5 Ways to Succeed in a Small Family Business

Family owned businesses are a big part of our culture. With technology changing so drastically over the last few years it may seem as if these types of small business are disappearing, but they aren't. With the current state of the economy, people are bringing family members and friends into their business ventures even more. It can be difficult to keep your business and personal relationships separate due to the delicate dynamics of the familiar relationship. Here are a few ways to protect your business and personal relationships with relatives and friends. 

1. Establish expectations. From the very start of your business venture you should define roles and responsibilities for each family member. A lack of clarity fuels conflict and can lead to disaster. Each person should have a specific job description, just as any employee would, and they should understand what the boundaries are in the work environment.
2. Create a conflict resolution plan. Despite your best efforts, there are bound to be conflicts in the business. Because personal emotions will ultimately be involved, determine in advance a way to resolve disagreements. You need a process to work through conflicts to protect the integrity of the work environment as well as your relationship.
3. Put everything writing. Even if you are going into business with your dear beloved mother, get everything in writing.  Remember, this is business. People have short memories, and a disagreement about ownership interests, money allocations, or even vacation time can cause tempers to flare.
4. Manage fair- and-square.  As you add other employees to your business, make sure you manage equitably.  Family members should not be given added perks and privileges other team members don’t receive.  And the same thing is true when it comes to rewarding performance.  Every team member should be evaluated and treated fairly.
5. Keep personal baggage at home. Don’t bring personal battles into the workplace.  It’s unprofessional and can ruin relationships with customers and clients who don’t want to be caught in the middle.

We hope these tips were helpful. For more information about Datavo visit our website at www.datavo.com