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4 Tips for Maintaining a Successful Family Business


Trust is vital to any thriving business relationship - so a family business makes a lot of sense! When done well, it's a priceless opportunity to build something remarkable and pass it on to future generations.

 

Running these businesses brings challenges - but across the UK, there are countless examples of how family firms bind the economy together.

 

If you've achieved outstanding results in this area, you could be recognised at the UK Business Awards in the Best Family Business category! And as we welcome entries in this category, we'd like to share four key principles behind family business success:

 

Communication is vital

 

Healthy and honest communication is the cornerstone of good business. It's important to communicate your needs directly - don't assume your colleagues will understand you just because they're family. Discuss your aims and objectives openly, help them understand your vision and listen carefully to their perspective. Not expressing concerns might keep emotions intact, but it will ultimately lead to bad business results.

 

Set clear boundaries

 

Learning to put family emotions aside can be tricky, especially at the very start. But successful family businesses can discuss business in a hard-headed way without it affecting their personal relationships.

 

This takes constant work, and requires the setting of clear boundaries. As always, openness, honesty and listening go a long way!

 

Plan ahead

 

Like any successful business, a family business has a clear plan in mind. Precise, actionable goals that are relevant to overall business performance. The best family businesses look far into the future, making plans for succession and the long-term health of the company. Invest in your future leaders and keep a keen eye on your talents. You will thank yourself in 10 years!

 

Clarify business relationships in writing

 

Without detailing what each family member gets from the business relationship, there are likely to be issues. To avoid hard feelings or misunderstandings, put something in writing that defines compensation, ownership shares, duties and other matters.

 

If you do it right, the rewards for family business success are all the more valuable. So make your family proud and get involved in UKBA '22!

 

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