Family business and SME owners in Australia are the unsung heroes of our economy.
There are thousands of family members operating their business every day and employing over 70% of the Australian workforce. Business owners are the ones who will eventually lead us back to better long term economic times. Families put their personal assets on the line and don't look for handouts all the time. They work hard and usually always see a positive way forward. They have genuine core values and have a passion to create and build wealth for future generations.
There are thousands of family members operating their business every day and employing over 70% of the Australian workforce. Business owners are the ones who will eventually lead us back to better long term economic times. Families put their personal assets on the line and don't look for handouts all the time. They work hard and usually always see a positive way forward. They have genuine core values and have a passion to create and build wealth for future generations.
INSIGHT No 1 DECIDE IF YOU WANT TO KEEP THE DREAM ALIVE
For many, the hardest decision you will have to confront is making a choice with regard to the business you now own or operate. It is well documented that there are thousands of business owners who are struggling because of COVID lockdowns and they believe they have reached their final chance. For many older business owners, their business is their superannuation policy. Do you have family members to take over ? Have you nurtured a successor ? Do you have to find a buyer ? Is your business ready to gain a maximum value for a sale ?
What a waste of lifelong effort if all those years of blood sweat and tears result in your business going out of existence. Do you have the courage to make the decision right now and action an exit strategy or a strategy to continue ?
For many, the hardest decision you will have to confront is making a choice with regard to the business you now own or operate. It is well documented that there are thousands of business owners who are struggling because of COVID lockdowns and they believe they have reached their final chance. For many older business owners, their business is their superannuation policy. Do you have family members to take over ? Have you nurtured a successor ? Do you have to find a buyer ? Is your business ready to gain a maximum value for a sale ?
What a waste of lifelong effort if all those years of blood sweat and tears result in your business going out of existence. Do you have the courage to make the decision right now and action an exit strategy or a strategy to continue ?
INSIGHT No 2 HAVE A CLEAR VISION OF WHAT THE FUTURE WILL LOOK LIKE
If you had two jigsaw puzzles, one with a picture on the front of the final scene and one with just a white sheet of paper, which one would be easier to complete ?
How can your family members work with you toward achieving and maintaining a future successful business if they don'y know what it is they are aiming
for?. An agreed and understood vision for the future that embraces the individuals, the family as a whole and all employees in the business is essential.
Again, would you hop on a bus that didn't the final destination on the front ? Well, don't expect your family or others to get on board with you if cannot articulate where you want to end up.
INSIGHT No 3 BUILD ON THE CULTURE THAT MADE YOU SUCCESSFUL IN THE FIRST PLACE
The culture of the organisation is the behaviours and beliefs of all stakeholders from the founder through to the lowest paid or newest employee. It's the way people conduct themselves, the way they talk to each other and customers. It's the respect they have for each other as individuals and their overall attitude.
In my experience, it is usually driven by leadership that means successive leaders have to be able to lead in the first place and set the tone by example.
In a exemplar business, there is a feel about the employees and stakeholders that is different to most other workplaces.
What is the culture in your workplace ?
You are the only one who is responsible to ensure it never fades away.
INSIGHT No 4 PRESERVE YOUR PERSONAL AND FAMILY VALUES
INSIGHT No 5 EMOTIONS PLAY A KEY ROLE IN FAMILY BUSINESS
INSIGHT No 6 UNDERSTAND EACH FAMILY MEMBER'S NEEDS
INSIGHT No 7 DEVELOP A MEANINGFUL STRATEGY THAT DRIVES FUTURE GROWTH