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Tips for the Success of your Family Business

Tips for the Success of your Family Business

  1. Set Boundaries.

Running a family business means that a family’s internal issues tend to find their way to the office. So, you need to set boundaries to ensure that what is an internal family issue stays internal, and that they don’t affect any aspect of the business.

On the other hand, business issues will usually find their way to dinner tables and family gatherings. So, you need to make sure that they don’t take over completely, and that there is always time set aside for “Family” only.

2) Hire and Promote Based on Talent and Ability.

Don’t hire or promote someone just because they are members of the family. Ensure that whoever you put in a certain position has the required skills and abilities to carry out the roles needed of them, regardless of whether or not they are family members.

3) Communicate!

Try to avoid the small quarrels and bitter fights that may arise between different members of the family. Additionally, try to either completely avoid conflicts, or to solve them as soon as they arise as opposed to waiting until they grow and start to actually affect the business.

The best way to achieve this is through “Communication”.

Good and effective communication between members of a family business can go a long way in avoiding, or at least minimizing, fights and conflicts, and can ensure the success of the business.

Written by Yasmine Mokhtar

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