We reveal the keys to take in a family business. Being part of a family business enterprise involves a particular exercise work. In the family business, the entrepreneur has to face many problems added to those of any other company to make your business a lasting project.
To do this, your role is key in several areas:
- Design and implement the strategic plan of the company : especially smaller and recent family businesses often lack long-term plans. It is true that his interest goes beyond the immediate benefit and which arise as a livelihood for the whole family, but often miss the analysis of why business objectives are intended to achieve and what is the way to reach them. The entrepreneur must make this reflection and draw the outlines that will help them to lead the company to success.
- Managing family wealth : family businesses are a family commitment, committing much of their heritage forward, often at the risk of losing everything. One of the ways to ensure household wealth in the long term is to create governance systems, process creation and protection of family assets that are assumed by all members not to fall in the future misrule. The role of the entrepreneur is to create these systems government to protect two types of assets, both human capital and economic assets.
- Improve family cohesion, is it possible to maintain the balance between company growth and expectations of family? Yes, it is possible and provided that family cohesion is maintained, the family has to hold together because this is a symptom of success in this type of company. The more distance and lack of communication between members has, more will be distracted business objectives. The entrepreneur, as its core family business should be concerned to establish emotional ties to members of the family business to form a team. Establish the value system of the company will help you do it, because once shared will allow them compatible with family values and generate a greater commitment to the family business.
- Managing conflicts between family members : conflicts arise within the family the same way as they do in other companies, but the family nature of these organizations makes particular because any conflict can take an unexpected dimension. The entrepreneur is forced to develop strategies to deal with such problems. At each event, it will make decisions that will mean a great impact on the future development of the family business, as some conflicts may end up even in the dissolution of the company. In these cases, have family councils as mediators they can be of great help to develop alternatives and different solutions, ease tensions in times of difficulty and unlock the tensions.
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