Monday, June 29, 2015

Managing Priorities in Your Family Business

The payoff for running a family business is huge. You can transfer wealth for generations to come. It's a perfect vehicle for uplifting others out of poverty. You become the change agent in your community and can make a difference in the lives of many. That's why running one is tough. Add to that multiple and sometimes conflicting priorities with your family and business, and you could feel overwhelmed.

List Your Family Priorities

The first word in family business, is "family." That is your number one priority and your business exists to serve every member. As a family unit, you have many priorities. Some include: academic education, leadership development, ministry service, volunteerism, fundraising, board participation and social development. If you haven't already written a family vision statement,start today. Your vision statement will hold you accountable to choose and implement the right priorities for your family. Once you identify those, list them in order, again, using the vision statement as a guide.

List Your Business Priorities

The same applies to establishing your business priorities. I believe that the most important business document you can ever write is your strategic plan. That plan should include a vision statement for your family business, which will guide the priorities you set for running it day to day. Some include: generating publicity, prospecting, sales presentations, networking, drafting proposals and contracts, serving clients or customers, innovating and more. List your family business priorities in order.

Read more about Managing Priorities in your Family Business

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