Read the first 4 tips here
5. Feel the fear but do it any way
This is title of the book written by Susan Jeffers and it speaks volumes to all of us in business.
You may be afraid of losing friends and family by speaking up about things that are hurting the business. If you are quarreling at work and you know the relationship isn’t working then don’t be afraid to go solo or lose a family member. Staff turnover is a necessary process in business. It helps you get rid of the old and new with the new! You will grow in leaps and bounds and develop so much confidence once you are able step up to the challenge of doing things independently without family support. Confidence comes from overcoming challenges like this. Your family will thank you when you are able to support them later on through their sticky financial situations as a result of having a successful business.
6. R is for Respect and Reward
Respect and be respected. Keep the quarrels out of the work environment. Reward the handworkers. Be prepared to pay hardworking friends and family the market rate or what ever you would have paid a third party to do the same amount of work. There are so many businesses out there that are just taking advantage of close relationships by not paying the market rate. Pay people what they deserve. It all comes down to respect. Link remuneration to productivity and see how much harder your staff will work. Of course there are always exceptions but if you are lucky enough to have a friend or family member that is committed to your business, then do your best to keep them. People like that are hard to come by. Making a loss even after paying your staff well is a good indicator of your business’ performance. This will help you to focus on optimizing your process and systems rather that “stealing” from your employees in order to declare a profit.
7. Who ever has the cash has the control
Don’t lose control of your finances. Putting a family member in charge of the finances gives them immerse power. Only trust your finances to the most trustworthy and loyal person. It doesn’t necessarily have to be family.
Keep it in the family? Only if it works. Remember, you are not doing your friends or family any favors by not being truthful and rewarding then for doing nothing. They will come to expect more in future, which is not sustainable even for the deepest pockets in business. Most of the world’s largest businesses (e.g. Wal-Mart and Tesco ) started as small family business so be encouraged. Family business can and do work with the right approach.
Illustration provided by Noldyx Designs