Balancing Business

 Businesses are mostly family owned or personal.Owning a business us a personal thing.But however, the management is not actually or basically of personal influence but the management is personal.Balancing the two is i learned is the success or can be a key to a successful business.In other terms,the personal and non-personal thing; should be balanced.In addition,so successful succession plays also a vital role.Thus also,one should have a good succession plan.

Personal - family influence ; Non-personal - External influence; these both should be balanced. Here i learned some steps to somehow achieved a balance :

(1) Assess the needs of your business and the leadership gaps.Conduct for example a thorough business analysis as well as identifying skill gaps and where the need for an external expertise.

(2) Have definition for the roles of family members.This is establishing clear roles developing family employment policy and encouraging professional developments.But if some members is not yet fit,don't force-fit,competence should be the basis not a rightful name.

(3) Integrate into family thing external leaderships and expertise.Hire that shares same company values but have diverse experiences and create and build inclusive culture and environment that both parties are valued and are heard of or heard.

(4) Build and establish a governance structure-like. A system that balances the management both parties interests and setting up a mix board of directors and clarified inputs on decision-making between both parties.

(5) Facilitation of an effective communication between both parties.Open lines communication,routine and regular strategy meetings and a mechanism on resolution of conflicts.

(6) Succession plan or planning or plan for succession.Smooth transition,continual updates of the plan,partnerships between outgoing and coming for an effective transfer of knowledge and experience.

(7) Evaluation,measurement and adjustment.Evaluate the approach of balancing,performance indicators and feedbacks.