Family businesses might not be as widespread as they used to be, but they are still a reality for a large swathe of the population. Fathers, sons, mothers, and daughters all work together to serve customers.
Small companies and mom-and-pop shops, though, can sometimes get stuck at a particular level of success. And that’s a problem. If you want a better life, your family business needs to grow. If it’s staying at the same size, then you can’t move forward or progress effectively.
In this post, we take a look at some of the ways that you can improve your business and double its size. Check out our ideas below:
Work With Professionals
Naturally, family businesses like to “keep it in the family.” But, of course, this isn’t always wise. Family members may not have the necessary skills to make the enterprise a success.
For this reason, it makes sense to work with professionals, at least occasionally. These individuals can help with finances, digital marketing, and upgrading your technology. Their implementations can massively improve your ability to generate profits, way beyond what you could do on your own.
Make Participation Optional
Sometimes families can get into the habit of insisting that children take ownership of the business when they come of age, and continue running it. After all, “it’s been in the family for generations.”
The problem with this approach is that it can create resentment. If a child doesn’t want to run the family business, trying to force them to do it won’t work. In fact, that makes it much more likely that they will rebel.
The trick here is to leave the option open for them. If children are truly committed to their careers after their education finishes, they will pursue them. If not and they are just looking for a way to earn money, joining the family business will be a far more attractive option for them.
Improve Your Logistics
Don’t pay more than you need to for logistics. Get freight shipping quotes at Unishippers and see how your current provider compares. Remember, costs like these can undermine your ability to generate capital and grow.
Change How You Do What You Do
Evolving is critical for family businesses. If you use the same model as your grandfather, you’ll fail to make a profit quickly. Don’t be afraid to move with the times. If a new technology comes along that could help you, use it.
Plan For The Future Today
Family businesses also need to consider what might happen in the future. While you might believe that you have many years left in you yet, you never really know when your career might come to an end. You might get a sudden illness or you might decide to do something completely different with your time.
Because of this, it’s vital to have a business succession plan in place. You need a system that lets you hand the reins over to someone else, no matter when the time comes.