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Families in Business Blog

Small to medium privately owned business will build a better economy

The recent change of focus in the Federal Government budget with regard to the small business sector is a welcome change. In the past, governments have shouted out about the importance of this sector but have done very little to provide a practical incentive to assist the risk and effort two million Australians action every day.

It's great news to see that SMEs have a place at the cabinet table in Canberra.
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If your business falters or starts to lose momentum. Here are two key proven strategies to get moving again

Many businesses suffer a set back at some time or just become stale and lose momentum. Over the years I have been involved in turnaround projects of under performing companies both large and small. Experience has taught me that there are two issues to address from the beginning. The first is strong and decisive leadership with an end vision that is clearly articulated and, the second is ensuring you get most employees on board.
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Why should someone buy from you and not your competitor ?

Coffee shops are great example of too many choices for consumers. So, why do some thrive when others in the same street struggle ? At the same time new coffee shops are opening all over the suburbs every week.
If you are operating in a crowded market, what's your advantage and how do you beat your competitors ?
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Are current owners of family companies just custodians for the next generation

You are the second or third generation running a successful family company. Your parents and grandparents battled long and hard to overcome many setbacks to make the business successful. You now have a responsibility to improve the business for the next generation or, are you tempted to cash in and sell out ?
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How many business owners really understand what a business strategy means

For family owned companies and all business, the meaning of a business strategy is all about the road map you decide to go down to get to where you want to be in the future. Military history is full of examples of how success was based on the decision to use an effective strategy.
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Regional Cities like Geelong will thrive on the success of family owned businesses

Family business in Geelong, Newcastle and Woollogong have a similar historical economic background and have had to reinvent themselves for future success. The option of attracting large companies who employ 1000's of people are gone. It is generally only Govt departments who relocate who can fill that role.
Future lobs and economic success will be driven by privately owned companies
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Company leaders who fail to delegate will pay a heavy price through poor performance

Too often when working with private companies I come across staff complaining that their boss or manager will not let go. They micro manage and it frustrates the hell out of those trying to get on with doing their job effectively.
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My best advice to Geelong family business owners is to establish an advisory board or panel

It does not matter the size of your business, no one can achieve success working on their own. Family businesses with two or more generations working in the business are too close to what is going on and emotions can run high .
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Some Family Business Patriarchs just don't get it when it comes to working as a team

Emotions run high in family business when there is disconnect between generations. Too often I see the patriarch with a leadership style that was more suited to the 1960's . They are control freaks and will not let go or acknowledge that the next generation is most likely better educated and more in-tune with consumer and employee behaviour in the year 2015
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What do Icebergs have in common with organisational change and internal culture?

John Kotter and and change specialist Torben Rick have both used an iceberg to highlight important keys to implementing effective change and improving internal culture
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