As I move about and work with families in business and other private business operators I see a diverse range of internal business cultures within many of them. There is such a disparity between those who have got it right and those who fail to understand what is really going on in their business with their people. It’s been the greatest challenge of my advisory work in this segment and the most rewarding when we get it right and everyone embraces change
The benefits of understanding why culture is so important as a driver of success is a given when you find examples of leaders and companies who are enjoying sustainable growth and ongoing profits through a positive internal culture.
I find that one of the key issues is the relationship between the generations, especially in a family business.
Why do successful people use a mentor? Because it works. Family business should consider engaging professional mentor for the next generation working in the business. They sometimes only know one way and that is what they learn from their parents. Mentors bring a different perspective through their wide experience and knowledge. READ THIS POST
Often families in business have grown well past their original capacity to manage key areas of the business that are key drivers and enablers for the business to be successful into the future. Business founders need to accept that they don't have a mortgage on important compliance and essential people dynamics. READ THIS POST
Andrew and Denise Harte arrived as back packers in 2011 looking for work and started by taking anything they could get. Then from their one bedroom flat they started a business which now is heading towards many $ million turnover with 150 employees. Belief in themselves and a never give up attitude, typical of many family business founders. READ THIS POST
When your family business becomes a large small business it is essential that you recognise as a founder that you no longer have the ability to stick your nose into everything. You have to change your business model and let go and delegate. READ THIS POST
Is opening the family board or establishing an advisory panel to non-family members going to improve your performance? Yes – definitely! In any family enterprise, commercial, manufacturing or agribusiness, you should take the position that you are custodians for future generations. Good governance, policies and planning is about building wealth in the long term. READ THIS POST