Each New Year people make personal resolutions that more often than not are left unfulfilled and forgotten by the end of January. So perhaps this year rather than focusing on yourself, take the time to reflect on your family business and the goals which you would like to achieve.

Here are our top 10 resolutions for family businesses which can be easily implemented:

  1. Take the time to schedule regular meetings with the owners, the managers and the family members involved in the business to see where everyone is at.
  2. Engage an industry expert to provide some insight into what is driving your market space and provide some advice to assist the business.
  3. Have a discussion with the next generation. They may have some different business ideas which you haven’t thought of.   
  4. Kick start talks with your family about the succession of the family business.
  5. And if the talks move forward, consider developing a family constitution to assist the family develop agreed goals and rules for succession in ownership and management of the business.
  6. Organise a day out of the office for the employees and stakeholders – this is a no work, all fun day. Think of doing something that will engage everyone and build the businesses culture. It could be volunteering at a local charity for the day or tackling the outdoors.
  7. Get a Family Business Health Check to see where the business is at and what can be improved or added to optimise business opportunities.
  8. Review your businesses policies and update or amend as appropriate. It may be useful to engage the people who the policies directly relate to if there is a need to update.
  9. Review the family business’ structure to ensure the business is optimising its potential and structured to minimise risk.
  10. Attend a family business symposium or conference with the next generation of your business.

Why not start by choosing one of these resolutions and see where it leads. Before you know it you may tick them all off and be kicking business goals!  

(This article is inspired by the recent article by Wendy Sage-Hayward, FBCG)

For more information contact:

Dan Simmonds
Harwood Andrews
T: 03 5226 8513
E: dsimmonds@harwoodandrews.com.au

Ashleigh Wall
Senior Associate
Harwood Andrews
T: 03 5226 8559
E: awall@harwoodandrews.com.au