Sustainability and growth
In this episode, the importance of building a sustainable business and the competitive advantage a family business can bring to the table are discussed along with understanding the importance of non-family board members, bringing in the next generation and how to adapt and protect your business for the short and long term.
Building a sustainable business 4m 30
There are three things to safeguard: company reputation, family and clients. There will be times when difficult decisions have to made in order to maintain the company’s future, however understanding how to be adaptable, putting it into practice and making those changes can pay off.
Challenges with strategy and direction 9m 40
Having a family business can be a challenging thing in itself, therefore having both family and non- family members involved in decision making can be essential to ensure options are critiqued and analysed from different angles, so that the business benefits for the long term.
Benefits of having a non-family member in a leader position 11m 25
It’s key to key communication channels open when having a non-family member. That way, as Heather points out, it can be a really exciting time as it brings new energy, ways of working and a fresh view on the company that some family members may not have thought of.
The difficulties that come with being a non-family member 13m 50
Within a family business, there should be no egos and you have to work as part of a team. Being an outsider and coming into with wider experience and skills means you do have to be humble and understand that for others, the business is their livelihood. Sometimes there can be disagreements, but this is good to have as it allows employees to express themselves, be confident enough to give an opinion and continue building relationships.
Going beyond the here and now 19m 57
It may be hard to see beyond what this year has brought in terms of the pandemic but still planning ahead whether that be the next year, the next five years or next decade is still something businesses should do and when it comes to the future, businesses should strive to invest in people by training them and developing their skill sets.
What the next generation bring 26m 45
A new generation can bring practicality, experience from past careers and knowledge from various industries, while still understanding they have a responsibility to the business.
Advice for the next generation 35m
Have the want, commitment, desire, interest and longing for the business to be successful. Speak to customers that the business serves, get the feedback, understand what the business can offer and think about resolutions. There are always ways to directly and indirectly learn within the company and don’t be afraid to ask for help.
Mazars
Email: contact@mazars.co.uk
Twitter: @Mazars_UK
Facebook: Mazars UK
LinkedIn: Mazars UK
In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn.
To view the Family Business Survey 2019, click here
To request a copy of the Family Business survey when it is released, click here
Special Guest - Smiths of Derby
Twitter: @SmithofDerby
LinkedIn: Smith of Derby Limited