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Business Mentor: Are you managing a family business?

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Armando Bartolome

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Business Mentor" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/02/01/mentor-1.jpg"/></figure></div><p>Managing family-owned companies can be challenging. A lot of planning, organization, and communication is needed. If you want to keep your business running smoothly while maintaining strong family relationships, here are some tips to get started.</p><p>1. Families should always discuss any changes before implementing them.</p><p>If your family is considering a change, it&#x27;s crucial to have an open and honest discussion about the pros and cons of that decision. If there are no clear advantages or disadvantages, then this may be a good time for you to consider whether or not you want to make the change at all.</p><p>What do I mean by &quot;open and honest discussion&quot;?</p><p>I am talking about a discussion with your spouse or the entire family. It does not have to be confidential or secret. It can be open and honest in the sense that you are willing to share what you think without fear of being judged negatively for having an opinion different from yours. This type of communication will help you understand each other better to work together as partners instead of against each other. </p><p>2. Make sure that every member understands their role in the business.</p><p>If not, then it is time to make a change! It would be best if you had people who are willing and able to take on new responsibilities. If they don&#x27;t want to do so or can&#x27;t handle them, then find someone else for those jobs. It&#x27;s also essential to know how much money your company needs each month.</p><p>3. Understand the emotional impact of decisions made regarding the business.</p><p>Decisions made in a family business create a heavier emotional impact on some of the members. Make sure each member can understand and remain objective.</p><p>4. Keep records of everything so that no one forgets anything important. </p><p>Documentation and keeping written transactions are vital. It ensures complete transparency.</p><p>5. Have regular meetings about the business. </p><p>Conducting a joint meeting among the members will keep each well informed on the family business performance. Aside from this, suggestions may be considered. Make sure everybody is informed and present in the meeting.</p><p>6. Don&#x27;t let anyone else make major decisions unless they agree with you. </p><p>It is true in any business. Most members must agree and be part of the decision. </p><p>7. Prepare for succession planning. </p><p>I have known many wherein a family council sets policies from generation to generation. For example, to become part of the administration in one well-known school, the individual must have worked in various companies and taken a master&#x27;s degree.</p><p>Finally, keeping and managing a family business can be a great legacy, especially for the founding members. There may always be issues to address, but you should professionally settle everything.</p><div><em>------------------------------------<br/>For more information, you may contact Armando &quot;Butz&quot; Bartolome <br/>by email: business.mentor@butzbartolome.com<br/>FB Page: Butz Bartolome<br/>website: https://www.butzbartolome.com </em></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/03/16/running-a-family-business-the-pros-and-cons">Running a family business: The pros and cons</a></li>	<li><a href="https://news.abs-cbn.com/business/02/22/20/business-mentor-how-to-resolve-issues-in-a-family-business">Business Mentor: How to resolve issues in a family business</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/0Du6_0iffe4?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>