Studies have shown that family businesses are more resilient than non-family businesses. The reason for this is that family businesses are better able to take long-term perspective and focus on the benefits and legacy for the future generations. However, the most important factor in this longevity is core family values. Core family values, similar to core business values, see to not only manage the assets and the overall performance of the business, but also the family’s most important heritage. These are the values passed down from one generation to the next. The values of each unique family are instrumental in creating a strong sense of identity within the business. By having shared values, family members are able to create and maintain a strong, unified vision that allows their business to continue to grow through the years. These core family values allow for the creation of a strong vision which is extremely important to running a successful operation.
Highlight Your Values. Examples of company values could be: commitment to innovation or environmental sustainability, or a focus on employees. Then think about how the business has developed over time. How have the values maintained or shifted?
Craft Your Vision.The vision of a company is its long-term purpose, based on the core family values. The family company’s vision should be the measuring stick with which decisions are made. Whenever a new opportunity arises, you should be able to check it against your vision to see if it is the best fit.
Define Your Mission. A company’s mission is slightly different than the vision, rather than setting your purpose, the mission is about what you intend to accomplish. A better way to view the difference is the vision is what you see for the company, while the mission is what your company does.