Owning a small business can be challenging. Add family to the mix and you’ve got a whole new set of challenges to face. When you work with family there is a potential for personal conflicts. It is also challenging because you are mixing business with your personal life which can be hard to separate.
On the flip side working with family has a lot of benefits too. When you work with family, you have a level of trust and love you won’t have with other people. You may all also share the same work ethic, principals and beliefs.
Here are 3 tips to Successful Family Business Management:
- Be fair
- Take time for each other outside of the office
The key to successful family business management is communication. It is important to make sure before you start a business with relatives to discuss individual roles and responsibilities. Roles should be clearly defined along with expectations, and it is important make sure everyone is in agreement. Have job descriptions written out and proceed like you were in business with non family members.
If you take the time to clearly define everyone’s role, you will avoid potential threats or disagreements down the road. Also, if there is any question regarding one’s responsibilities you can refer back to the job description
It goes without saying that family feuds are better left at home. With that being said, when your working with your family sometimes is hard to leave the conflicts outside the office. If you have conflict between family members at work, encourage them to work it out, outside of the office. The same rule applies if you are dealing with a situation involving a family member and a non-family member. To be an effective manager you need to have the ability to be fair, non biased and rational when running your business.
It is important to escape your business even it just for a short while. Taking a break can be not only good for you, but also your business. Sometimes owning a family run business makes it more difficult to get away from it all. If you own a business with relatives make sure you not only nurture your business, but take time to nurture your family relationships as well. Do things outside of the business with your family and be sure to have fun and not discuss the business.
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