FAMILY BUSINESSES DO SUCCEED AFTERALL

Many people think that the moment you decide to include family in your business that becomes the moment that you begin to fail. Well I would say that they have a right to their own opinion as in the world we are living in today most family businesses end up in total failure. Not only do people stop being partners but also begin becoming enemies and yet once they were so close and felt like they were unstoppable. For a long time I have been trying to figure out why this happens and I have up with the conclusion that it is because they got into it without mastering the art of doing it.

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In order to succeed in something you have to master the art of how to go about it. First and foremost for two or more people to work together and succeed, they have to have a shared mission and vision. They have to know what they want to accomplish even before they begin so as to decide on the direction to take. Therefore before starting a business with family it is wise to probe them on where they envision themselves a few years to come so as to understand whether your visions are compatible.

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After establishing your vision then you all should delegate roles so as to avoid a clash of interests. Every person should be assigned something that they are really good at so as to ensure maximum productivity in the end. Once all this is done it is now time to come up with the rules that the business will run with and to write down the business plan. The importance of writing all these down is so that they can act as a reference point. With all that in place then you can be guaranteed that things will play out well.

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By Sharon Ngugi

TheFounder Magazine

Made Of Founders

TheFounder Magazine is an online business magazine that focuses on starting, running and growing a business in Kenya today

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