While writing the Mission statement, it would be advisable to consider the below mentioned factors to develop a flawless Mission statement: Involve your family members and knowledgeable people connected to your Business as they can help you see strengths, weaknesses and any unacceptable statements you might miss. You must set aside a particular time to […]
Alignment in Vision and Values not only steers the business in the right direction but also leads to Family Harmony and competitive advantage. Family harmony means the ability to trust and support, communicate differences in a constructive manner and look at a broader picture. It can be achieved by identifying and clarifying Family Values and […]
The culture of an Organization is usually determined by Top Management i.e. CEO and senior leadership. It is therefore very important that they have a Vision and a strong Belief system of what the Organization stands for and what it Values. Leaders in responsible positions should utilize their personal experience, beliefs and values to drive […]
A clearly defined Family Business Mission statement will include Goals and Values to realize the Vision of the Family Business. A Mission statement is especially critical when a business starts growing, as more Family Members and employees join the Business, thus necessitating a formal management style and structure. Consequently, a Mission statement would necessarily evolve and transform […]
Vision statement crisply articulates the family's dreams and desires for the future. Vision statement adds value in the following ways by: Offering guidance to the Family Members since it articulates their aspirations Setting decision making boundaries as members are aware of the impact of a wrong decision Setting behavioural boundaries as the Family Values enunciated […]
Developing, adopting, and implementing values has been identified as perhaps the single key factor in the success of many high growth, high profit companies. A Value is a belief, a mission, a philosophy that a company follows. Implementing values is critical for the success of business. Every company has one or more values and it's […]
A mission statement is a declaration that articulates what the business stands for. It is unique and personal to every business. A carefully constructed Mission statement is particularly critical to the success of a Family Business as it effectively defines the cohesiveness among Family Members. Developing a new Mission statement for a Family Business can […]
Vision is the formal, distilled articulation of your dreams and desires for the future. Stephen Covey writes,“Shared vision empowers people to transcend the petty, negative interactions that consume so much time and effort and depletes quality of life”. It also unleashes and combines the energy, talent, and capacities of all involved.” As a Business grows, […]
Family Values should be taken into consideration when protocols are being prepared for the interaction between Family Members and designing the day to day culture of the organization. As Family Values are the driving force in a successful Family Business it is absolutely crucial that control be maintained such that their power is fully realized. […]
Our Shastras say, “angīkaraṁ suhṛdena paripālayanti” – one must carry out wholeheartedly what one has agreed upon. Oral cultures work when there is high collectiveness and exceptional clarity of thought, when there is high trust and great authority. However, when this oral culture meets a highly documented Western culture, it gives rise to many problems. […]