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Understanding why customers do business with us over our competitors is critical for strategic positioning and long-term success. However, this question is frequently taken for granted, and businesses rarely delve deeply enough to discover the true reasons for customer loyalty and preference. Common responses include higher quality, lower prices and on-time service. However, these are …
Delegation is central to effective leadership, especially within family businesses. As the torch is passed to the next generation, the art of delegation becomes increasingly important. Traditional delegation methods frequently involve dictating tasks, which can stifle innovation and flexibility, especially in a dynamic business environment. What if we change the paradigm from “to-do” directives to …
“To-Do or Not-To-Do”: A Shift in Delegation Approach Read More »
Family businesses are pillars of tradition and endurance, carrying on the values and legacies of previous generations. However, as the tides of time ebb and flow, the challenge of succession looms large, casting doubt on the survival and growth of these businesses. The traditional “carbon copy” approach, once admired for its preservation of legacy, is …
A tree has to grow in two directions. Have you ever thought about it? It has to grow from the root side first, and only then will it become capable of growing on the fruit side. The growth at both ends is almost identical. On the root side, the seed has to grow away from …
It has long been customary in family enterprises to provide pocket money to the next generation. Pocket money, which stems from a desire to instil financial responsibility and provide for personal expenses throughout childhood, frequently extends into adulthood and becomes a source of tension within family dynamics. While initially intended as a source of support, …
In family businesses, the founding generation often embodies the spirit of action. They are the trailblazers, the visionaries who roll up their sleeves and lead from the front. Their journey is marked by a relentless pursuit of making things happen, driving growth, and carving a path for their enterprise. However, as these businesses evolve and …
Managing a family business presents a unique challenge, as it reconciles the dynamics of family relationships with the demands of running a successful business. Every new generation faces its own unique set of challenges and opportunities, which calls for thoughtful guidance and navigation. One valuable approach to guaranteeing the long-term success and growth of a …
Nurturing Success: Mentoring in Family Businesses Read More »
Family businesses are distinct in their combination of family dynamics and business operations, which frequently blurs the lines between personal relationships and professional responsibilities. One frequently asked question in the context of family businesses is whether it is necessary to be involved in management to be considered a member of the family business. We delve …
Navigating the Role of Management Within the Family Business Read More »
A family-owned business’s journey is frequently characterised by a strong feeling of togetherness, shared ideals, and a special link that propels the organisation forward. However, once the company expands and reaches a particular size, problems regarding the most effective management structure emerge. Should family owners continue to actively run the company, or is it time …
Should Family Owners Actively Manage after Reaching a Certain Scale? Read More »
Goal-setting is critical in business. It has the potential to either propel the company forward or bind it to a cycle of desperation. However, most goals are set out of desperation. We explore the nuances of setting goals out of inspiration and desperation, their profound impact on personal and professional spheres, the ramifications for the …
Goal setting: Is it driven by desperation or by inspiration? Read More »