What’s Guiding Your Family Buisness

It is imperative to note that the success of any initiative is tempered by the desire to effectively embrace change. Change to be successful will require extra discipline on the part of your family business team.

If you are serious though about seeing your family business make it into the next generation you need to realize that its success is tempered by two things:

1. The extent of realizing the importance of taking the initiative to change what needs to be changed for your family business.

2. Following through; taking action, acting on the initiatives uncovered and refining them to the point where they fit your family business specifically, effectively and comfortably.

Unfortunately most family businesses will not realize the importance of making the necessary changes and if they do take the time to uncover those changes, most will not doing anything about it. To make this journey successful you will need to include anyone who is working with family members. Don’t exclude someone just because you don’t think they have an interest. It is also important to realize that some times the people you least think should be involved are the ones who want to make their team function better and be better prepared to deal with the management issues of the family business. And they aren’t always members of the family.

It is critical to remember that once you have started the process,you must have the desire to keep moving forward. It is that desire that provides the needed framework upon which to build an effective operating mechanism for the team members. In an upcoming articles I will share with you some of the questions you need to be asking yourself as you prepare to make the changes necessary to keep you family business growing.

I highly recommend that as you work through this process that this is information is recorded. I suggest that each family business create a Family Business Instruction Guideline that includes the following steps:

* improving recruitment and development of team members
* establishing sound and proactive planning; eliminating ad hoc decisions
* bringing clarity and understanding to pay and overall compensation
* formulating procedures, which provide guidelines for orderly functioning of the team
* establishing fruitful team member relationships and interpersonal harmony

The initial process of setting up an Instruction Guideline could take four to six months to complete; yet, to be effective once established, it will require on-going and dedicated follow-through. The overall success of this initiative is directly proportional to the amount of on-going work, desire and will to follow through and make it happen. Yet I believe this is critical if you wish to see your legacy continue.

The journey into developing your own Instruction Guideline needs to be initiated by the family, for the family business. Ultimately this process has within itself the basis for creating a truly effective family business management tool for generations to come. The end result being the development of an effective, harmonious and well-managed family business. The development of this Instruction Guideline is not at all meant to be a daunting task; rather, an enjoyable challenge involving ALL of the team.

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