30 Nov Talent Link Inc on Growing Your Family Business
There are very few guides out there on tackling growing a family business, but Talent Link Inc knows that any family business is as important as any other business. Talent Link Inc is also aware that running family businesses has its own fair share of unique challenges. Based on studies from the Family Business Institute, less than one third of family owned businesses last past the first generation and only about 12% endure up to the second or third generation.
Therefore, if you are running a family business and if you are wondering how you will get through against the odds, Talent Link Inc is here to share with you some helpful tips for growing your family business.
– A family business is not just a family project – it IS a BUSINESS!says Enrique Blaya CEO of Talent Link Inc
In many family businesses, the key employees are mostly family members. In this situation, the dangers of slacking are always present. Slacking can do so much damage to a growing family business. Keep this negative attitude at bay by keeping everything in compliance. Do proper documentation on decisions as well as maintain accurate records especially on the financial side. Talent Link Inc suggests that you should all treat the family business for what it is – a business.
– Learn how to create a succession plan and have one made.
Succession plans are very important. If your family business is thriving now and you want it to last for several generations you need to have a succession plan. According to the recent survey from PricewaterhouseCoopers, about half of family owned businesses have no succession plan ready. So, it is not a wonder why many family businesses do not last generations.
– Set as well as implement boundaries and do not let favoritism exist.
Whether in family-owned or non-family businesses, it is necessary for boundaries to be set. Having boundaries will allow the involved family members to still have “family relationships” and not just about business. In addition, favoritism must not exist.
This way, even employees outside of the family will know that they can move up in the company. You will also be able to retain everyone’s motivation to work for the good of the business.
At Talent Link Inc, every type of business is valued. Hence, it is advised that you take your family business to heart – whether it is big or small. With enough effort and perseverance, you will see your family business grow in no time mention Enrique Blaya CEO of Talent Link Inc.