A key driver of family-owned or owner-managed business, each year, is to ensure you establish realistic goals for you and your team.
To support you this year, we have put together a of 11 goals, that we think are not just reasonable, but achievable for your family business. These are goals, that we have have supported families create and implement over the years.
At most of the companies we work with, we support the identification of a champion (or owner) to drive the goals. To ensure your family drives these goals thenceforward need to have a champion and owner or a set of owners who are committed to creating the goal and who are charged with ensuring it happen.
In addition to the 11 Ideas from Institute For Family Business (IFFB) for your Family Business this Year. You should ask yourself if beyond just preparing a will, whether best practice in transmitting family wealth from generation to generation would tickle your interest.
- Create a New Starting Point re look at your legacy
- Explore, and document your Family Values
- Create a Family Business Vision Statement – early in the year
- Schedule a Family Event to Build Camaraderie
- Schedule Strategic Dinner monthly
- Start a Next-Generation Collaborative Project – be sure to involve the NextGen
- Create and document an Employment Policy for the Next-Generation
- Have a Communications Style Workshop
- Give Each Other Performance Reviews
- Schedule a Family Meeting when all are available
If we can support in any way, please dont hesitate to reach out for a little bit of encouragement or advice on how to implement a goal.
Yes, your legacy is very important. Reflect on how you are going to use the lessons, information and skills from those after you to continue building a life that leaves a tremendous legacy!
Does Your Family Business Need Help?
Institute For Family Business (IFFB), has extensive experience assisting family businesses. Through private family business advisory support services, Succession risk audits, specialized topic-focused sessions of Family Business Learning Series, IFFB continues to assist family-owned businesses in the region thrive from generation to generation.
For more information on how Institute For Family Business (IFFB) can help your family business survive and thrive, please contact us today at +(254) 722 259 855 or 732 998 655.
Peter Ouma Muga A trainer and accomplished writer on family business management issues, with over 18 years experience in family and blue-chip multinational consultancy firms and companies. He possesses and Psychology specializing in Organizational Behaviour and heads human capital at Institute For Family Business (IFFB).