Keeping the Family Business Innovative

“either be at the table, or be on the menu”

Turning a family farm into an amusement park, a funeral home that doubles as a wedding chapel, or a furniture store that has an IMAX theater. Even the most ordinary businesses can be innovative.

To keep the business growing past the initial wave of success you have to try new things. You have to remain entrepreneurial and keep innovating. Staying still is no longer an option. It’s especially challenging in a family business where the founder is the idea person and the younger generation has to inherit these skills.  More…

Family Business Strategic Plan

5 Ways to Keep Your Family Business Innovative

“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…