… and how to face them.
Challenge #1: where are we going?
Most family business that make it in the first years of their lives, begin by filling a niche gap in the market. But as they grow they loose their orientation and struggle to maintain growth or profitability.
This is purely a symptom. The No 1 root cause of this is the lack of clarity in their vision and goals. These either do not exist at all, or they differ in their minds of the family stakeholders either implicitly or explicitly. This in turn results in ambiguous strategies, mediocre product / service offering or poor business models that cannot ensure the business growth or even survival.
How to face this challenge as a family:
Do what you are avoiding over a long time: start a structured conversation that will lead to a unanimous and solid decision about the business vision, goals and core strategies.
This will get you out of your comfort zone. It will take effort and time. It may also require the active participation of an experienced coach or moderator who will help you get to the desired outcome, which is no other than CLARITY and COMMITMENT.
But it’s all worth it, because there is no other way to change gears and grow your business.
