LESSON-2_Managing_Family_Business (2).pdf

Managing a Family Business Key Strategies and Tips  Managing a Family Business Managing a small family Essential to establish and business can be maintain sound challenging due to unique management practices to problems that arise when prevent confusion and rela...

Managing a Family Business Key Strategies and Tips  Managing a Family Business Managing a small family Essential to establish and business can be maintain sound challenging due to unique management practices to problems that arise when prevent confusion and relatives work together. conflicts. Planning is Everything Set clear roles and expectations for each family member from the start to avoid future conflicts. Avoid meetings that resemble family gatherings; document any agreements that affect the business. Develop a comprehensive family business plan outlining current operations and future goals.  Communication is crucial for success in a family business. Define roles, responsibilities, and expectations clearly. Keep an Open and Clear Line of Communication Foster an open communication environment to build trust and teamwork, aiding in leadership transitions.  Family relationships can complicate objectivity in business Complicate decisions. Be Logical, Not Train Train yourself to approach issues logically rather than emotionally, even when dealing with family. Emotional Clearly explain decisions as you would to a non-family Explain member.  Reward Competence, Not Genetics 01 02 03 Reward employees Avoid nepotism by Treat family members based on ensuring family as you would any performance, not members are other employee, family ties. qualified for their maintaining fairness roles to prevent harm and equality. to the business.  Family conflicts should be kept separate from the business environment. Be Fair, Encourage resolution of Not disputes outside the office and maintain neutrality in conflicts. Biased Treat conflicts as you would with non-family employees to maintain fairness.  Balance work with personal life to avoid Balance burnout and maintain healthy relationships. Take Time for Each Other Nurture both business and family Outside of Nurture relationships by spending quality time together away from work. the Office Focus on relaxation and enjoyment, not Focus business matters, to positively impact on the business.  THE END ☺ Thank you for listening!