5 Steps To Run A Successful Business

by Arjuun Bajaj, CEO & Founder, Daiwa    Nov 08, 2017

Business

Wow! Your family runs its own business – You are very lucky or yes your future is set. But is it? Indeed, running, a family business can be very rewarding and also overwhelming. It’s the successful business that passes on from generation to generation. In a way, every Indian dream. 

 

However, the picture is not always very glossy. Like every coin has two sides, this aspect is no different. The fact is that from the several family businesses only 30 percent make it to the next generation and which further cuts down to generation after. The fact is there is no secret formula, for success but surely some key essentials one needs to keep in mind when it comes to the recipe for success.

 

1.   Need to give some space:Even when family members are working more directly together, be careful not to micromanage – Yes everyone does know their job. Establish a structure that allows for supervision and cooperation without meddling or inadvertent power plays. Don’t walk into someone else’s territory. Each stallion must have its own pasture to thrive. Also, its better if the hierarchy is neatly defined, my grandfather for that always suggested siblings should not work under siblings unless its voluntary.

2.   Each person is accountable: The structure of the organization and the responsibility is essential for a smooth functioning. One needs to keep expectations upfront and hold each other accountable. Company Goals and objectives shall be defined so if any associate is not performing the solution could be derived, instead of getting into emotional and personal disagreements.

3.   Work remains in office: Well this is applicable not just to relationship goals but also family goals. Learn to leave work in the office. Well, who understands it better than me that it’s the most challenging task especially when your family members are your co-workers. However, this is the most essential – this division keeps mental health in place. Also, try touching work based subjects for discussion – dodge the thoughts. In the end, family ties need to be maintained just like business connections.

4.   Now home stays at home: Just like work, remains in office – herein home stays at home. The fight you had in the morning with your sibling should not continue now at work. Never bring personal arguments and grudges in business decisions.

5.   Something is always amiss: Now you can call this Blind spots too. If everyone in the family thinks alike, behaves alike – it’s a problem – Why? Because real problems won’t be identified then. Make sure along with your Fam Jam team there are outsiders working who can offer valuable outside perspective.