Achieving a Successful Family Business. There should be a gap between family and business. The business premises should only be meant for doing business not solving family problems. The production is going to go down as a result of time is spent in addressing family issues. As during this time work has been stopped. If you are in the business premises work as if you don’t know anybody -treat them as business partners not as a family member. Do not allow anybody to do a wrong thing to your site. The junior should replace senior people. Gone are the times when the senior family member was the one who was making all the decisions concerning the family. In business when the senior member of the family has resisted change then the younger ones should take charge of the firm. They should be able to step down and give the younger generation time to show him how things are supposed to be done.It is advisable that they leave and give the younger generation time to show him how things are expected to be done . As a result of the change in guard he will be able to see the many possibilities that can improve his life. The younger generation should be able to see their seniors as the mentors not onsite managers.
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Another thing is that the senior members of the family should stop telling people what they need to do and not. The junior should be the people taking charge and telling them what needs to be done. Because there are many changes that are taking place in the business and they are not aware of. They have refused to change their tactics which are not working in the firm today. Eliminating the senior members from the business will lead to the success of the business.
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Proper records of the transactions made should be held by family business just as other quoted companies do. The direction the business is taking will be known by going through red tape. They should not make any assumptions -all the records must be maintained. And there should be an accountability of anything that is not going as expected. This will make the business to be successful. Another thing is to avoid assuming things. Do not assume when you if something is not right in the business. Differentiating between what is wrong and right is a weakness to some people. In case you notice things that are going well in the business as planned they should be rectified immediately. Since the firm is their source of revenue they should work professionally not like some I don’t care individuals. Talking about one another should be discouraged. Gossips bring negativity in the business. And once some part of the group has developed negative attitude then the production is going to be affected.
