| Topic : Decoding Family Dharam Sankats.... |
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Activity:
44 views;
last activity : 03 03 2011 09:14:15 +0000
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Avoid fighting on small issues
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family business should run on collective decisions and collective responsibilities and mutual respect
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HONESTY ISTHE BEST POLICY IN AALL MATTERS .
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Transperancy, accounting efforts put-in
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Keep Changing
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use PDCA tool (Plan ,do check ,Act) and work at least as per iso certification norms
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Delegation of work and trust in each other.
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Work Distribution
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By seperating the roles and maintaining equality
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Better Understanding and Trust is needed
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Delegation of authority and mutual trust
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AGREE NOT TO DISAGREE
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Business
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When you are running a business try avoid fighting on small issues. Sort out the issues as fast as possible & have no negative thoughts later on. |
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Main problems family business facing is internal disputes. They needs to resolve the internal issues and adopt the corporate pattern.
Very well said Ruchi. Yes this is one of the way family business can sustain and grow.
You are right, Ruchi. In short, you are recommending to bring professionalism in running family business.
family business should run on collective decisions and collective responsibilities and mutual respect
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Family business models the world over have flourished like Tata,Birla, Modi etc in India and Ford, Rockfeller in USA, and many more the world over. With changing times, families have dis-integrated and the impact may be seen on business also. Well educated members of family together can give best results as they share the same infra structure, meaning there by Economy of operations and mutual trust and respect bring Discipline. |
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In a family operated business good communication is key and very critical. It takes everyone involved to cooperate better. Many times in family run businesses, as with other businesses, sometimes you have to agree to disagree BUT everyone’s input should be respected. A family business should operate on collective decisions collective responsibilities, honesty and mutual respect. There should be plenty of opportunities given for everyone to voice their opinions in a calm, respectful, professional manner. Then there should be final decisions made by the ones in charge and the decisions should be respected by the others.
There has to be strategic management in place because without strategic management a business could operate haphazardly. Then that could cause problems. All businesses should have strategic management because strategic management helps to give you better control of your business and it helps to reduce problems.
Many times if the members within a business can’t come together on common ground then they should seek outside support. They should seek business consulting and guidance to help them with their individual problems. There should be regularly scheduled meetings to discuss issues. There should be rules and regulations that everyone must follow regardless of how they feel. But if all else fails the family should always seek an outside mediator or business consultant for continuous support and help. In the good or bad times of business, having continuous business consulting support is very beneficial and it’s good for business progress.
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A family run business is simpler at the stage where the originator manages it and is supported by his or her children. The 2nd generation, essentially a partnership of siblings is manageable but starts to be more difficult. Once the 3rd generation comes, the business has become a consortium of cousing and in-laws, this is where is becomes really difficult and most business would not survive intact at this stage. At all stages, family businesses will benefit from professional advise for key areas of finance, marketing as well as the equally important aspect of human resources' succession planning
family run business more often than not run into mess when one of the members do not agree on the distribution of wealth..the business then goes for a toss with members separating from each other only to start another family venture...what we need and i agree with prithvi is a long term collective decision answering the whats, whys, whens, wheres and hows of the business on paper and jointly signed...i mean this does take place in non-family run businesses too and thats why they prosper because there are no sentiments attached on a piece of paper but just the logical direction built for the success of the company.
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HONESTY IS THE BEST POLICY WHICH CAN KEEP THE FAMILY RUN BUSINESS MORE EFFECTIVE . IF ALL OF US ARE RUNNING WORK WITH HONESTY IT WILL BE TRANSPARENT AND NO DOUBTS OR IFS AND BUTS WILL BE THERE.THIS WILL RU YOUR BUSINES SMOTH.
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Honesty is encouraged when the structures that enable it and prevent dishonesty as well are in place
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Transperancy, professionalism, accounting efforts put in by any member & proprtionate pay-offs will help to keep confilcts away, maintain equilibrium in returns and run business smooth.
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I agree. Transparency will be effected by ensuring that proper controls and procedures are in place and are managed professionally
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Rift between people happens both in family and non family business. Rift always points towards a 'change'. So,keep changing both the business as well as the way it is run - that should increase the enthusiasm among the family members. Finally,let the family members know that "united we stand, divided we fall"
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work as per individual targets and analyze the effectiveness of work per steps
decide your growth levels and divide tasks as per the organization structure of your
company appoint a auditor who tell you about the steps and effectiveness for each target hell will do indirect administration for you or hire a business development consultant .........
basically Plan do check act for each target..........
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Delegate the functions of business between different members of the family and trust them. i.e. Purchases will be handled by one member, Sales will be handled by another, Accounts will be handled by another and so on....have periodic meetings not DAILY. And most Important STICK TO YOUR JOB.
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A dish prepared by one is far better than prepared by many. If more than one expert will cook a food they jointly will spoil the dish.So better to distribute the task and each individual will perform it in best way should be the approach.
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Family businesses can be successful only when the role of each and every person is clearly defined and no one interfere in other's work.Second more important thing is that everyone must have the equal share among the profit otherwise it will be a root cause for the dispute b/w the members.
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With better understanding and trust family run business can be made successful.
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only with proper delegation of authority and mutual trust.
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In order to have continued success and to gain longevity in business the stake holders should try to see eye to eye.Should be broad minded to accept others`s ideas,should agree not to disagree,should have a clear demarcation of responsibilities and there should not be any trespass unless and until the situation seriously warrants. |
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