Family Business

One challenge that is familiar to many entrepreneurs and small businesses is the intersection of your family life and business life. Many of us rely on our significant others, children, siblings or other close family members to help us launch and sustain our business because there is already a connection and level of trust. The challenge is presented when your personal relationship challenges begin to influence your business function.

Productivity is the biggest loss when family culture interest ts with business practices. This loss in productivity has the potential to result in the following:

  • Increased internal conflict
  • Loss in motivation and desire to move the business forward
  • Bad customer service. Unhappy employees don’t connect with clients.
  • Stressful home life

Your loss in productivity leads to a loss in customers and profit in your business. This in turn impacts your home life where work stress makes the relationship at home much more tense. It is a dangerous cycle.

If you do work with family and/or friends, how do you minimize the impact of your personal relationship on your business practices?

Establish role expectations. Treat your family member as you do the other employees. Follow the same onboarding process, articulate role expectations, and follow procedure.

  • Establish a feedback loop in your business communication. It is important to set aside time during the day to talk about tensions at work.
  • Schedule a time to talk about business during the day. Dedicate your time at home for family and relationship building.

 

Working with family members can be productive and profitable for your business if you establish boundaries for your time and communication. There are too many stories about failed relationships when business becomes stressful and more demanding. You can take action to help preserve your relationships as your business grows.

Let’s explore some custom strategies for your business communication so your relationship can grow with your business.