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Essential S.P.I.C.E for your family business

Updated: Apr 26


Chefs and cooks know inherently that no matter what choice meats or proteins, the grains or fat you choose, the food will be tasteless if you do not add spice. Spices transform what would normally be monotonous into something pleasantly memorable.


Likewise, without integrating a variety of skills, expertise and even personnel, most family-owned businesses disintegrate. However, this doesn’t have to be the case. With the right systems in place, a family-owned SME can dish out the best of itself year after year as it fosters synergy between the family and non-family members within the business.


Here are five steps to SPICE up the business:


Succession Plan

One cannot overemphasise the importance of having a succession plan. Without one, there is no future for your business. This plan must be clear on the training path for each new leader.


Policies

It is important to have the right policies in place, especially concerning family members. This helps to prevent feelings of unmerited entitlement and other such unproductive mindset and behavioural issues.


Incentives

Non-family managers need to receive incentives to ensure that they feel like a big and necessary part of the business. This helps them bring their best to the business.


Creating fair rules

The right foundation is important for your business. Therefore, it is crucial to create fair playing fields for all parties, particularly when giving assignments or running assessments.


Equal opportunities

advancement must be merited. Both family members and non-family members must have equal occasion and opportunity for promotions and bonuses so that peace and not strife will reign in Every your business.


The growth and sustainably of your family business hinge on your ability to foster the right cooperation between your family members and non-family members within your business.

For more information on how to go about this or for one-on-one coaching, send me a message.

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