitely a risk of its own when managing a business with family especially if it is a business legacy. Building a business on its own is rather dizzying head as all things must be thought of his own. But if running the family business together could be more concerned with the head because we have to think a lot of the head or a lot of people who each have their own principles and its own.

The business one family a difficult thing is how to maintain the tradition of the previous generation business by the current generation. This is a heavy responsibility, so the heir to the company must be prepared to accept all challenges and continue as well as maintain the legacy has been built. Here are some ways that will help you manage your business better with family heritage.

1. Understand the pattern of Family Dynamics

The relationship between family members of different generations can be very complex. It depends on the scale of its business affairs. If you are working with your family members, will certainly feel different from the way of interaction and pressure. If you as a boss, there are certainly feeling awkward to give orders.

Dealing with a family member will definitely feel a little difficult, especially if we've been accustomed to hierarchy and the services already specified since we are small. For example, if we have a mother or uncle who became our peers, certainly feels it difficult to treat them like other colleagues who are not relatives of the family. Because we have been accustomed to respect and courtesy due to age and their position in the family hierarchy.

If we have to fix their mistakes, it is rather difficult to do than do it with colleagues that no relatives. So, it is important for you to recognize properly your family members and identify the best ways to deal with them without causing unnecessary disputes. From time to time, increase the quality of the relationship outside the Office so glad to deal at work.

2. always Layout the boundary between family and Business

Separating the businesses and families is the reason that it is difficult to run a business with professionals. Perhaps because of family, you can't run a business the company's performance because it's already too familiar with the causal relationship between family members.

Might as well, because a factoring business, families could be ravaged. Family members can each other at loggerheads until destroyed family bonds. There is no perfect family and every family is mainly involved in business there must have been a half-round drama that cannot be avoided. If there is a contradiction, it will definitely pose a less good at work and at home, not only to make our fellow family members became less comfortable but also makes other co-workers joined affected.

You must yourself should be enlarged beyond the magnitude of the situation. Always specify a clear line between business and family. When having problems, disappointment, injustice or any negative emotions about someone or something in the business and is closely related to the family member, don't let it interfere with Your Business Affairs in the running Professional.

Go on and do your work, as usual, don't defendants with emotion and interfere with travel wheels. Save your emotions with the family every time a deal about work.

3. Do not Be Favoritism

On the view of an outsider, many people tend to see the negative aspects of the family business. An outsider will look at opportunities such as promotion, salaries and so on as the way easy for members of his family are involved. Outsiders and other employees tend to think they get it easily because it uses the element of proximity ' and not have to through the process-specific process. They consider these groups need not be trying like them because of the opportunities and position has indeed been allocated to them.

This assumption may be correct and maybe not wrong, because many business owners who appoint people who are downright decent and experienced to handle the highest management of the company, and this includes people outside are not members of the family.

Be careful in managing the family business, don't just believe and submit a round-round all the Affairs and business responsibility to family members without any apparent reason. Employees who have long been working with you may feel this is an unfair decision because they've been together you fall in the wake of the business since long ago.

You might have their own reasons why appointing family members themselves who are not experienced much about business than the old employees who have been with you for years. Make sure you have a compelling reason to lift his own family members and make sure your employees feel clear and understand why the election is reasonably done so that there is no talk behind which will damage business and performance your company.

4. The exercise of talent to resolve your issue

There is nothing more awkward or uncomfortable would you be natural if a fight with family members in the business. The arguments will only hinder the development of business because each would not be able to control emotions. Therefore, it is important in sharpening the ability to think logically for the good of the company.

So families that are experiencing business problems need to learn how to handle problems or conflicts that arise due to no words agreed in a decision. The best way to never achieved these skills is by always volunteered to be a reconciler between two parties only pacified.

With this, you can train yourself to analyze the problem and both parties understand their desires and problems from two different perspectives. With this, you will be better prepared and have a clear picture of how the trick to deal with a problem that happens in the family business which usually often involves the company's internal conflicts.

5. Create a balance with a worker who is not a Brother

To balance the corporate structure in the family business, you have to be more transparent in appointing employees, Affairs promotion and so on. Maybe the family ties are very strong and You might also hold that the business comes from the family of then let the result also for the family.

It may be true. But it should be remembered, in a company, you need someone else to make sure the business runs smoothly. So, balanced with the use of an outsider as a staff who manage the company at the highest level. For example such appointing managers, executives, members of the Board who is not a family into the company. Maybe you feel a little less accustomed to the presence of outsiders into the highest management, as has become the tradition of the Affairs of the company and the company is crucial the heir.

Remember, if the highest management is all crucial to members of the family, then it is likely the dispute will often occur. And probably will be worse in the absence of the views of employees instead of the family who might be more rational in certain situations when the quarrel broke fellow family members.

Typically, at a time like this, the views of outside workers will be more transparent and not favor any party within the family. In addition, the family business you may also require that workers have the knowledge and skills that are different from the existing family members.

6. Keep your Communication

The next important thing is keeping the intergenerational communication aka openness. The next generation should listen to the tip of previous generations. Meanwhile, the parents have to understand how to communicate well.

7. Try Rotation

For the family business owners who want to bequeath to the next generation of its business so it is important to do a rotation vertically or horizontally. That way, the heir to understand very well where her interest. The next generation should also be given jobs ranging from small things so that they will understand how to treat the servants.

8. The management of the family business

The complexity of relationships in the family company requires an open management, meaning that the management professionally managed. Good management is necessary for the success of every business. Family business management practice that has the following characteristics:

Thought to provoke and understanding the new business strategy,
  • Recruit and retain managers of good family
  • Create an organization that is flexible and innovative
  • Creating and protecting capital
  • Setting up surrogate leadership (succession)

9. apply proper financial management

In addition to the position title, the main thing that could have cracked the harmony of the family in the world of business is financial problems. Important things to do include: separate private money and effort; plan the use of money; create a book financial records; Calculate profit correctly; play cash flow faster; monitor your property, debt and capital; and set aside the advantages for business development.

10. Protect Your family business with Legality Should

Not all the family business would be full of conflicts of all time. The important thing is how you handle it and deal with it. Just look for example at the company Forever 21 Company, Siti Khadijah, magic jewel oil company and others again. It is the business of family heritage. They can work well because there are ' chemistry ' and an attitude of tolerance practiced.

Perhaps by keeping family members in a particular position is the best way to preserve the heritage of the family. Perhaps by having employees are not members of the family will help balance the elements of unfairness within the company.

There are also families who hired experts from outside to solve their problems such as lawyers, consultants, branding consultant and crisis and so on to help them deal with the crisis that will break the company and took the loss.

Remember, nothing else to maintain the legacy of the family business that you want to take, it is important to follow the ethics and policies of the company so we do not take action that could have dropped the company's reputation and a family in the eyes of the media, employees, and outsiders.

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