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Posted by Bob Brown on 16 Aug '13

Family run business – challenge or opportunity?

As the number of family businesses increase it is critical you get the business fundamentals right or both home and business can come under threat

The latest statistics are that more and more people are working from home and inevitably many of these businesses can be defined as family businesses. Indeed inspire2aspire is a family business.

When it goes well a family business is a joy. Like any business doing well generally means everyone is swimming in the same direction, the business is making money and everyone is doing jobs they enjoy. However when it goes wrong it can feel like there is nowhere to hide. Often the business comes home with you if you work with your partner and there can feel like there is no escape. The business and relationship become intertwined parents and children can fall out and it can all seem like it is too much.

The million dollar question – how to avoid this? Well while there is lots of emotion in a family business the disciplines need to be the same as in any business. Make sure people are playing to their strengths, encourage debate about important issues, have a clear vision that everyone agrees and clear values so everyone knows how to act. We’ve tools for all of these give us a shout if you need any of them. I'd particularly recommend the principles prioritiser(c) They help keep our family business on track.

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Tags: entrepreneur family business values