Deciding to start a family business is no small matter. The investment that goes into starting any business gets magnified when you enter into the whole sticky process with your close relatives. Still, getting a family business to take off is one of the most rewarding accomplishments a person can experience. Once it does become successful, however, that typically means that in time expansion may become a wise – and maybe even inevitable – business decision.
Whether your company is expanding to meet a recent increase in demand or is seeking to grow proactively, if you find yourself looking for ways to grow your family business, here are a few tried and tested methods.
Solidify Your Company‘s Culture and Values
As the old saying goes, one bad apple can spoil the bunch. If you are going to be expanding your team, the first thing you must make sure you understand is your values, standards, and culture. If a small business is not aware of these things, it can be easy for new, potentially ill-fit employees to begin causing undercurrents of discord. Having a clearly defined company culture and set values from which you do not easily sway will help you more quickly identify which candidates would be a good fit.
Train and Trust Your Higher Management
If you want to take your business to new heights, you’ll need to make sure your team can expertly meet the demands your business currently faces. Trusting your successors and right-hand team members will allow you to focus your efforts elsewhere without worry. Train your upper management in whatever tasks you can hand down and then trust them to navigate those tasks with grace. Though things may not be perfect initially, flexibility and resilience need to replace rigidity and any inclination towards micromanagement. Learning to delegate tasks is necessary for anyone looking to grow their family business.
Build Community Loyalty First
Before you expand your horizons, develop tight connections in your community. Strong community roots empower small companies to grow by bolstering their reputations and providing them with consistent business to keep revenue flowing in. Having a firm support base is vital for stable growth, and expanding a family business is no different. New business territories come with new, unfamiliar communities whose needs and communications styles may be foreign to you and your team.
Connecting with your community first helps you learn how to approach diverse people in a safe space, building your confidence for when you strike out in other areas with exciting business opportunities.
Author bio
Allison Harrison from GoodBee Plumbing and Drains. Goodbee plumbing knows the importance of growing a family business, and we’ve been steadily growing our own for over 14 years now. If you are interested in growing with them, check out their website today to learn more about them.