HOW TO MANAGE A FAMILY BUSINESS
A popular American tradition is the family business. It gives spouses, parents, children, and others a chance to share a dream that can continue to grow and prosper generation after generation.
But without proper planning and management, family businesses can also be the source of contention, acrimony, and even irreparable harm to once-loving relationships. That’s why it’s important for aspiring entrepreneurs to fully understand the pros and cons of going into business with relatives and in-laws. The needs of the business may not always be compatible with family harmony, resulting in a situation that handled improperly, can jeopardize the survival of both.
The Power of Word-of-Mouth Marketing
Even in an age of modern and high-tech communication, the most powerful and effective means of generating new business is word-of-mouth. People turn to trusted friends or colleagues for recommendations regarding product or service providers. And because word-of-mouth referrals are free, you can’t be the return on investment that a positive referral can generate.
Stand up to an Economic Downturn
Small business owners, including those in stable industries, are feeling the heat of the broad economic slowdowns. Individuals tend to curb their frivolous spending while corporations decrease routine activities, delay major purchases, and shelve new initiatives.
For many small businesses with limited resources, these and other factors often combine to pressure bottom lines past the breaking point, creating a domino effect of other dilemmas such as a credit crunch or layoffs.
Manage Your Time Better with Task Management
One resource that small business owners say they want more of is time. With there being only 24 hours in a day, entrepreneurs must learn how to wisely mange their time. Fortunately, one of the most effective time management tools is also the simplest—the basic “To-Do” list. Each day, jot down all of the things that need to get done, all on one sheet of paper.