Keeping the business in the family
Posted 27 February 2008 at 2:28PM by Hannah Gilchrist in Doing business online
Thinking of taking over a family business? Perhaps employing other siblings to help you out? Well you could do worse.
An expert has suggested that family-run businesses are actually better at coping with economic risks than their anti-family counterparts.
Forget the arguing about how to do the job properly, when times are hard it's your family who can support you and actually put you under less pressure to perform. And with 65% of Britain's private sector businesses keeping it in the family things must be looking up for the family run enterprises.
Or is it? Can all this family-friendly working really be good for a business? Put it this way, can you imagine spending the whole day at work with your partner only to spend the whole evening with them as well? And in reality what's the business case for working alongside your nearest and dearest, surely people work less when they know it's only for the family?
Tags: bt, bt broadbandoffice, family business
New feature: Rate this post!
Average rating: 3/5
Comments
2. At February 28, 2008 8:11 AM, Scott wrote:
When it's family run, generally you share the profits. That's the incentive to work hard!
3. At February 28, 2008 10:12 AM, Andy Atkins wrote:
I agree with the previous posts. As someone who's worked at a senior level in corporates, mid-size and, now, our own business, I'd argue that the effectiveness of individuals increases in smaller businesses. This is a result of fewer politics, less focus on status and influence and a greater share of common goals. It's also a feature of family businesses that, in general, conflicts have to quickly resolved given the broader relationships between family members.
4. At February 28, 2008 2:09 PM, Sarah wrote:
I find that working with family you feel the need to do more and care about the results and service you give. We also have non family colleagues and at the end of the day its just a job to them that they can take or leave. But to family colleagues its our future investment.
Working with older family members you do have heated dicussions that you wouldn't nomally have with your manager and I also feel I don't get away with as much as they expect more from me as we are family!
5. At February 29, 2008 9:33 AM, Eddie's Spirit wrote:
In my view, keeping it in the family would generate a lot of animosity and tension within the family unit. This is an avenue which i try to stay clear off in my day to day runnings.
6. At February 29, 2008 10:28 AM, SIMON TYRES wrote:
I have my own business and used to empoly staff but found the daily chor of them being late not turning up etc wasted too much of my own time.
I took on my wife . freeing up my time from paper work to do yhe jobs staff did.
Yes i do work harder now but i reap the benefits i keep there wages for me, and have no returns from work not done to my standards. so family works. my parents and sisters also have a small family business which is highly successful so get on with it look after family.
7. At March 4, 2008 9:56 AM, Robin Clarke wrote:
Heartily agree with most of the comments here. Have been running my own IT business for the last 14 years, but my wife helps out with accounts and some labour & time-intensive jobs, leaving me free (as the higher rate worker) to make the best use of my time.
I hope that in future years our kids may be interested in joining too, but only if they want to - we will not be forcing it on them.
Post a comment
As 14 days have passed, comments are now closed for this entry.
1. At February 27, 2008 4:55 PM, boon wrote: