Most of our workforce works in a family owned business. Therefore, most reading this will be working in a business with a turnover of less than $50 million. Can you influence the ongoing success of the family firm you own or work for? The future success of these businesses is fast becoming dependent on next generation family members and they need a strategy to improve their business acumen. MAKE SURE THE NEXT GENERATION WORK OUTSIDE THE FAMILY FIRM. There is a saying that insanity is continually doing the same thing everyday expecting a different result. If the next generation come straight into the business from school, TAFE or university, what hope do they have of learning anything different, particularly in relation to being exposed to different leaders and ideas? In corporate life they will experience the diversity of silos, politics and egos. It's valuable learning. It should be a must do for the next generation to spend time in at least two other companies. Preferably large enterprises with great commercial disciplines in place
Bill Winter is a renowned business mentor for business owners. He is a facilitator of the hard to have business conversations.