When it comes to a family business, there is a fine line between personal and professional that is easily blurred. For this reason, many family businesses fail, and subsequently tension occurs within the family. While some would recommend keeping family and business separate in order to reach success, there are a quite a few ways to effectively mix the two. Maurice Bouri, the owner of a successful family owned and operated cement company, has managed to turn his family business into a financial gold mine. With frequent communication, strict guidelines on professionalism and structure, any small family business can morph into a huge legitimate corporation.
Communication is Key
One of the biggest downfalls of a failing business is lack of communication. This causes disorder, stress and sometimes even double work. To avoid being redundant and to also ensure everyone is clear on their role in the company, you must first establish a business model together. After that is confirmed, implement mandatory weekly meetings and processes to keep everyone aware of the inner workings of the company.
Strict Professional Guidelines
Nepotism in the workplace is frowned upon in a general business setting and the same applies for a family business. Although you may have a close personal relationship with your family, it’s important to treat each other as professionals while on the job. This will bring security to other non-familial employees and create an equal platform which is necessary for a company to function properly. In the same stride, it is crucial to respect your family members as business partners and take their suggestions seriously to keep the lines of communication wide open.
Maintain Your Structure
Be sure that everyone knows their role in the company, is educated on their responsibilities, and trained on how to fulfill them. This will not only increase productivity but will also provide accountability. Without structure, it is almost impossible to identify and correct any business related issues that may arise. There must be processes in order to avoid double work, confusion, and most importantly, conflict.
Naturally people will want to go into business with their family because family is typically a group of people you respect and trust the most. The secret to success is to keep these morals intact for the duration of your company. Continue to trust that your family has the best interest of the company at heart, unless you are given a reason to think otherwise, and be open and honest at all times. As a founder, Maurice Bouri has managed to incorporate these main tips when working with family and has mastered the art of running a business in the interim providing proof that a little respect and a small dream can go a long way.