Many divisive actors have contributed in the failure of most small businesses. It is becoming extremely difficult to align your interest to one common goal and make the most out of it. However, by adhering to some principles, you can make your business prosper even during the rainy days. Learn also how to take advantage of technological advancement in furthering your business prospects.
One very important aspect of success in the workplace that often is missing in a family business is employee recognition. Many employees work very well with positive reinforcement even the smallest gesture like a glass award for flawless attendance or outstanding sales can make the biggest difference in productivity and morale. When involved in a family business those gestures which would be labeled “above and beyond” in a normal workplace are only expected by family who can sometimes be the hardest to impress. When running a family business it is important to step back and recognize those tasks and award them.
Another major well known obstacle facing business families today is poor interpersonal relations. Other challenges may be easily overcome, but poor relations often send a business crumbling very rapidly. Open and honest communication whether in person or online is greatly encouraged. When matters get too intense, it is best to put each one’s feelings in writing. Technology here should be used discreetly, not to discuss personal issues online thus even further destroying its public image.
Guidelines
? Establish well defined objectives. Review with your team on ways you plan to achieve the intended plans and goals. Encourage dialogue and make sure the set goals are within your financial limits, as well as realistic.
? Establish governance process. Conflicts are likely to erupt when no well set rules are kept to define who the major decision makers are. Ensure information is well understood between the family members and major stakeholders. Put the plan into writing and plan how to formally resolve conflicts wherever they arise.
? Have a strategic succession plan. In the event of death or retirement, the mangers and the CEOs will eventually need to be replaced. Therefore, establish the succession plan to ensure it occurs smoothly without negatively affecting the productivity of the business. Sometimes you may need to incorporate non-family professionals, instead of including family members who have no real interest in the business.
? Address tax implications. Implications on the tax information will sprout up in the event of divorce or change of ownership. If not carefully checked, you might be facing heavy tax charges, therefore minimize this by reviewing the owner plan.
Importance of technology
You notice that most of the above points rely heavily on efficient communication.This is made possible through the use of technological resources available for business. Staying connected to the world enables the business to access reliable solutions and resources to advance your business interests. A high speed internet ensures unmatched delivery and performance, and thus the need for Ethernet solutions such as fiber optic Ethernet. Most business prefers sharing Ethernet as a single protocol to maximize their network coverage and this is a great marketing tool. The requirement for service intelligence cannot be underestimated. It will also ensure you respond to customer enquiries in a timely manner, boosting your online reputation.
Equally important is the availability of a reliable small business phone service. This ensures communication between members of staff and clarification where not understood. You are also able to monitor the communications centers within your business plan thus discouraging fraud instances. Technological communication equipment, are used widely as a great marketing tool as well as increasing speed and efficiency of a business.
Other major threats to small business
? Poor interpersonal relationships: conflict in interest may result in management wrangles and send a poor image to the public.
? Changes in technology: You may have invested in particular machinery and may experience great loss when the device becomes obsolete due to technological changes.
? Competition: Stiff competition poses a big threat to inexperienced firms. You may really have a hard time trying to outwit the known brands in the industry.
? Economic cycles: changes in economic trends in the country may influence production cost thus greatly affecting profits.
? Globalization.
One very important aspect of success in the workplace that often is missing in a family business is employee recognition. Many employees work very well with positive reinforcement even the smallest gesture like a glass award for flawless attendance or outstanding sales can make the biggest difference in productivity and morale. When involved in a family business those gestures which would be labeled “above and beyond” in a normal workplace are only expected by family who can sometimes be the hardest to impress. When running a family business it is important to step back and recognize those tasks and award them.
Another major well known obstacle facing business families today is poor interpersonal relations. Other challenges may be easily overcome, but poor relations often send a business crumbling very rapidly. Open and honest communication whether in person or online is greatly encouraged. When matters get too intense, it is best to put each one’s feelings in writing. Technology here should be used discreetly, not to discuss personal issues online thus even further destroying its public image.
Guidelines
? Establish well defined objectives. Review with your team on ways you plan to achieve the intended plans and goals. Encourage dialogue and make sure the set goals are within your financial limits, as well as realistic.
? Establish governance process. Conflicts are likely to erupt when no well set rules are kept to define who the major decision makers are. Ensure information is well understood between the family members and major stakeholders. Put the plan into writing and plan how to formally resolve conflicts wherever they arise.
? Have a strategic succession plan. In the event of death or retirement, the mangers and the CEOs will eventually need to be replaced. Therefore, establish the succession plan to ensure it occurs smoothly without negatively affecting the productivity of the business. Sometimes you may need to incorporate non-family professionals, instead of including family members who have no real interest in the business.
? Address tax implications. Implications on the tax information will sprout up in the event of divorce or change of ownership. If not carefully checked, you might be facing heavy tax charges, therefore minimize this by reviewing the owner plan.
Importance of technology
You notice that most of the above points rely heavily on efficient communication.This is made possible through the use of technological resources available for business. Staying connected to the world enables the business to access reliable solutions and resources to advance your business interests. A high speed internet ensures unmatched delivery and performance, and thus the need for Ethernet solutions such as fiber optic Ethernet. Most business prefers sharing Ethernet as a single protocol to maximize their network coverage and this is a great marketing tool. The requirement for service intelligence cannot be underestimated. It will also ensure you respond to customer enquiries in a timely manner, boosting your online reputation.
Equally important is the availability of a reliable small business phone service. This ensures communication between members of staff and clarification where not understood. You are also able to monitor the communications centers within your business plan thus discouraging fraud instances. Technological communication equipment, are used widely as a great marketing tool as well as increasing speed and efficiency of a business.
Other major threats to small business
? Poor interpersonal relationships: conflict in interest may result in management wrangles and send a poor image to the public.
? Changes in technology: You may have invested in particular machinery and may experience great loss when the device becomes obsolete due to technological changes.
? Competition: Stiff competition poses a big threat to inexperienced firms. You may really have a hard time trying to outwit the known brands in the industry.
? Economic cycles: changes in economic trends in the country may influence production cost thus greatly affecting profits.
? Globalization.