Family businesses are unique in that they have the potential to carry on traditions and values that have been passed down from generation to generation. But as times change, it can be challenging to maintain those traditions, especially in the age of ever-advancing technology. As the business grows and expands, ensuring its initial goals and objectives are upheld can feel easier said than done. Though your business may not be operating the same as it did years ago, there are ways to ensure core values are maintained.
Clearly Define Your Culture and Values
Your business’s culture and values are its backbone and foundation. These values and beliefs are what you turn to when your business feels like it’s losing momentum. Gather the leaders in your business to identify three to five core values that you want your business to radiate. In every meeting and through every transaction, what do you want others to glean? With these values, you can make both straightforward and challenging decisions without deviating from the qualities you believe in.
Keep Communication Open
In every relationship, communication is key, and professional relationships are no different. Keeping an open line of contact is crucial as it can be very easy to blend personal and professional lives. Encourage every individual to give honest feedback without them feeling as if their jobs are on the line. As a leader, it’s important to listen to what everyone has to say to ensure you’re getting genuine evaluations. Strong communication allows for a sense of community where those from all rankings can be seen and heard.
Develop a Continuity and Succession Plan
Ensure your family business’s legacy starts with a strong succession plan. Though these conversations may be difficult in the moment, a concrete plan allows the next generation of leaders to keep the business thriving while maintaining its core values. Without a strong continuity and succession plan, the success of your business’s future is on the line.
Lead by Example
As the leader of a large company, everyone looks to you as a blueprint for their actions. Being a leader of a family business is no different. By staying true to your personal and professional values, you set an example for those who look up to you. People want to follow a strong leader who is authentic in the way they conduct their business and by doing so, you have a team of loyal employees who embody the values you exemplify.
Recognize and Reward Employees Who Uphold Your Values
Every role in your business is vital to how it runs. When you hire someone, it’s not a decision made lightly, so recognizing and rewarding employees who uphold company values shows them just how important they are. Many employees will leave a great company with good benefits because they don’t feel appreciated – don’t wait until it’s too late to acknowledge those who work hard. You want your employees to know that their success is also the business’s success so rewarding them with bonuses, outings, and promotions will create an incentive to work harder.
These simple yet crucial steps ensure the culture and values of your family business are upheld for future generations. While business practices may fluctuate, what your business stands for and the culture it promotes for its employees and clients should be a reliable constant. If you find your in need of guidance, Positively People has a team to help you every step of the way. Book a consultation to set you up for success!