subject: Develop Your Business With Family Business Coaching [print this page] Most business across the American, Middle East and European markets are made up of family run businesses. The main aims of this article are to actually bring to the fore best practices that these family run businesses should be adopting to succeed.
Of the business market, 80-90% is composed of family run businesses in America, with nearly 70% being family run businesses across Europe, so it's not surprising that the nation's largest network of online traders, has reported that traders with a 1M turnover has doubled in the last year with nearly 25,000 new traders singing up since the recession in 2008. Despite the fact that some small businesses have suffered during the economic downturn, many family run businesses have profited from trading online, this shows that small business start-ups are actually challenging the uncertainty in the economically.
Developing the future heir of your business
I n family businesses it is often taken for granted that another family member will take over the business. However, based on research and experience, we have found that this may not necessarily be good for the business as well as for the individual. Sometimes the business owner is just thinking about retirement and immediately wants their child to take over the business without actually thinking about whether or not they have the right level of experience to take over and do the job. At this point, a Family Business coach would take over and provide the business owner with advice and guidance on these matters and actually make them think about these areas that they won't have thought about before.
Areas related to industry knowledge and level of experience in business would be questioned for the next candidate. If the next person who will be taking over the business has never worked before and has no industry knowledge or bushiness management and client communication experience, measures would be taken to ensure that the person is trained up. Several methods that would be taken include sending them out into the world of work to enable them to experience this first hand. Other thing that can be done internally within the family business would be to set up a mini project that the person can work on and prove to themselves as well as the rest of the family that they are capable of taking over and accepting full responsibility for the business and its expansion going forward.
Family members and business needs
Finally, one last thing that we would like to touch upon today is business requirements and reasoning. It's important that you manage your finances accordingly to make an informed decision on how the business is performing, whether there are opportunities for another recruit or whether there are opportunities to introduce new products lines that you wouldn't have otherwise considered.
by: Glenda Drewery
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