How Family Business Makes a Difference

Do family businesses vary from non-family businesses?

Starting business with a family could be easier than starting with any other individual. In fact, family owned business are prevalent type of enterprise in the world. According to statistics, family businesses consist of 80-90% of all business ventures, from small to corporations.

Essentially, family businesses encompass the characteristics required to sustain a country’s economy, if they failed so would the world’s economy. On the other hand, like any other businesses, survival is tough. The challenge is, they combine family pressure and work stresses yet, ironically, outperform non-family businesses.

Family businesses are in for a long time – aiming and devoted to survival, growth, customer service, quality brand and commitment to community. They strive hard to succeed and pass their success to the next generation. It’s a milestone that has been generated for years, which helped many families wealthy and establish their name. Some even were recognized because they made their name their company name, Nestle for one.

Hard-work and competitiveness are some reasons for their success while the constant tension to maintain healthy work-life balance and family-life balance, still family firms are constantly thriving around the world.

Family – owned businesses make difference that even outperform non-family-owned businesses due to several traits family business possess. Despite the tension pushing family and work, they have strong bond with each other that made them easy to work together. They know the skills and ability of each other that will make delegation of tasks simple and build the best team work.

With that, team members of the company, which are as well family members could easily control and adjust things with each other – helping every team member work comfortable, what motivate and de-motivate them and the right reward for a job well done.

Every member has different skills, talents and ability. This isn’t a problem don’t worry. As long as you know your own skills and talents, you could be useful to them and to your business. The key here is that you have your personal goal and objectives that you can achieve and the freedom to chase your dreams within your family business. Some carves out their own niche within the family’s business. Where in, the business will have additional product line or department, which is helpful to generate more sales to the business. While others just unleash their own niche through product innovation.

There is nothing permanent in this world as they say, and change is the only permanent thing. Family businesses are known for certain signature. But, time is constantly changing and innovation is a must in order to survive the rapid changing environment and vigorous competition. The good thing is you can always innovate while maintaining your signature. With consistency, quality and product innovation combined, great product, complete brand and value is maintained. Combination of great family members’ minds will absolutely provide all the good, quality, brand and value products and services the business needs in order to continuously capture customer’s attention.

Moreover, while working together you can always unleash the real you, but know your boundaries and keep in mind that RESPECT is the key ingredient to healthy family-work balance. Family is the easiest people to respect in the first place. You know them well for a long time, and they are special and valuable to you. They are the least people you don’t want to lose or get trouble with. 

To respect them is to trust them. You need to entrust people do certain jobs and know what their strengths and weaknesses. To respect them is to entrust the right and necessary job for them. Don’t let them do the work knowing that it’s their weakness. So, knowing each member’s strengths and weaknesses is vital. Once you’ve known their strengths and weaknesses, never hesitate to trust them. In business, family or not, you need to have that trust that this person has the same interest as you. In fact, this will be passed down to the next generation and you should entrust things and at the same time train them to manage the business. This is what family businesses have that non-family don’t – the assurance of strong bond, which fosters Respect and Trust that leads to good management.



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