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Family Businesses, good thing or bad thing?

Written by Mark Roblett on .

Family Businesses

Did you know that statistically, the family business you have created is probably not going to reach its full potential?

Family businesses are great, prior to becoming a Business Mentor I was part of several and they are strong powerful entities that customers really buy into. They represent a cohesive approach to business where the owners hold their values in high regard while all around them want to be on the same journey. They are more often than not, a cultural style business. Proud of their practices well-grounded ethics and possibly set in their ways

If you are serious about taking your business to a whole new level and a possible exit one day, then it is time for a change. I know it can be uncomfortable, after all, you have built up a cosy business. Decent revenues and profit margins sustaining the lifestyle you choose. But it’s so important to keep focused on where the family business Is going. Staff that have been with you for many years everyone is invested, but honestly ask yourself, is it a little stale now? Has it really grown in the last few years? These are the areas that I will explore with clients as their Business Mentor.

On the opposite side of cultural businesses, we have commercial style businesses.

Think very focused, target driven, no room for anyone who is not 100% committed to the only outcome which is growth and increased profit. I know I know the sound of it wants to make you run a mile and I get it. It is everything you didn’t want your business to be. The fact is though, to keep moving your business on. At some point, you will need to start looking at the future from a different perspective. I am not for one minute advocating a change in the culture. However, I am suggesting is that you could take some learnings from successful commercial businesses and implement them within your own structure. Nothing complicated. It can be as simple as spending more time focusing on your prospective customers, your marketing and profit margins in a way perhaps you have not before. Now how could that start to look? The perfect business to run. The perfect business to work in and the perfect business to sell on when your work is done.

Through my business career I have found whenever I was ready to get to a new level, a person or a business with solutions would appear almost as if by magic. Those encounters always lead me to a place I hadn’t been before. One of those such encounters lead me to become a Business Mentor. To help business owners like you understand your businesses in a different way and build for the future.

If you would like to discuss where you could take your family’s business, then please get in touch. I offer a complimentary mentoring session so that you can experience how it feels to have the benefit of another pair of eyes viewing your business.

Mark Roblett
UK Business Mentoring
Sevenoaks, Dartford, Bromley, Bexley, Tonbridge & Malling

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