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Families in Business Blog

The Golden Child in a family business is a culture killer

Sometimes I come across a sibling in a Geelong family business who has an unjustified sense of entitlement and is not held accountable by their parents . It sends a really poor message to all employees.
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Over 95% of families in business in the Geelong region have not held an intergenerational meeting

There are some interesting stats that show over 40% of male family business founders have not discussed succession of the business their wife. In addition, a high percentage of next generation family business members have not discussed the subject with their partner. 60% have not had this discussion with their children.
Why are they so scared to have the discussion ?
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How you hold your director meetings set the standard for the whole company

Most families in business have directors. They either have a formal board or many successful family companies now have implemented advisory boards or advisory panels. Over the years I have attended board meetings in a variety of family companies of all size as an observer and experienced a huge variation in how they are organised and how they are held. Some are professional and effective and some leave a lot to be desired and are a waste of time and effort.
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In a family business, culture is the glue that determines success or failure

The behaviour of family members in a family business will dictate the behaviour of the employees. and will set the standard for the overall culture. Poor behaviour usually leads to employees who are not engaged in their work, lost productivity and poor customer service. The old saying Monkey See Monkey applies and the challenge to achieving progress and growth is to address how those family members who set a poor standard are brought to account.
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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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