Running a Family Business?
Family Businesses: a blessing and a curse
First, let’s look at some interesting statistics:
-Two thirds of businesses in the UK are family owned;
-That makes it 66% of all businesses in the country
-Family-run businesses generate over a quarter of UK GDP.
-They employ over 12 million people!
What are the challenges of running a Family business?
-Balancing work and life, which can be hard when you are surrounded by the same people 24/7
-Not discussing work outside of business hours
-Taking time away from each other doing different things. This has been very difficult to achieve during lockdown!
-More than 2 family members with a share in the business can result in huge fallouts and damage the business
-You know each other’s strengths and weaknesses too well and can wind each other up
-Family members tend to morph into company positions despite a lack of skillset
-In some aspects, doing business with friends and family isn’t ideal for the above and many other reasons
More specifically, generational challenges
-Young generations may not be heard as much as they should, despite their new and fresh ideas
-Older generations find it hard to accept the younger generations ideas and speed at which they want to move the business on at
-The older generation does not want to relinquish power and lose sight of everything that they have created.
-Often there are old fashioned plans in place and the fast-moving world of IT is not easily accepted by senior members. It worked for them so why shouldn’t it carry on working?
-Compromise, or lack thereof
Does all this sound… familiar?
Are you finding the dynamics of a family-run business challenging? You are not alone, we understand how your business runs and what steps we need to achieve:
-More time for yourself to achieve a better work-life balance
-Allow your business to run efficiently without your input
-Be better organised to deal with crises like the latest lockdown
-Make more sales despite the harsh current economic environment
-Be able to identify any issues and solve them quickly
-Help you run your businesses smoothly and;
-Be better equipped to deal with any demands
We are a network of family-run businesses; family-run businesses are at the core of our values and what makes us experienced in this area.
How challenging can it be?
Famous last words!
Running any business is tough, and each business comes with its own unique tests and difficulties. Being able to identify those difficulties is where getting the help one of our coaches comes into place.
Are you ready to make the changes necessary to improve your business?
Give us a call on
Or alternatively fill in the form below and one of our team will be in touch with you shortly.
Want to find out more? Read what other family run businesses like yours have to say: click here.