Keep Your Business “UN-Professional”

I don’t know about you, but I am beginning to get tired of hearing how important it is to “professionalize our family businesses”. The implication here is that we are “un-professional”.

Granted, in some of our businesses, the family is over-bearing, and stifles growth and development. But, the vast majority of us are striking a good balance between being a family business, and adopting more formalized business practices. After all, this is our “sweet spot”. This is what makes us unique, and gives us a tremendous competitive advantage over non-family businesses.

I’m not advocating to avoid changing and growing our businesses to the next level. But, if we allow ourselves to adopt too many big corporate attributes, eventually we will lose our identity and competitive advantage of being a family business. Conversely, running our businesses too informally, might prevent us from attracting key management prospects, and lead to weak strategic planning.

The key here is balance. Manage your business with the best of both; maintain your identity of being a family business, while gradually allowing big company organization structure to creep in. Never forget the family values and entrepreneurial spirit that your business was founded on.

Corporate Culture

10 Ways to Make Your Family Business “Cool“ (Again?)

creating an awesome business culture just might help attract the younger gen to give it a ride

Part of keeping a family business innovative is to encourage change and try new things. One way to create this culture change faster is to encourage the younger generation to join the family business. The younger generation brings fresh thinking, new strategies and modern leadership styles. With an increasing number of next generation family members choosing to work outside of the family business, there is a growing need to make the business more exciting to join through new thinking and new opportunities. More…