Imagine this: You are at work and your brother is arguing with your sister in the office. They are causing a scene, and when you walk up, they try to get you to pick sides. In addition, you are their boss and you have several non-family employees watching to see how you deal with the situation.
What do you do? Do you pick sides and engage in the argument? Do you pull them in your office and discipline them? What you choose to do will significantly impact the way your non-family employees view you, your family relationships and your company's bottom line.
If you are not sure how to manage this tricky situation, here are a few tips on how to manage family in a family business.
Many business owners are so caught up in running the business that they do not always take the time to plan for the future. You have worked hard to build a solid company and it is important to take the time think about what happens when you are gone. Will you pass on the business to a family member, are they prepared to handle the business if you are not there to support them, will you need to spend a lot of time mentoring them so they can successfully take over the reigns?
Succession planning can mean life or death when it comes to your business. Don't let the process scare you, learn the basics to succession planning today, and ensure your business will live beyond tomorrow.
Wouldn't it be great if we could just run an ad or send out a mailing, and then have the phone ring off the hook? Unfortunately that is just not the way it works in the real world. However, if you put in a little effort to network with other business owners, you will see a significant increase in leads and sales as a result.
I'm sure you are familiar with the phrase, "We are stronger when we work together." Well, that phrase has never been more true when it comes to growing your business. Learn a few basic networking tips to build strategic partnerships, and watch your profits soar.