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Make you family business Objective decision - Not Consensus based decision.

Make you family business Objective decision - Not Consensus based decision.

Published in Business , Technology
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  • 1. NOT consensus based decisions. Make Objective Decisions-
  • 2.
    • If you are making business decisions based on a consensus to avoid familial discord, you may be setting the stage for trouble. Credit:
  • 3.
    • Do you think your family business has advantages over
    • your larger competitors because you’re more nimble
    • and therefore capable of making faster, better business
    • decisions?
  • 4.
    • When it comes to operations, family businesses typically
    • do have first-rate decision making skills.
  • 5.
    • When it comes to other areas – particularly strategy and long-term direction for the
    • family business – decision making abilities erode considerably.
  • 6.
    • Family businesses in the first generation have one
    • primary decision maker who functions as both owner
    • and general manager of the enterprise.
  • 7.
    • Family businesses which are beyond the peak earning
    • years of the founding generation make .
  • 8.
    • Consensus based decision making to please everyone
    • might not be the best.
    • Putting emotions aside –
    • objective decisions must
    • be made – based on
    • economic and business
    • environment.
  • 9.
    • Sometimes having a outsider or a family business expert
    • helps – mitigate the decision making process.
  • 10. Be a part of World Class Social Platform- Handle changes in your Family Business. Surviving and Thriving in your Family Business