Owning a family business is rewarding from many points of view: you work with people you love, have better communication, you can be flexible and do make money from something you truly believe in. Now more than ever, it seems that people are more open towards products and services offered by family-owned business, as opposed to those of corporations, because the former inspire a sense of trust and familiarity. But, contrary to common belief, a family owned business isn’t necessarily a small one. In fact, there are hundreds of family owned businesses that make considerable revenue and threaten the big players. You can make a family business be profitable and become a success story if you implement growth strategies and strive for excellence. Here are a few tips to help you out:
Start local
It’s very hard, one might even say impossible, for a small, family-owned business to gain visibility at a large scale from the very beginning. This is why you should start with a local audience and slowly build your way up. Make sure you invest in advertising and promotion and, if you have a website, SEO in Wellington is a must. Apart from website optimization and link building campaigns, you should also invest in social media marketing, because it will spread the word. Don’t be afraid to fly under the radar for a while. Consolidate your position on the local market and then you are ready to face national competition.
Stay dynamic
Family businesses can quickly lag behind if they don’t keep up with the ever-changing requirements of the business world. When you welcome a younger generation into your company, don’t neglect their point of view, because their fresh perspective could help you achieve more, in a shorter time frame.
Balance work and family
Working with family can be quite tricky, which is why so many people in charge of family owned business give up their project and look for work somewhere else. Sometimes, the problems at work affect relationships with family members and other times the fact you work with people you know so well prevents you from maintaining a professional relationship. The key is finding a balance between the two. Don’t let work affect your family bonds, but be strict with your relatives if you feel that their performance is not up to par.
Make rules and guidelines
People react to management differently if the manager is their uncle, whom they have known since they were little. So, to avoid confusion and authority problems, set up some ground rules from the very beginning. Tell everyone what is and is not accepted and make sure everyone is on the same page by establishing clear business principles. Everyone should know what your ethos is and what goals you want to achieve. After all, a family-owned business remains a business, not a casual affair, and it should function based on the same principles of professionalism and excellence. Strive for perfection in everything you do and it will be all the more rewarding to enjoy the fruits of your labor with your loved ones.
