Anyone who has ever started a family business has dreamt of the day that they get to expand that business and slowly take over the world…okay, maybe not that last part but most certainly the first! Businesses are ever-evolving and that puts you in the perfect position to capitalise on that evolution by turning it into something meaningful. If you have a family business that you feel is not evolving and growing, then here are 5 tips that are just for you:
1. Be Replaceable
This is the first tip for a reason, being replaceable is a good thing in this case. In fact, no one should ever be irreplaceable and if you think you are then you’re either mistaken or your business isn’t running smoothly. According to Andrew Defrancesco, a successful CEO himself, any successful business should be able to run without any of the key members being present, that is what good leadership is all about. If your employees don’t have proper direction then they will always be relying on you, or other members of senior management, to spoon-feed them. Your family business will never expand if that is your mindset. Diversify your senior managements hires so your employees can represent a broad range of nationalities and cultures.
2. Increase Sales
Find creative ways to increase sales because that will always be the biggest driver in any expansion. The more work or sales you have, the bigger your business will be. Thornton & Lowe’s tender pipeline is a great way to find contracts in your area which will quickly lead to an increase in revenue and give your business the space it needs in which to thrive.Promote your family business on social media and the internet on a local scale and then scale up from there by expanding to areas outside of your normal targeted range.
3. Clearly Define Your Ethos
The basis of a successful family business is grounded in clear and concise values and a supportable ethos. Customers and clients are more likely to identify and support your family business if they agree with your family values. This is what makes family-owned businesses so easy to market to consumers, so if you are not playing that card then it is wasted on you. You need to have clearly defined the integrity of your brand and the priorities of your business before you can even think of expanding it.
4. Improve Communication
Communication is key in any relationship and business relationships are no different. Before family businesses grow, they need to ensure that their expansion plan includes detailed communication with their customers and employees. This will help to make your customers and employees feel included in the expansion, which ensures that you don’t lose the charm and appeal that comes with being family-owned.
5. Hire With Purpose
It is particularly important for family businesses to hire with purpose. The reason for this is because employees of family businesses must uphold the ethos and values of that company, if they don’t then you may as well be just any old company plodding along and slowly getting by. Learn to hire thoughtfully and with purpose, that way you will quickly be able to weed out the bad apples from your future stars.