Conflict arising in a Business is challenging because it involves people with different views, backgrounds, and culture. In the case of Family Business, resolution of conflict is even more challenging due to a greater possibility of deep-rooted differences among the Family Members coupled with their Business ambitions. Unresolved conflict will have a negative impact on the […]
It is a well-known fact that family businesses are fertile fields for conflict. The reasons are not far to seek. Various factors that could contribute to conflict: Change in culture brought in by success, sibling rivalries, preferential treatment to some Family Members, inter generational issues, spill over of domestic conflict into the workspace etc. […]
Defining Strategy, Planning and Execution Strategy, planning, and execution are three co-incident determinants of a company or business units ultimate output, its results. Aligning the organizations work teams with your most important objectives is a never-ending battle. It is also quite difficult to implement a poor strategy well and doubly difficult to produce excellent results […]
Issues relating to family business ownership may not loom large in the first generation or the founder stage. However, when the succession process kicks in or the next gen has to step in to take over the reins of the business, friction could arise between the father and son, among the brothers or other family […]
Properly structured Family Business Meetings can enhance family team work that can aid in making important decisions. This can be achieved by adopting the right method of decision making as this proportionately increases the family business chances of survival and success. It is therefore mandatory that the family holds business meetings at least once in […]
The purpose of developing a Code of Conduct has to be established first. Once it is developed in consultation with all the Family Members, it should be implemented in the family as well as business. A Code is always a work in progress. It’s better to make a start with an unsophisticated Code, developed or […]
Three ingredients that lay the foundation for a truly viable multigenerational family business are Values, Vision and Mission. These vital elements will ensure familial harmony and balance and sustain the business through volatile economic conditions, cut-throat demands of the marketplace, and the diverse expectations and evolving work styles of upcoming generations. Most companies err when […]
The strategies that would prove effective for developing next generation leaders are explained herewith. 1. Ensure next-generation leaders have job assignments with clear and authentic responsibility, accountability and calculated risk either inside or outside the family business They must be given real time exposure so that they get firsthand knowledge of running the business as […]
Strategic direction can become a crucial issue in times of transition across generations. What worked well during the incumbent's generation may have outlived its purpose and a fresh perspective of business strategy may become necessary. Current leadership may be unwilling, unable and unenthusiastic to lead the process of change and this can many a times […]
The rate of change in business is so rapid that a single business strategy may not be relevant beyond a generation. The successors who take over must not only run the business but also re-visit the business strategy several times to ensure that the triumphant streak is sustained. Added to this, the timeless challenge of […]