Six Traits of a Strong Family Business
One of the most important aspects of any business is its culture. This idea has been said for decades, but it’s never more true than when dealing with a family-run company. Alexander Djerassi is an entrepreneur who has led his family’s business to success. In order to be successful, one has to take certain steps and cultivate the right traits in a company. These six traits are essential for running a successful family-owned business according to Djerassi.
1) A common goal
When everyone in a family is working together towards a common goal, it can be extremely powerful. This can help to create a sense of unity and purpose within the company. When everyone is on the same page, it can make it easier to make decisions and move forward. A common goal can also help to keep everyone in the family accountable.
2) Clear roles and responsibilities
In order to avoid any confusion, it’s important to have clear roles and responsibilities within a family-owned business. This will help to ensure that everyone knows what they need to do in order to help the company succeed. It can also help to prevent any conflict from arising. Every member should be located in an area of the business where they feel most comfortable.
3) A family that functions well together
One of the most powerful motivators is to encourage everyone in your family to be on their A-game. If an individual is slacking off, it can have a negative impact on the entire company. Communication is key in any relationship, especially within a family-owned company. This means that everyone should be open and honest with one another, no matter what the situation is. It’s also important to communicate effectively with customers and clients.
4) Every family member needs to be committed
Alexander Djerassi truly believes that every family member needs to be committed to the business. Even if a person is not interested in working within the company, they still need to remain dedicated and supportive of their family’s endeavor. This can help to create a sense of unity that can give everyone a boost of confidence which will go a long way. Members should be committed to coming up with new and innovative ideas that can help to move the business forward.
5) Attention paid to new opportunities and changes
It’s important for a family-owned business not only to stay on top of trends but also find ways in which they can adapt those trends so as to become relevant. Make sure there is some sort of committee set up where members of the company meet at least once per month so as to discuss new opportunities as well as how the business can change in order to meet those needs.
6) Investing in each other’s growth
It’s not just about investing in new opportunities but also growing as individuals. Individual members should be encouraged to take on new challenges so that they continue to develop their skills and knowledge of the company. This will help them gain more power within the company, which will lead to better unity amongst everyone involved.
Developing these six traits can help to ensure the success of any family-owned business. When these traits are implemented correctly, they can create a strong foundation that is essential for any business.