Having your own business may already be a common thing, doing business with friends or close relatives is also a common thing. So, what about the family business? Hmm … that’s a lot too! But certainly there are some differences that are owned, when we build our own business and when we set up a business with family.
If we have a problem with our own business, we can immediately think of a solution and immediately make the most appropriate decision. However, when a business concerns many people, especially families. In the end, there will be many things that must be discussed together, bringing together different thoughts and opinions. And of course, decide on one decision that is the most appropriate of all the other decisions that have been submitted.
An example of a family business can be a business that was created from scratch by a family member, or it could be by continuing a business that was done by a family member before. In other words, we are the successors of the business or business. For example, my father owns an export and import company. When I entered my 60s, my father wanted me to continue his business in running the company. So, the company indirectly became my family’s business.
Even though it’s more complicated, having a family business is a dream for most people. The family business is like symbolizing compact cooperation between each family member and helping each other to achieve mutual success.
For Career Advice colleagues who have a family business and want to find out how to make your family business a success, let’s look at the following explanation.
1. Recognize the Advantages of Owned Business.
Before we join or continue a family business, keep in mind that we really need to know and understand the business owned by our family. What do we need to recognize well? Among them are what products or services are offered, what prices are offered, and of course what advantages are owned by our family business?
Excellence is one of the important things that we need to recognize very well. Why? Because this can be a determinant of how our family business can compete well with other producers. The advantages that a business has are not only attractive offers that we can give to prospective customers, but also core values that are very valuable, and may not be owned by other businesses. Some values that can be an advantage of a family business to be more successful are as follows:
As we said earlier, maybe a family business will be more complicated than a privately-established business, because decision making may not be done quickly. This is precisely the challenge for us. When we want to drive a family business to be more successful and advanced, we must be compact in making quick and right decisions.
A quick and right decision will help our business be more alert in the face of all the changes that occur in the digital era as it is today.
Maintaining the stability of the family business, it will not be easy. However, this is another important point that everyone who has to join a family business needs to have. There will be many issues that can be a family business solver. One of them, the problem of inheritance. Who will this company fall into, who will be the next company leader, and so on. The solution, remain compact and stay away from issues that will invite divisions from the family business.
In the family business, the young generation must strive to think about business development. The senior generation, such as our fathers or uncles, are the people who will guide us to become young people who are ready to think as creatively as possible and work as hard as possible for business progress. If your Career Advice colleagues are someone who will continue the family business, let’s prepare our commitment from now on to bring the family business to higher success.
– Vision and mission.
In the family business, surely there is a vision and mission that has become a joint heritage of the family. Maybe this has also been designed from previous generations in the family. This is the time for us to increasingly ‘live’ the vision and mission that our family business already has.
2. Treat All Family Members Fairly.
Although in the family business we will find many generations. Starting from the youngest generation to the oldest generation, but still we need to treat all family members fairly and equally. There is no word “favoritism” in family business.
For example, my grandfather was the first company leader in the family business. Even though I belonged to the youngest generation in the family business, my father as the current leader of the company, never considered me as a child and still wanted to listen to all the ideas and opinions that I conveyed at work meetings.
3. Embrace the Next Generation.
The digital age offers many changes that occur continuously. And, all the changes that occur we need to accept and deal with very well, so that our business can still survive. Despite the many changes that have taken place, another effective way to deal with change is to embrace young people.
These are the people who will take our family business to the ladder of increasingly successful future. For example, as a company leader, I began to embrace my children to introduce them to our corporate culture and open up opportunities for them to better understand technology, give freedom to think and innovate, and so on.
Maybe we can bring our family business to success now, but the younger generation is pioneering the success of the family business in the future.
4. Never Tired to Innovate.
Even though our family business already has the values that become its superiority, and that all have succeeded in making our business different from competitors, but keep in mind that innovation must still be done. Never get tired of innovating and following all the changes that exist well. Businesses that never stop to innovate will always last, despite increasingly fierce competition.
5. Business is Business, Family is Family.
As we all know that running a family business is never easy. All problems that come will be quite difficult to solve, because this is related to the people who are very valuable in our lives. Families are very important people and love us for who we are.
In this case, we need to appreciate all the values, ideas and opinions that they give to the table, and reprimand each other and remind the good if one of the family members make a business mistake . Mutual reinforcement is a very important thing to do in a family business.
For example, when the idea of a fellow reader is rejected by the father who acts as the leader of the company, don’t assume that he doesn’t love you as his biological child. This was done because maybe the ideas that fellow readers gave were not quite right with the current business conditions. So, we need to differentiate between family and business matters . Even though we are indeed doing business with our own families