When we start out in our family businesses, we know all the answers and seldom seek advice.
We keep strategy in our heads and rarely see a need to share it with others. Family members are managing their own areas of responsibility with little overlap between them. We’re able to operate pretty effectively within our silos.
But then “growth” happens.
When the business begins to grow rapidly, we begin to realize we can’t continue to do everything ourselves. We need the help of others and begin to openly share strategy and decision-making with others. More…
“One of the first things we lose as our companies grow is our innovative and entrepreneurial thinking – here’s how to gain it back”
As our businesses grow we struggle with the balance between being too hands-on and too far removed from the operations of the business. We’re encouraged to delegate and develop employees, which tends to draw us further away from the hands-on more entrepreneurial tasks of the business. In it’s extreme form, delegation can feel like we are just “managing managers”. Conversely, being too-hands on, pulls us away from thinking strategically, because we’re too caught up in the day-to-day routine tasks of running the business.
In our family business our parents encouraged us to reach out for new ideas by continuing to learn and meet with people outside of our industry. How do you “keep entrepreneurial” even as your business grows more corporate and formal? More…