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Business Advice, Featured, Running Your Business

6 Ways to Effectively use Internal Business Communication Tools

The manner in which you communicate a message is just as important as the message itself. When we talk about the internal communication of a company we are usually referring to just how effective the communication really is.

If your communication methods fail to properly transmit your company’s actual and required goals to staff, the business will surely suffer as a result. And if you can accurately share your company values with your staff, you can be sure they will understand and act accordingly. The obvious and favourable result? The enduring success of your business.

These days, a vibrant and positive company culture can play a huge role in distinguishing your business from the competition. You can make this work in your favour, not solely by what you actually communicate to your team, but how you do so. Your absolute highest priority this year should be to bring out the best in your staff by inspiring them to higher levels of dedication and productivity.

The following practical strategies are meant to achieve this in the shortest time possible:

1. Keep the channels of communication wide open

Make it a rule that anyone is able to approach senior staff, no matter which department they work in or which supervisor they answer to. This should be nailed down in your internal communications system so that it serves as a fluid platform for healthy communication to take place across all sections of the company.

This approach helps employees feel encouraged to speak to one another, and does wonders to dispel the strangeness sometimes brought on by corporate formality. It means that your team will be able to quickly interpret the ideologies of the firm.

Potential issues with staff, grievances, and concerns can all be addressed quickly without causing disruption to usual activities. And the boosted team building that results from free flow communication in your company helps to keep productivity consistent as well.

Here are a few simple ways to quickly integrate improved internal communications at your company.

2. Your team is part and parcel of the industry

Business owners who like to play things close to the chest soon regret the approach and eventually have to involve staff in fixing bad decisions. People like to feel a part of something bigger, so sharing the goings on in your industry helps them feel they are contributing in a meaningful way.

You can keep your staff updated with the latest industry news at the touch of a button these days, and it also provides ample motivation at the start of each day. Let everyone be exposed to the inner workings of the industry and see how your company fits into the bigger picture. This will generate enhanced interest in the work that you do, and your team will feel like sharing what they learn both inside and outside the company. Your company will soon be regarded as a major player in your neck of the woods.

3. Celebrate your team members’ success through internal communications

The vast majority of employees agree that job satisfaction counts for as much as their total pay cheque, especially when they are acknowledged for their personal contributions made to your company. This is the opportunity to make a positive noise about it. Using internal communications to convey praise to your staff is a sure way to increase engagement and motivate a culture of achievement in your business.

It helps the larger staff component to want to strive for similar success, which in turn boosts productivity across the board. Sometimes it can be as simple as sharing the success of a particular department at your firm through a company-wide email or newsletter. But the resulting environment takes staff morale to higher and healthier levels.

4. Create channels for employee feedback

We are always concerned with what customers and clients think and say about the company, but we can neglect the valuable feedback that is lurking right there within company walls. A company that actively takes its staff members’ thoughts, ideas and suggestions into account is almost guaranteed to reap multiple rewards. The shift to constant improvement also demands that we are cognizant of staff experience and find creative ways to make each individual an active contributor.

So, why not use the existing internal communication platform as the perfect springboard to generating improved staff participation? You could make use of convenient chat software that will help capture ideas as and when they occur, directly involve any staff member no matter their designation, and promote improvement and participation at the same time.

5. Embrace the technology of the day

Most of the time your staff are too busy in their regular duties, so realistically you do not want your internal communications to become a distraction and hindrance to their work. We are quite lucky in this modern age to have numerous programs and software at our disposal.

When used correctly these are meant to make our life easier. So, in the same manner, your use of these software tools should be kept simple and streamlined. A few good software examples for enhanced internal communication are:

  • Chat software – HipChat, Slack, and Hammer
  • Cloud services – Google Drive and similar
  • All in one Solutions – Microsoft for documents and email etc.

Here are five more innovative software solutions you should consider.

6. Inspire as well Inform

One of the chief goals of internal communication is obviously to inform staff members, but it can be used for so much more. Lack of motivation and encouragement leads to reduced productivity and neglect of duties. The very same system that you use to pass critical company messages to your staff can and should be used to inspire action!

There are so many ways to incorporate this idea to your existing communication. You can share motivational quotes, especially if they reflect your company’s vision. You could make it known that you are providing incentives and bonuses if certain objectives are met. And above all, you should learn to cleverly work in calls to action inside interoffice emails.

And if you want to streamline communications, even more, you could dare and do away with internal emails altogether.

By following these six innovative business communication tips and tools, you should see a marked improvement in your overall corporate culture and productivity.

July 14, 2016by Anna Lemos
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Accounting and Finance, Business Advice, Featured

Choosing the Best Accounting Software for your SME

If you are in the need of accounting software for your small to medium enterprise (SME) you have many choices. Long gone are the days when Quickbooks was your only option – today’s cloud based accounting programs are innovative, adaptive and designed to help you keep track of your books in ways that are well suited to your start up business.

The old giants of accounting software are being challenged and overthrown by a new wave of web based programs that will help you to keep track of your profits and losses, your VAT, your cash flow, invoices, employee wages and more.

If you are overwhelmed with all of the options on the market and wondering what you should consider when making your decision, read ahead.

Remember – large corporations often employ a ‘finance manager’ or lead accountant who is one of the most important people in the company. Your accounting software will play this role until the time when you too need a dedicated accountant – don’t treat this decision lightly. Take your time and do your research – What functions do you need your accounting software to be able to handle? What are the daily tasks that you need it to do? These are all things to consider.

What country was it designed for?

While Australian or American accounting software will certainly work for many aspects of your business needs, it will not be able to meet all of your specifically British needs. If you choose to go with a foreign product, ensure that it has a setting for UK businesses.

Does it include VAT options that will suit your business?

If you are already VAT registered or plan to become VAT registered in the future, you will need to assess some of the functions on any accounting software you are researching. Can it accommodate Flat-Rate VAT? Will it automatically produce a VAT return, and can this be submitted to HMRC from within the software program. If your business has any complicated VAT rules to follow, you may need software that implements Reverse Charge calculations automatically – be sure to check this.

Does it offer multiple currencies?

Many software programs offer multiple currencies, but some do not. If you regularly do business in Euros, dollars or other currencies, this could be an important consideration when you make your decision.

Will it automatically link to your personal annual tax return?

Some software options will take all of the input information about your salary, profits and dividend payments and will link this directly to your personal tax return. Programs, such as FreeAgent, even have the capacity to submit your annual return directly through the software, saving you heaps of time and energy.

Can it link to your bank accounts?

Can this software easily link its information to your bank account? While certain programs need you to physically upload your bank statements, others can set up an automatic feed that communicates to your bank account and credit cards. The automatic option is preferable to many small business owners, as this means that they are always up-to-date.

Do you like the interface?

Before you sign on for a contract with any accounting software, you should ask for a free trial (if it is not automatically offered). This is important when assessing if the interface will work for you, and if you find it easy to use. If you find the system intuitive to browse, you will have a better time finding features that you use on a daily basis.

What kind of Reports does it offer?

This is a key measure of usability when it comes to selecting the right software for your business. First, you must determine what it is that you require – do you need comprehensive reports on a daily or monthly basis? Some other common reports to consider include (but are not limited to):

  • A monthly balance sheet that includes details about all of your company’s assets, liabilities and your capital balance over the past year
  • Your monthly Profit & Loss reports
  • Debtors and creditors over 30, 60 and 90 day periods
  • Information about your open ledgers
  • A forecast of your upcoming year

Does it include payroll capabilities?

The ability to keep your payroll information neat and tidy within your accounting software will be a real time saver, and could prevent costly mistakes. Some programs include this option as a default, and others offer it as an add on.

Do you like the invoices it generates?

When trialling out your new accounting software, it is a good idea to generate a test invoice, so that you can see the layout, design, features and the overall ease of creation. This is a document you will be sending to your valued clients, so it is imperative that you like the way it looks.

Do they offer high quality customer service?

In the event that you do need help with your accounting software package, it is important that they offer reliable and affective customer service. If you are often working late at night or on weekends, it pays to check their hours and find out if help will be on hand on holidays.

Choosing from options on the market

Now that you have thought about what features are important to you and your business, here are some well rated accounting software programs for SMEs that you should have a look at as you begin your search.

  • Xero – Xero is the UK’s leading cloud based accounting software, and boasts fantastic reviews from its users.
  • Wave – Touting itself as a free alternative to QuickBooks, Wave is a simple accounting product that will be attractive to many SMEs based on its no cost model.
  • FreeAgent – Specifically for small start ups and freelancers, FreeAgent has a UK focus and a host of features that self employed individuals will find valuable.
  • Kashflow – Easy to use and ultra simplified, Kashflow is a good option for you if this is your first attempt at doing your own books.
June 30, 2016by Anna Lemos
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Business Advice, Featured, Start-Ups

How to Balance Profit and ‘Do Good’ in a Social Enterprise

Social Enterprise: TOMS

Some people are of the opinion that social entrepreneurship has something to do with how you market your business over social media, but this is far from the truth. True social entrepreneurship has to do with the underlying objectives and human elements behind the running of a company. It stems from the personal philosophies and ideals of those in charge and filters through to the main workings of the establishment. In this lies the continuous challenge to balance the goal of any business – which is turning a profit, and making the business serve a higher purpose.

Shout It Loud and Proud – Share Your Good Works

Many companies do actively support charity drives and worthy initiatives, and they are not shy to make this known to the public. The benefit to be gained by this approach is that the company will invariably always draw unto itself like-minded individuals who would be proud to serve under their employ. At the same time, the company has no trouble keeping existing staff members happy who view their participation in the business as something noble and fulfilling. More companies are realising the tremendous benefits attached to the social enterprise business model.

Employees are a social enterprise’s biggest resource

There is no denying that companies who operate for a higher goal are still sometimes faced with a scenario where the ‘chase for profits’ remains the number one priority. It’s important to note how employees react in this situation, particularly those who were initially attracted to the company on the basis of its so-called mission. Some may feel disenchanted with the firm once they realise that the company was merely projecting a façade, and others may even feel betrayed now that they have seen the ‘higher mission’ fall through the cracks.

Being a true social entrepreneur means going above and beyond appearances, and herein lies the biggest challenge. When you look at a firm that claims to contribute to preserving the environment, you want to hear about the actual endeavours they have undertaken to make a difference. You are not so easily convinced even if the company takes a can of spray paint and decorates its brand image up and down in appropriate green. People relate to real life stories and the truth always comes out in the end.

Finding the right quality people to share in your vision is another task altogether. Sometimes it’s not easy trying to determine people’s motives and having to separate the wheat from the chaff is not a straightforward affair. From upper management teams to office staff, to labourers on the workshop floor, you wished everyone was possessed by the same level of dedication to the ”cause” as you are. Finding investors though who may well share your specific dream shouldn’t be as difficult as the Huffington Post would suggest.

Assess every aspect of your business model

When your business is in motion, you have yet to arrest yourself from the balancing act that lies between achieving profits and promoting social initiatives. You have to drill down to the most minute of elements in your business and see if they are inline with the larger objective. For example, if you’re an environmentalist this could mean making sure all writing material comes from recycled sources, and when disposed is recycled again.

But it doesn’t stop there – there are bigger fish to fry. The daunting question is whether the company is prepared to take a slight knock to its profits in order to better serve the bigger goal. If it means that a few pennies lost here and there will somehow translate to a profound impact on the company’s contribution to its cause then by all means. But it is never as simple as that. There are a lot of grey areas but certainly objectivity helps a great deal to complete this balancing act.

Believe in the ideal – and remind yourself regularly

You need to truly believe in and stand for the bigger mission you serve. This goes without saying, and is the foundation of a true social enterprise. As the business owner, you have to demonstrate this purpose driven philosophy in both word and action. This not only cements the company’s deeper goal in the minds of your staff but also plays a huge role in fostering powerful relationships with your customers.

Remember – you are in control, and it is only you who can decide when you will happily reap the profits, and when you should relax your business mind so that the social initiative can take precedence. The constant back and forth guidance between profit and cause is completely at the behest of the entrepreneur, but the rewards of playing to this balance go to the company as a whole.

Another core responsibility of the social entrepreneur involves learning how to use creativity and open-mindedness in this balancing act. This is critical for any business so that it never has to feel like the social project is a lead weight around your waist. Instead, the company’s mission should be a source of inspiration and strength to all parties concerned.

The secret to success

Those social enterprises that have made the biggest impacts haven’t learnt any mysterious secret. In fact, they have succeeded in part because of their intelligent use of data gathered from the process of balancing the mission and the money. They have learnt how investing more revenue into the mission meant the wider success of the social initiative; how in turn, the greater success of the mission resulted in more money coming to the company. If you need help deciding the structure of your socially oriented business here is a wonderful resource detailing the models of social enterprises.

Greater than profits is when you realise that your customers and clients have a definitive role to play in the bigger scheme of things.  For the social enterprise, this means figuring out how you can create a direct bonding between your company’s social mission to the values of every customer. The first step will be to look at ways in which your business can join forces with customers in order to further the social goal. And secondly, since you wouldn’t be in business otherwise, is to see how this process can be made profitable.

The last stage to linking your customers to your mission happens when you learn to take active involvement with your customers. This happens through the very support your customer gives to your company when they buy your products and services. It actually plays a role by serving or enhancing the mission and is contributive in some way. Remember though that this does not take place directly, this can only be achieved over a period of learning to bring customers closer to the higher goals of your business.

June 23, 2016by Anna Lemos
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Business Advice, Featured

Buying into a UK Franchise 101 – Pros, Cons and What you need to know

If you are eager to get involved in the world of entrepreneurship, you have a few main choices. Of course, you can use your own brilliant ideas and creative force to launch your own completely unique business idea, you could buy an existing business or you could join an existing family business and work your way up to the top.

If these options do not sound attractive or doable, there is another option – franchising an existing successful business and opening a new location in a (hopefully) lucrative locale. Franchising can be a great option for newbies to the business world or for people who want to make a dynamic investment.

What is Franchising?

Simply put, a franchise is a business model in which a business brand owner (the franchisor) allows an investor (the franchisee) to purchase a license or trademark that enables them to open another branch of the original business. The franchisee will also pay the franchisor a monthly or annual fee for the privilege of the ongoing trademark and brand use.

In the vast majority of cases, the franchisee will then open a new location that is indistinguishable from the original; branding, products, available services, and décor are usually completely identical to the flagship location. Franchisees usually also agree to purchase their supplies and raw materials from an affiliated dealer or from the franchisor themselves.

Why Should You Buy a Franchise?

Pros

  • You will tap into an existing customer base – As a franchisee, you probably chose the brand because you believe in the product or service and enjoy utilising it on a regular basis. Just like you, there are probably many other clients out there who believe in and enjoy patronising your business already, giving you an existing customer base.
  • You can gain support and mentorship from your franchisor – Starting any business can be an intimidating and stressful time as you attempt to gain your footing in the market and juggle hundreds of tasks at once. As a franchisee, you have an existing resource that you can tap into – your corporate owner. They have been through all of this before, and it is in their best interest to help you succeed. A large, successful fleet of franchises will make their company stronger.
  • You’ll be buying into an existing and successful business model – Further to the point above, when you purchase the license for a franchise, you are banking on the fact that an established and proven system of operation and training already exists. The normal trial and error (that can cost you a lot of money) has already been conducted, and so you can focus on the daily tasks that will make your location a success.
  • You will enjoy strength in numbers – When you buy into a franchise, you are buying into an established supply chain – materials, supplies and services can all be purchased in bulk between you and your fellow franchisees. This means that you get the best prices possible.

Cons.

  • You lose creative control – If you buy into a franchise, you must be prepared to engage in every promotion, activity and creative decision that the head office makes on your behalf. While you might get some input, the decision will ultimately be out of your hands, and you might find yourself participating in launches and products that you simply don’t believe in – and you must grin and bear it.
  • You’ll pay both initial and ongoing fees – Remember, once you have paid your initial start up fee, there will be ongoing fees on a weekly, monthly or annual basis (or even all three!). In most cases, franchisors take a cut of your takings, in addition to other fees. These royalties will usually be deducted from your turnover, not from your profits – so if you are operating on a tight profit margin, you might feel taken.
  • You are at the mercy of other people’s decisions – Finally, the grim truth is that any change at a head office level can affect your business in a negative way. If your franchise decides to try a bold new strategy, you will be compelled to go along with it, even if this drives your business – and theirs – into the ground.

Interesting Franchise Opportunities Across the UK

If you are considering purchasing a franchise, you need to do some research and decide what business model is the best for you. Do you want to invest in a casual dining restaurant? A fast food location? A health food shop? Even a handyman business – there are franchise opportunities across many sectors in the United Kingdom. Here are just a few of our favourites.

  • Papa John’s Pizza – If you enjoy Italian American pizza, good news: Papa John’s is available to franchise across the UK. They have over 4800 locations across 40 countries, and they have proven success.
  • Marston’s Pubs – Every dream of opening your own little pub? Marston’s Pubs have a tried and tested business model, and with an initial investment of only 20,000 pounds you can help to make your dream a reality.
  • RUSH Hair Salons – You don’t need to be a stylist to own a salon! RUSH Hair Salons is an expanding UK brand with an existing client base and a large profit margin.
  • eTyres – Businesses that deliver goods and services to people in their homes are ever increasing in popularity – eTyres is a unique service that will change your tyres and replace your car battery in the convenience of your own home. A truly forward thinking franchise to consider.

No matter what you decide, there is no denying that franchising is increasing in popularity, as more and more people want to get in on tried and tested businesses.

May 5, 2016by Anna Lemos
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Business Advice, Company Addresses, Featured, Start-Ups

The UK is your Oyster – Where in the UK is Best for your Business?

If you have a great idea and are planning to start-up a small business in the UK (or are already the owner of a successful SME), one of the very first decisions you need to make is about the location in which you plan to base your enterprise. Which city is best for you?

Depending on the industry, some entrepreneurs will automatically choose to start their business in a location close to home – after all, assembling products in your parlour may have been where you got your start, and now you may feel compelled to keep your business near to your beginnings. With that said, in order to truly grow, thrive and make it past your next important milestones, you might need to relocate a few miles – or a few hundred miles – away.

Moving further afield or staying close to home: read ahead to learn about the factors that may affect your decisions.

Factors that may influence your decision to move your small business

As a rapidly expanding small business owner, you probably have many complex issues and challenges on your mind; even if this is the case, you should ensure that you set aside some time to plan for your growth and potential relocation. Here are some of the myriad factors that may influence or even completely change your decision to move your business to a new city or county.

  • Access to necessary resources – If your small to medium sized business relies on a natural resource or material that is more readily available in one part of the UK than another, you might find it a boon to your business to move close by. Some good examples would include someone who uses fresh seafood, woodland materials or quarried stone from specific regions.
  • Proximity to a transportation hub – Are you located smack in the middle of the country when your business relies on shipping and international exports? While Birmingham and Nottingham are lovely places to live and work, they may be a hindrance when it comes to getting your goods and products on the necessary freighters and international transport for your success. Depending on your industry, pay keen attention to where your competitors are located; this may be an advantageous place for you to relocate your business.
  • Location of your target demographic – If your product or service is aimed at young urban professionals, then London or Glasgow may be your best bet; however, if you are keen to attract a client with a surfer vibe, then St. Ives is more appropriate. Paying attention to the location where your desired clientele is located is smart business sense – you will be well located to the pulse of your brand.
  • Support of family and friends – Does your mum or your brother give you countless hours of free or discounted labour out of the kindness of their hearts and a desire to see you succeed? If you answered yes, then you might want to consider staying put for the time being (unless you can afford part time help and the benefits of moving outweigh the impact of this free labour).

Where should you move? Some top UK cities for start-ups

If you are planning to make your move in the UK, here are some cities that you should be looking at. They can each boast an attractive mix of business savvy, transport connections, enticing business markets and other attractive factors that will make a move worth your while.

  • Hull – While Hull may not offer the most thrilling local cultural scene, it is increasingly becoming a desirable location for start ups around the country owing to its affordability and ports. Offering excellent transport connections and ferries directly to Ireland, Holland and France, one would be remiss to discount Hull as a great place to do business.
  • Milton Keynes – Tech start-ups can rejoice: Milton Keynes was designed just for you. This technology hub is known throughout the world as a brilliant place in which to do business – after all, it was designed as a so-called “New Town” for exactly this purpose. Home to many successful UK corporation headquarters such as Argos, Domino’s Pizza, Marshall Amps and Mercedes-Benz, this town was deliberately built near London, Birmingham, Leicester, Oxford and Cambridge, yet the cost of living and doing business is substantially lower than in any of these major centres.
  • Liverpool – With the low cost of living in the Midlands, a bustling port that can rival London and a unique cultural history of its own, Liverpool is attracting businesses large and small to its thriving start-up scene. Home to dozens of business hot spots, work space hubs and businesses of all sizes, Liverpool hosted the Festival for Business in 2014 and is set to host again this year. Perhaps Liverpool is your perfect locale?
  • Bristol – Recently voted the number one place in the UK to start or operate a business by the Start-up Cities Index 2015, the West Country city of Bristol is simply a brilliant place to live, work or visit. Known for fantastic transport infrastructure, one of the busiest ports in the UK, Bristol also boasts a huge new business regeneration project called the Bristol Temple Quarter Enterprise Zone. Well situated in relation to London, the South and Wales, Bristol is fast becoming an economic force to be reckoned with in Great Britain.

There’s no place like home

No matter where you decide to relocate for business reasons, you might ultimately choose to keep your headquarters close to your home – and the place where you founded your brand. International success stories such as Lush Cosmetics and Cambridge Satchel Company have grown to reach huge success around the world, but have chosen to maintain their headquarters in otherwise small towns (Poole and Cambridge, respectively).

Whether you choose to stay located in your hometown, make the move to the capital or settle on a business friendly locale in between, doing research and choosing the best city for your unique brand is always a good idea.

April 28, 2016by Anna Lemos
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Accounting and Finance, Business Advice, Featured, General Interest, Running Your Business

Entering into a Family Business – What you should know

Diving into Family Business

If you are involved in a family business, you know better than anyone about the intense mixture of pride, responsibility and family honour that goes into a simple day at the office. Of course, independent entrepreneurs also face stresses and challenges, but there is something uniquely high pressure about running a company in which your entire family (and in some cases, your heritage and ancestral history) are invested.

Studies have shown that family run businesses tend to outperform others over the long run – this can truly be a brilliant way to operate an enterprise of any size.

While an average business person has to worry about keeping their own career on track and giving their employees the best opportunities possible, a family business owner must do all of this – and keep the family’s livelihood and good name afloat. It isn’t easy – but of course, it comes with great rewards.

Business people who are involved in family owned and operated enterprises will usually have the advantage of a built in support system and a team of people who are intrinsically connected to and concerned with the success of the business in a way that average employees are not.

As you can see, the issue is far from cut and dry. If you are considering entering into your own family business, read ahead to assess a list of pros and cons that may help you to decide just how involved you would like to get with your own kith and kin.

Should you Enter into a Family Business? – Pros and Cons

PROs

  • Loyalty – As mentioned above, your family (providing that they are a supportive and generally well balanced lot) will often be loyal to you in a way that hired employees can never hope to match. You will usually not have to worry about them taking meetings with competitors behind your back, spilling trade secrets to their friends and handing in two weeks notice at the busiest time of year.
  • They are invested in the business and will work hard – As their own name and profits are invested in your brand and business, everyone involved in a family business is likely to give their all every single day. It can be difficult to get motivated to help a faceless corporation succeed; your family members will not have this problem, as everything they do contributes directly to their own pocketbooks and bank accounts.
  • They’ll be honest (brutally so) when needed – If you own a small to medium sized enterprise and are surrounded by hired employees, management and assistants, you may not be getting the most honest opinions when you ask for them. No matter how much your team respects you, they are still your subordinates and there is an innate power dynamic built into the relationship that might prevent them from telling you how they really feel about your ideas. Your brother/sister/cousin/niece/father is far less likely to smile and nod when you suggest an idea that they regard poorly. Their critique and honest feedback can be the difference between launching an unsuccessful initiative and putting some more research and time into the strategy.
  • Family is more likely to be flexible – Do you need to occasionally bring your little one or even your pup to the workplace? Need a last minute day off in order to take your child to the doctor? Feeling poorly and want an extra day at home to nurse yourself back to health? Chances are, your family members are more likely to be flexible and understanding when it comes to personal matters and childcare emergencies.
  • You will save money on recruitment and limit turnover – As your family grows over the generations, you have a built-in talent pool! That’s right, recruitment can become very simple when you are selecting most candidates from within your family tree. Your nieces, nephews and children are also less likely to leave you in the lurch, which means that your turnover will be a lot lower than your competitors. In addition, many of the children in your family will grow up enmeshed in your industry, meaning that they will understand your business in a deep way that others can never parallel, and they will need far less training.

CONs

While your family members have financial and pride investments in this business, they may also feel comfortable enough to let some of their more negative traits shine through. This can lead to complacency (“I can’t lose this job – it belongs to me and my family!”) and a sense that they don’t have to work hard every day. Worst case scenario is that other hired employees see this behaviour and begin to mimic the bad example.

  • Family baggage can cause conflict – Let’s face it – we all have conflict in our families. Whether someone is still holding a grudge from 1989, or the baby of the family always feels judged – there are countless points for potential clashes. The key to avoiding this is getting it all out in the open and agreeing to leave personal grievances at the door – this is business, and getting into petty skirmishes (no matter how emotional and urgent they feel) will hinder your bottom line.
  • You can get stuck in a rut – By keeping most senior positions within your family, you risk getting stuck in a creative rut, as most of the people you will be working with have a similar background and point of view. Ensure that you mix things up and hire consultants and management from outside your inner circle.

 

Whether you choose to strike out on your own, start a new family business with your brothers, sisters and cousins or commit and join a long established familial firm, the differences between family run businesses and independent entrepreneurship are many. It is up to you to weigh the pros and cons and choose the option that works best for you.

 

April 14, 2016by Anna Lemos
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Is the water cooler an economic baromete

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