“Leading a family business can sometimes feel lonely and isolating”
Tim Cook, CEO of Apple, recently mentioned in an interview that leading Apple “is sort of a lonely job”. He mentioned the importance of seeking outside advice, and whom he turns to when he does. One example included calling Warren Buffett. I’m assuming you don’t have “Warren Buffett’s” number in your phone contacts, but think of whom you might have outside of your company. More…
As our family businesses grow it becomes increasingly more difficult to retain the small business advantages that made us successful and different from non-family firms. As we grow we need to begin involving more non-family employees in the planning and strategy of the business. We no longer can keep these plans “close to the vest” within the inner family circle, but rather encourage employees to “buy-in” and contribute their ideas to the plans. Find your sweet spot, where you have the best of both; a more decentralized organization structure combined with an innovative and entrepreneurial culture.
10 Ways to Grow While Maintaining Your Corporate Culture
- Stay innovative
- Keep entrepreneurial
- Stay in touch with employees
- Be nimble and responsive
- Keep the “small business” customs as long as possible
- Bring the employees into the loop
- Become more open with strategy and plans
- More committees – they actually can work
- Prevent policy creep – don’t create new policies for the exceptions
- Be open to outside advice through advisory boards and key outside advisors
This more open management style combined with the nimble and responsive culture is what makes family businesses success untouchable.