A Code of Conduct is a key vehicle for: Setting the boundaries of acceptable behavior Introducing new members to the organization’s standards Attracting and retaining high-calibre employees and business partners Providing reassurance to members and others subject to the code that they will not inadvertently stray offside Informing contractors, suppliers and others doing business with […]
Many family businesses have suffered for want of clearly defined Code of Conduct. Besides growth in family, business and individualism, disappearance of joint family values, absence of quality mentors for gen next have made family businesses drift away from even commonly accepted Code of Conduct. This is particularly relevant when such codes are not articulated […]
The Code of Conduct is essential for every Family Business as it a tool to manage conflicts. It is a document that sets out guidelines for resolving and managing issues backed by the framework of Family Values. Framing an appropriate Code of Conduct for the Family Business involves less work when compared to setting up […]
Every business has its unique challenges and problems and family businesses are no exceptions. It may only be aggravated because of the interplay between family and business. A Code of Conduct must be put in place in order to avert or overcome such challenges rampant in the family business scenario. Challenges that emphasize the need […]
A Code of Conduct sets out the guidelines for resolution of issues and formalising the relationship between Family Members and the Business. It also addresses the overlap between Family and Business Values. Code of Conduct outlines procedures for dealing with the conflict ridden issues which are critical to the future of the business. The guidelines […]
Alignment of the Values, Vision and Mission is imperative to ensure the sustained success and stability of any Family Business. The crucial parameters that link the vitals of a Family Business are Conviction [defining the purpose (Why) of the Business], Involvement [defining each Family Member’s participation (How)] and Aspiration [defining the ultimate objective (What) of […]
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 […]
A Mission statement captures, in a few brief sentences, the essence of your Business's goals and the beliefs underlying them. It indicates what your Business is all about to your stakeholders, customers, employees, suppliers and the community. The Mission Statement should purposefully define and represent your Business aspirations. Deliberating on the following questions will generate […]
Family Mission statement is a combined, unified expression from all Family Members of what the family is all about, what it is that they really want to do and be, and the principles they choose to govern their family life. This statement will highlight the Family Values. Therefore, a Family Mission statement is instrumental for […]