The Ultimate Guide to Family Business Prosperity
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Introduction to the Prosperous Family Business
What does it Mean to have a Prosperous Family Business?
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What does it mean to have a prosperous family business? What are the barriers to prosperity? Where can you turn for help?
A healthy family business requires a balance between work and life. Family businesses can create a strong foundation for success and avoid common pitfalls by focusing on these five essential elements.
Achieve sustainable prosperity for your family business by implementing these 9 key steps. Build a business that prospers for generations.
Family businesses and corporate businesses are pretty much the same and have the same problems. The difference: in a family business, you go to Thanksgiving dinner with your shareholders and employees.
We’re seeing an emerging trend where family business owners are taking a business-first approach to build larger and stronger businesses.
Just like a tree, every organization has a natural and predictable lifecycle. When you know where your company is in its lifecycle, you can make predictions about the problems you’ll face and how best to deal with them.
Do you ever feel trapped by your business? You might be stuck in something we call the Family Business Owner’s Trap. Here are 7 signs or symptoms. How many of them apply to you?
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PILLAR 1: SHARED VISION
Why you need a shared vision
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Having a brilliant vision and strategy doesn’t make a difference if you can’t get your leaders and employees to embrace that purpose and vision – and align their actions towards it. Here’s how to do that.
Experiencing dysfunction in your organization? It might be due to lack of alignment. Here are 7 signs to look for.
Your Impact (or purpose) can be an organizational strategy and a roadmap to remain competitive in the marketplace. Here are 3 examples of of well-known companies who use their Impact to guide them.
Your Shared Vision inspires others why the company exists, what its goals and priorities are, and what its legacy is going to be. Want alignment? You need a shared vision!
The question is simple, but the impact of the decision is far-reaching. Here are 7 signs that indicate you have a family-first business
Want your team rowing in the same direction? The very first step toward achieving alignment is to define your purpose, vision, and mission. Here’s how…
PILLAR 2: ORGANIZATIONAL STRENGTH
How to develop organizational strength
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Effective delegation not only frees up time for you as the leader but also empowers your team, giving them room to grow, innovate, and showcase their skills. Here’s how to do it well.
The first step in your hiring process should be to develop the job requirements and an ideal candidate profile. Here’s how.
Assessments can be valuable tools for family businesses seeking to improve aspects of their operations. Here are three ways to use them.
Reduce the disruption and expense of employee turnover by hiring the right people. Here’s our hiring process based on best practices.
As a culture, we’ve lost our ability to relax, refresh, and disconnect. Is the answer to burnout as simple as taking our vacation time?
A good CFO will act as a strategic advisor to the business owners, providing insights and recommendations to support the family’s long-term goals. As one of the top two or three senior leaders in most businesses, it’s essential that you identify and hire the right person!
In the world of family business, balance is the key to success. Here are 6 areas where family business leaders need to find balance.
Most leaders approach challenges by asking “How do I get this issue off my plate NOW? What can I do immediately?” Here’s a more strategic approach.
Want better alignment? Consider an incentive program to encourage behaviors that drive long-term value for shareholders. Here’s how to do that.
Want to scale your impact as a leader? Go beyond holding followers accountable and learn how to mentor and lead leaders – here’s how.
PILLAR 3: SYSTEM FOR MANAGING
How to implement a system for managing
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One of the key ways to set your family business up for success is to implement a reliable system for managing both the strategic and the operational pace of your organization. Here’s how to do that.
Cross-functional risk management is a vital for any organization that wants to achieve its strategic objectives and avoid costly failures.
Discover 5 ways finance and accounting can transcend their “cost center” label and become drivers of profitability.
8 reasons why business plans are an important key to guiding the family business stakeholders toward their shared objectives.
30 minute planning presentation: 4 plans every family business needs, common mistakes, best practices, a strategic framework for alignment.
When you have a clear understanding of the company’s financial health and the impact of management decisions, you can make informed decisions that lead to success.
Develop a better strategic plan for your family business. Use these tools to uncover important factors that might otherwise be overlooked.
There are 3 main priorities family business leaders can focus their strategy on: growth, control, and liquidity. Here is how the options play out.
In this article, we examine the strategic failures of three famous companies and pull out some lessons we can learn from their mistakes.
Does your family business have a board of directors? Does it need one? Here’s what you need to know about setting up a family business board.