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Family Business Management: A Work in Progress

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The realities of today’s world often come head to head with what managers are being taught in schools. More than that family business management is not always the point of focus for management schools. That is to the detriment of those who are being passed the reins of their family owned business.

How to work with family

As odd as it may sound, the biggest problem some companies face is the fact that they have to work with family members. The issue comes from people not always being able to bridge the gap between generations. Mothers and daughters will not always see eye to eye and this is something that can seriously affect the business itself.

Therefore, an important consideration is the fact that business comes first. Also, an unclear chain of command will contribute immensely to problems within an enterprise. This can lead to bigger issues and ultimately to failure. Family members’ sensibilities cannot be spare when it comes to the success of your company. When a family member wants a certain position in the company, but isn’t trained for it you have to be able to step on some toes so as to not bankrupt your business.

Outsourcing as a solution

Sometimes, problems cannot be solved by experience alone. The world is a completely different place than it was 50 years ago. In that sense, one should never be afraid or ashamed to admit that they require assistance in anything from marketing to finances. Instead of opening another position in the company that can lead to overspending, family business owners can look into paying outside parties to take over any such problems. By turning the issue into a project that can be sold to a freelancer you gain a safe and inexpensive solution.

Changes in world view

Recently enough, people have begun to see the fact that educationally family business management needed to become in itself a lesson. For that matter, if one is in need of help they now have specialized counsel they can ask for when in need of advice and financial assistance. Furthermore, in 2002, the Indian School of Business had its first class of graduates in the Management Program for Family Business. In the last ten years people have begun to understand that even though you want to lead your company, knowledge in the field is essential to make the business a grand success.

 

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