Family and Business-A Partnership Made for Success
by Rebecca Button on January 3rd, 2008
In today’s society, families are pulled apart by everything imaginable. When a family owns a business, no matter how large or small, the stress level can be even higher. But when people spend as much time together as a family does, a business shared within the family is a recipe for success.
Meetings for business and pleasure
When you own a business, there will inevitably be things that require a meeting. This time of collective thoughts should be designed to address the items at hand. Be careful not to mix this time with any family matters. Make sure that these times are separated. It is easy to get distracted by other issues if you’re not careful.
Normal business hours
Just like any other job, you have to keep reasonable hours at work. This is your business, and if the work load is spread evenly, the amount of time spent at work should be the same. If it takes 50 hours in a week to get the work done, then spend 50 hours at work. When you leave the store, make sure to leave it at work. After work, you need to be a family. This is crucial if both the business and family are going to be successful.
Payroll
If you have sons and daughters that work for you, make sure that you have a payroll system in place to pay them, as they are employees of the business. They should be paid just like employees at any other company. They are entitled to reviews and pay increases. Be fair, but be fiscally responsible. Just because Johnny wants a new set of wheels for his car, doesn’t mean that he should get a bonus from the business to do it. If he has earned it, then he should get it.
Balance of power and duties
In every business, someone has to be the boss. In a family business, this should be the person who has the most experience in the industry. Then there are the employees. If everyone in the family takes equal responsibility in the business, then the work load will be spread evenly. No one will be left doing the lionshare of the work. But the boss has to make all the important decisions. This can be done alone or by committee. As long as everyone has a job to do, and they do it well, all will be good.
Reap the benefits and share the rewards
Businesses that are successful will share the profits with their employees. If the business has a windfall, be sure to enjoy the benefit of this. The whole idea of having your own business is to make money for yourself. You must take advantage of this. If the business is new, and you want to reinvest the profits back into your business, that is your prerogative. Just make sure that everyone is in agreement to this. A bonus system should be set up to reward your family for their hard work and devotion.
Whatever the business you have or desire to have, a family can run it together. It takes a lot of time and effort, but what venture doesn’t? The family itself will be closer and stronger, bringing a deeper sense of loyalty for each other. If a large corporation can do it, calling its employees family, think of how much better it can be if it was actually a real family.