The success of a family business lies in the unity of the family. This is the most vital part in running
a concern purely with the family members on board. If the faith in the management gets diluted then the crash of the venture is well predicted. No amount of patch up would then result in a smooth execution.
How could this unity be preserved?
This should be thought of with great deliberation. Unnecessary interference by the family members should be restricted. those on board should evince a keen interest in the management. They should not sleep for a while and wake up all of a sudden then come up with ideas. This would disrupt the peace of the managerial environment. A watch and go through procedure should take the priority. Intercepting each and every move should not become a practice. A check once and a while, a verification at random and an insight into what is happening should be the motivation The peep and a peek should be avoided to ensure a hurdle free running of the business.
the monthly meetings should review the scenario Then the yearly ones should be attended without fail y the directors. Issues, if at all require attention should be taken into consideration. The queries pertaining to the workings should be raised then and there. Answers should be sought. If there is a dissatisfaction then the chief should come out with a revision and then submit the annual returns to the departments The profits should be divided and dividends should be announced. The family should be impressed by the performance and should also get the maximum benefits from the company
If these are followed to the exact, then the business would prove successful.
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a concern purely with the family members on board. If the faith in the management gets diluted then the crash of the venture is well predicted. No amount of patch up would then result in a smooth execution.
How could this unity be preserved?
This should be thought of with great deliberation. Unnecessary interference by the family members should be restricted. those on board should evince a keen interest in the management. They should not sleep for a while and wake up all of a sudden then come up with ideas. This would disrupt the peace of the managerial environment. A watch and go through procedure should take the priority. Intercepting each and every move should not become a practice. A check once and a while, a verification at random and an insight into what is happening should be the motivation The peep and a peek should be avoided to ensure a hurdle free running of the business.
the monthly meetings should review the scenario Then the yearly ones should be attended without fail y the directors. Issues, if at all require attention should be taken into consideration. The queries pertaining to the workings should be raised then and there. Answers should be sought. If there is a dissatisfaction then the chief should come out with a revision and then submit the annual returns to the departments The profits should be divided and dividends should be announced. The family should be impressed by the performance and should also get the maximum benefits from the company
If these are followed to the exact, then the business would prove successful.
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