11 May How to achieve alignment in a family business
Beyond relying on protocols, we can help a family business balance the needs of a thriving business with those of a healthy family by considering these seven points that its members can use to avoid unwanted conflict and tension:
- Remember and reactivate the WHY. It is necessary to remember why the business started in the first place. Most family businesses were created to allow for more quality family time and to provide a legacy for the family. In many cases, the problem is losing sight of why it was created.
- Have a shared vision. It is necessary for everyone to know everyone’s vision of the business project. In this way, all realities can be understood, and needs or sensations can emerge that help to understand and integrate the shared vision of the business family.
- Link members and projects through their passion. All members must be allowed to individually create and grow. Without passion, projects rarely succeed.
- Have a clear definition of roles. This is more than knowing who in the family is responsible for what in the business. It is necessary to have open and honest conversations about where the boundaries are between family and business and define what you are willing to do for the business and where you will stop because it will impact your family relationships or values.
- Define and agree on family values. It is critical for all family members to know what values are important for each one and to know the differences and the coincidences between all the points of view. This will be key to help develop a genuine leadership at the manager level.
- Get clear on the impact. Each decision in a family business has different impacts where emotions and economics are at play. There are skills that need to be developed to focus on problem-solving and managing conflict.
- Facilitate integration and transgenerational renewal. It is critical that the new generations know and integrate the purpose of the company since its foundation and its values to feel the business project as their own.
© The FITA Institute (2021)