Handling business and working alongside the family can be very overwhelming at some point. It affects almost every aspect of the relationship as it mingles with the majority of the business issues. Sometimes, it creates chaos instead of increased productivity. As a result, it normally ends up with entrepreneurial failure. Fortunately, there are better ways to combat this family and business-related challenges.
Allow Everyone To Speak – Allowing everyone in the family to speak their minds does not guarantee that each of the ideas must get executed. It is more like letting people express their thoughts and opinions about the business matter. That way, it can open a particular discussion that can create a healthy exchange of ideas and visions. From there, everyone in the family can get a share of thoughts of which resolution would fit better in a particular business matter.
Learn To Listen – Discussing different thoughts and ideas about business resolutions is useless when family members do not listen. When everybody only wants to speak and express himself but is not open to hearing others out, it is still a problem. It is essential to understand that a healthy discussion is a two-way interaction. If family members want to share their business ideas, they should also learn how to listen to other members’ ideas. Family members must understand that their opinions matter regardless if it gets executed or not.
Let Everyone Contribute – A family business functions if everyone in the family understands and commits to their roles. That is why all family members who have a connection in the business must work on completing their designated duties. Because if one fails to comply, there is a tendency that the company might get crippled. It can create a different amount of stress to the family because of the added duties they might have to deal with due to the other members’ inability to fulfill a task.
Limit Emotional Responses – One of the apparent reasons why a family business often fails is when family members rely on emotional responses. That is because of its impact on unprofessional behavior when it comes to business endeavors. Usually, when family members rely more on emotions, they create bad decisions for the company. However, everyone might agree that it is not always the case. Still, a significant percentage of that action results in slow-progress in business development.
Never Argue When Angry – Most of the time, people believe that an angry intonation of voice wins the argument. Somehow they think that shouting and bursting into a rage is the key to convince everyone into getting a unanimous decision. What they fail to recognize is that when family members often argue, things do not get resolved. It just leads to everyone having hatred towards each other because of disrespectful behavior. It is important to note that resolutions don’t end well when people do not agree wholeheartedly.
Use Encouraging Words – It is human nature to thrive hard when sufficiently motivated. That explains why when you encourage someone; they tend to exceed their limitations. They become more aware of their strengths and vulnerabilities. But if you continuously insult them, they begin to lose all the interest they need to put up with the business. Therefore, it is always an excellent choice to let the family participate in the business by using appropriate and encouraging words.
Treat Everyone Fairly – In a family business, there are always these individuals that will not comply with their duties, not unless they get something in return. It is common for family members to practice this trait because they somehow think that doing business with family is advantageous. They believe that family members should be treated highly compared to other employees. Therefore it means they should receive more while working less.
Never Fall For Demands – Family members are often demanding. That is because they use the “blood card” regardless of professional relations. Often, they get away with their business mistakes because they pressure the family members in charge of the business. These people take advantage of the familiar role and use it to get what they want. Family members must never listen to their demands and ignore their insults and judgments.
Act Professional – Business is business. Regardless if family members are close to each other or not, it should not become an excuse to ruin the dedication of the one handling all the effort. If they entirely support the benefit of the family business, everyone should act professionally. They all need to think from a business-minded perspective and not take advantage of the situation. Family members must understand that their roles in the business are crucial. That a particular mistake of one can lead to everybody’s failure.
Overcoming entrepreneurial issues is not easy, especially when you have to deal with it along with your family. It is essential to understand that not because they are family, they automatically understand.