What makes family business planning complex is that no two companies started exactly the same way. While some used careful strategic designs, other firms began by accident.
That alone isn’t a problem, but reinforcing the fundamentals can oftentimes cause friction. Unfortunately, you may doom your brand’s future without implementing some basic elements.
Positively People can help you improve. You’ll need to include at least some of these tactics below to stay competitive.
Return to Your Company’s Roots
Some family businesses believe the best ideas are the ones that are being shouted the loudest. Instead, it’s more productive to find a clear goal to work towards together.
Every board should revisit its founding mission, values, and purpose. Conflict often arises from losing sight of why they started the company. If your firm doesn’t make any progress, reevaluate your current board, by contacting us to begin family business succession planning and advisory services.
What Will Future Boards Look Like?
Family businesses struggle with transitioning from one board to the next. Some companies rely on interim family business advisory boards until new members begin. Unfortunately, future directors aren’t always chosen for the right reasons. When the only requirement is that the last name is the same, they may not offer anything tangible.
Family business succession is best planned for how to transition the original team out. Many family-owned firms rely on us for continuity planning solutions, so don’t hesitate to reach out.
What Strengths Can Be Improved?
Another reason to opt for family business consulting is to enhance your brand’s strengths. Not all companies take the time to improve and only settle for their current capabilities. That can include direct and indirect ways of reinvesting into the business.
You could expand your training resources or improve production machinery, maximizing your efficiency. You can always improve on perfection, from manufacturing centers to family governance members. Have your firm analyzed by an experienced group of advisors.
How Passionate are Your Leaders?
Family brands make a habit of including relatives, whether they want to or not. While it may be fine at first, the company’s future needs emotionally invested leaders. Unless family members offer something unique, they may not need to be on the board. It might be more advantageous to replace them with a merit-based candidate instead. If they do stay, you should eventually include non-members to round out your capabilities.
Improve Your Communication Skills
Virtually all conflict stems from one side misunderstanding the other’s intentions. Many family businesses fail simply because of a lack of communication. That includes everything from obtaining capital to cementing a clear corporate vision. When firms can’t, or won’t, communicate effectively, the business sputters out.
Maintaining respect and authenticity is vital to keep the company growing consistently. Learn how to improve your board’s communication.
Contact Us for Family Business Planning Done Right
We assist family businesses across different industries, making us your trusted advisors. No matter what your company needs, contact Positively People today for a consultation.
