Being in business with people that you know and trust is a true advantage of having a family business. However, if you are not?taking proper steps to make sure that everyone has the same expectations your business (and those critical relationships) may crumble. Defining roles, communicating, and hiring outside consultants are concepts that need to be looked at closely. These few vital components will keep your business, and family, running smoothly.
1. Defining Roles
If you have a family run business and there are not clearly defined roles for all parties involved, this needs to be your first step. Having too many plumbers in the bathroom and too many bookkeepers in QuickBooks is just as bad as having too many cooks in the kitchen. Identify what everyone is in charge of with a written job description. Make sure that all family members and employees have a job description and know what is expected of them. Periodically review these job descriptions to make sure they are still accurate, or if changes need to be made.
2. Communication
Communication is a key element that needs to be kept in the forefront of everyone?s mind. When you are working with family (and friends that are as close as family) it is easy to assume that everyone knows what you are doing, working towards, and thinking. Having a regular meeting time and way to communicate is essential for keeping all players on the same page. An easy way to do this is to initiate a Daily Huddle. We do this here are Fisher, and it works really well. Send out an email first thing in the morning to the key players in your business outlining your schedule for the day. This will let other?s know that you are holding up your end of the business and when you may be available if they need help. You will also avoid duplicating efforts on one project. If someone misses a Huddle 2 days in a row, you know there is an issue that needs to be addressed ? the most likely scenario is that person is too busy!
3. Hiring Outside Consultants
You have a family business because your family has a specific skill, talent or passion that you all share. While this makes for a dynamic product or service, it unfortunately means that it is possible that none of you have the desire to be in charge of the accounting, marketing, or general operations of the company. Hiring a business consultant may be ideal for you. Your family will get to continue doing what it loves, and you can let a professional handle the aspects of the business that you don?t like, understand, or have the time to handle.
Running a family business can be a very rewarding experience. Following this advice will help you and your family members navigate the road to success and happiness.
Source: http://fisherbusiness.net/blog/2011/09/3-key-components-in-your-family-business/
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