10 Reasons To Join Your Family Business

By Relebohile Sera

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Photo by Artificial Photography on Unsplash

For some individuals, it is fortunate enough to not have to go to lengths to secure a job. Immediately upon graduation they are guaranteed a position at their parent’s firm or at a family business that has been passed on from generation to generation.

The question, however, is: Is it for you? Below is a list of reasons why you should join your family business:

 

1. Trust

It is an essential element in all businesses but more-so in a business where trade secrets will either make or break it. Family businesses are at an advantage as there’s high levels of trust among family members.

Golembiewski and McConkie have found: ”There is no single variable which so thoroughly influences interpersonal and group behavior as does trust.” The values that a family may bring to the business it owns can establish trust as a more meaningful and viable dimension of the business’s culture.

 

2. Harmony

When the goal is to help the family win, despite all the millions of fights that may ensue amongst family members, territory battles diminish. There is no politicized process that has to be followed through for things to get undertaken thus speeding up execution.

 

3. A Long-Term Direction

The greatest goal of family-run businesses is to leave the business in a healthy and profitable state when passed down to children. Their long-term goals are far different from those of companies not run by families which are always focused on their quarterly incomes and there is therefore higher sustainability than in most businesses.

Knowing you are building for the future generations encourages the long-term thinking needed for growth and success.

 

4. Commitment

Family members are much more committed in family-run businesses, even though in reality they are usually more committed to the family than the business. Most of them want to protect the family reputation and maintain a high standing in business. Family gives more support in sustaining the family business because the ruin of the business would mean total loss of their means of living.

There is commitment and sturdy cooperation among family members which may not be equaled by businesses not run by families. This kind of commitment helps foster stronger customer relationships, an effective sales and marketing strategy, a more organized company and a better understanding of the industry they are in.

 

5. Authenticity

There is a capability to be fearlessly and emotionally honest amongst each other and that can help the business thrive as there will be no holding back on certain matters.

 

6. Reduced Costs

Family members may be more than willing to make financial sacrifices for the sake of the business. They may accept lower pay they would get elsewhere to help the business in the long run, or maybe deferring their wages if the company is not doing well.

 

7. A Small Workforce

A small team made up of family members is often so close that it can punch above its weight and compete with much larger companies.  It also helps that each member of the staff knows one another by name and get along.

This births a spirit of friendship to keep each other upbeat despite any difficult circumstances that may arise in business which makes coming to work a pleasure. Hard work and dedication are more likely to be noticed in a smaller business which will leave room for rewards.

 

8. Nature plus Nurture

Kids can see firsthand the work it takes to win at business if it is part of their daily lives. They get to understand the sacrifices that go into making it a success and what it took the parents to make a living for them. When they grow up in the business, they end up absorbing the skills it takes to succeed.

 

9. Flexibility

Families tend to be more lenient and forgiving when it comes to work schedules, work-related decisions and judgments, and even sometimes mistakes. In a family-run business, there may be more flexibility to work a flexible or part-time schedule, or to choose your own hours, to tend to children, parents or other family members in need.

 

10. Next Generation Creativity

A smart family business can retain its competitive edge naturally when it brings in the next generation. Companies often lose this edge when leaders lose touch with the youth market.

Family businesses take into consideration this because the business is usually passed down from the parents to the children therefore the needs of both the older and younger individuals are usually considered. This suggests diversity in the products and services offered.

 

Family has been the foundation of our societies for centuries now and a family business might have its disadvantages but for a close-knit family, those can easily be overshadowed. If you want solidarity, commitment, diversity and authenticity, this might be the route for you.

“Tradition is like a bow. The more we stretch the bowstring, the farther we can throw the arrows of modernity and innovation.” Giovanni Ferrero.

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