The Master Painter Australia - April 2016 Vol. 1 | Page 22
THE MASTER PAINTER AUSTRALIA
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The top 12 family
business tips for 2016
Do you work with members of your family?
If so, then you are a family business!
Family businesses face challenges that other businesses
don’t. You have to focus on making sure that your business is
healthy, AND that your family is happy. It’s not always easy
to achieve, but we have some suggestions which may help.
As we get into the swing of 2016, here are the top 12 tips for
keeping your family business healthy and happy.
5. Have clearly assigned roles for each family and non-family
member in the business to avoid feelings of inequality,
being taken for granted, over-worked or under-utilised.
6. Pay the market rate – remunerate the job and not the
person. Clear position descriptions, responsibilities and
performance measurement will assist in fair remuneration.
7. Review or develop a succession plan and ensure that
it is endorsed by everyone involved – it should be a
communicated process rather than a sudden event.
8. Develop a robust, capable management structure. Having
systems in place for both business and family governance
are some of the best ways to ensure the sustainable
management and long term success of your family
business.
9. Start preparing the next generation. There is a lot of value
in on-the-job training and it is important your family
business works with the management team or external
advisers to create a plan that works best for your family
business to ready the next generation of leaders.
1. Wherever possible, leave work at work and home at home.
Learning techniques to be present in either environment
will assist you to be more effective.
2. Have clear, consistent communication – both good and
bad news must be shared. It is important family members
are open and transparent with respect to their intentions,
motivations and reasons during decision-making
processes and discussions.
3. Build trust with your family business brand. Research has
shown family businesses have an advantage as they are
highly trusted and preferred by consumers and the public.
This presents an opportunity to have the community
identify with your brand. Find out about the Family Owned
Australian Business emblem here.
4. Ensure your online presence is strong. Consumers expect
to be able to access businesses around the clock via
online platforms whether it be for sales, customer support
or general product or service information.
10. Make philanthropy part of your strategy. Not only does
philanthropy provide an opportunity to engage with your
community and set your business apart from the pack, it
can also strengthen the bond between generations and
the legacy of family business values.
11. Use external advisers who can provide unbiased advice
– preferably accredited, family business advisers. An
objective sounding board provided by an external adviser
can be a lifesaver when navigating the complexities of
family business challenges.
12. Engage in professional development. Research shows
family businesses that participate in professional
development and build lasting support networks have
a stronger foundation to maintain profit, continue to
grow and to manage a successful transition of business
ownership.
For more information about Family Business Australia and
the resources and opportunities available visit fambiz.org.au,
call 1800 249 357 or email [email protected].