A QUICK LOOK AT GETTING A SMALL BUSINESS LOAN
IS OWNING A SMALL BUSINESS RIGHT FOR YOU?
It's Time to Update Your Personal Style
Make Up Do's and Dont's for Black Women
Low Cost Ways to Advertise Your Small Business
Creating a Smart Plan to Secure the Future of Your Business!
Get the Sale by Creating a Great First Impression
Top 5 Smart Money Management Tips for Sales Professionals
aximizing Your Marketing Impact for Growth
Simplifying Your Operations for Success With a POS System
Conquer Procrastination and Unlock Your Potential
The Importance of Building Healthy Relationships
Why Your Companies Image is More Crucial Than Ever Beore
How to Create a Cohesive Business Brand
5 WAYS TO JUMP START YOUR BUSINESS SALES
Legal challenges are an inevitable part of running a business. For black business owners, these challenges can be particularly daunting, given the systemic inequities and additional hurdles they often face.
TIPS TO PREVENT LEGAL ISSUES FROM DERAILING YOUR SMALL BUSINESS
Email marketing remains one of the most effective tools for engaging customers, driving sales, and building lasting relationships. For black business owners, mastering email marketing can provide a significant edge in a competitive marketplace.
LET EMAIL MARKETING HELP DRIVE NEW BUSINESS RIGHT TO YOUR DOOR
THE IMPORTANCE OF BUILDING AND MAINTAINING GOOD CREDIT
THE FAMILY BUSINESS GROUND RULES
UNLEASH THE POTENTIAL OF YOUR BUSINESS CARD
SMALL BUSINESS MISTAKES YOU HAVE TO AVOID
The small family owned business has been the traditional backbone of our economy, providing jobs and creating stability and prosperity for local communities.
Operating a successful family owned business can be one of the most rewarding and fulfilling things that you can experience as an entrepreneur. But it is often said that the “only problem with a family owned business is the family!”
It is the family dynamic of a business that can propel it towards success or cause it to tumble down and fall apart. Families fight, have disagreements, and can have hurt feelings; now couple that with the stress and difficulty of operating a business together and you have got the recipe for a potential nightmare!
If you own and operate a family business or aspire to do so one day, then you should pay attention to these family ground rules. They just may save your family, your business, or maybe even both of them one day.
Operating a successful family owned business can be one of the most rewarding and fulfilling things that you can experience as an entrepreneur. But it is often said that the “only problem with a family owned business is the family!”
It is the family dynamic of a business that can propel it towards success or cause it to tumble down and fall apart. Families fight, have disagreements, and can have hurt feelings; now couple that with the stress and difficulty of operating a business together and you have got the recipe for a potential nightmare!
If you own and operate a family business or aspire to do so one day, then you should pay attention to these family ground rules. They just may save your family, your business, or maybe even both of them one day.
Rule 1 – Keep Personal Stuff Out Of Business Stuff
If you had a fight this morning over leaving the toilet seat up, don’t bring that fight into the workplace. All of your personal arguments, frustrations, and issues need to be left at home and arduously kept away from your business. This also works in reverse. Your home should be the place where you relax and enjoy each other’s company, so if at all possible try not to discuss business issues and challenges at home.
If you had a fight this morning over leaving the toilet seat up, don’t bring that fight into the workplace. All of your personal arguments, frustrations, and issues need to be left at home and arduously kept away from your business. This also works in reverse. Your home should be the place where you relax and enjoy each other’s company, so if at all possible try not to discuss business issues and challenges at home.
PUBLISHED: MARCH 12, 2016
Rule 2 – Establish Clear Roles And Responsibilities
Not having clearly defined roles and responsibilities is one of the most common sources of strife in a family owned business. Everyone should know what their function is in the business with a clear understanding of what their day to day responsibilities are. Once roles and responsibilities have been established they need to be respected.
Rule 3 – Never Argue In Front Of Employees/Customers
One of the most self-defeating things that you can take place in your business is to have family members openly arguing with each other in front of customers; it is unseemly and creates a bad customer experience.
Likewise you should also not argue in front of other employees this can create a hostile work environment and can lead to division and create the wrong impression.
Rule 4 – Never Mix Personal Finances With Business Finances
No matter how tempting or convenient, co-mingling your personal and business finances is almost always a big mistake. Doing so can lead to costly accounting errors, potential tax audits, and may prevent you from obtaining capital investment into your business in the form of loans or venture capital investment.
Not having clearly defined roles and responsibilities is one of the most common sources of strife in a family owned business. Everyone should know what their function is in the business with a clear understanding of what their day to day responsibilities are. Once roles and responsibilities have been established they need to be respected.
Rule 3 – Never Argue In Front Of Employees/Customers
One of the most self-defeating things that you can take place in your business is to have family members openly arguing with each other in front of customers; it is unseemly and creates a bad customer experience.
Likewise you should also not argue in front of other employees this can create a hostile work environment and can lead to division and create the wrong impression.
Rule 4 – Never Mix Personal Finances With Business Finances
No matter how tempting or convenient, co-mingling your personal and business finances is almost always a big mistake. Doing so can lead to costly accounting errors, potential tax audits, and may prevent you from obtaining capital investment into your business in the form of loans or venture capital investment.
It is the family dynamic of a business that can propel it towards success or cause it to tumble down and fall apart.
BUSINESS PHONE ETTIQUETTE
TURNING YOUR BUSINESS INTO A BRAND
HOW TO AVOID THE TIME MANAGEMENT TRAP
Rule 5 – Set Boundaries
Another thing that creates problems for family businesses are families who don’t have clear boundaries on what is acceptable and what is not acceptable. Things like showing favoritism, giving out freebies to friends and other family members, not disciplining negative behaviors, and failing to follow company policies that other employees are held to are recopies for disaster. So make sure that you communicate clearly to each family member what the boundaries are and what the consequences of not respecting those boundaries are.
Another thing that creates problems for family businesses are families who don’t have clear boundaries on what is acceptable and what is not acceptable. Things like showing favoritism, giving out freebies to friends and other family members, not disciplining negative behaviors, and failing to follow company policies that other employees are held to are recopies for disaster. So make sure that you communicate clearly to each family member what the boundaries are and what the consequences of not respecting those boundaries are.
Let us help you find the great employees your small business needs!
MAKE YOUR CUSTOMERS FALL IN LOVE WITH YOUR BUSINESS