How to ensure your family business thrives

Picture of John Broons
John Broons

John Broons is a globally awarded family business expert. One of only three people in Australia to hold the coveted title of Fellow of Family Firm Institute (Boston, USA), John has dedicated his working career to answering the question: how do I guide and support families in business to a place where they’re thriving?

The joy and pride of running a family business is truly a unique experience. But like any endeavor, ensuring your family business thrives takes a combination of dedication, strategy, and wisdom. In this article I will share some insights that will help guide you on this exciting journey.

How to ensure your family business thrives
Foster open communication

Communication is the lifeblood of any successful family business. It’s important to create an environment where family members can openly express their thoughts, ideas, and concerns. Regular family meetings and transparent discussions will help align everyone’s vision and ensure that everyone is on the same page.

Define roles and responsibilities

A key aspect of running a thriving family business is clearly defining roles and responsibilities. Assign tasks based on each family member’s skills, interests, and strengths. This not only ensures efficiency but also prevents any blurred lines or conflicts down the road.

Embrace innovation

In today’s rapidly changing world, innovation is crucial for business success. Encourage your family members to embrace new ideas, technologies, and trends. Embracing innovation will help your family business stay competitive and adapt to evolving market demands.

Nurture the next generation

As a family business, you have the remarkable opportunity to pass down your knowledge and values to the next generation. Take the time to mentor and empower the younger members of your family. Encourage them to explore their passions and develop their own skill sets. This will not only ensure a successful transition but also foster a sense of continuity and familial pride.

Seek external expertise when needed

While family businesses often possess a wealth of internal knowledge and experience, sometimes it’s beneficial to seek external expertise. Don’t be afraid to bring in consultants or advisors who can offer fresh perspectives, guidance, and help navigate challenges specific to family businesses.

Build a resilient culture

Sustaining a family business across generations requires building a resilient and adaptable culture. Instill in your family members a sense of perseverance, resourcefulness, and the ability to navigate through both good and challenging times. By doing so, you’ll be setting the foundation for lasting success.

Remember, running a family business is both a privilege and a responsibility. Embrace the unique strengths and values that come with being a family-owned business. By fostering open communication, embracing innovation, nurturing the next generation, seeking external expertise when needed, and building a resilient culture, you can ensure that your family business thrives for many generations to come.

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