Professionalising Family Business - Pillars to Professionalismby Neha Kaul Student
As a part of your family business, you might come across a lack of professionalism in the business. The term “professionalisation” is often considered changing from family management to a non-family organisation. During the transition, a non-family manager is selected to lead the business. Changing the organisation to non-family management is one possible element of professionalising your family business.
A “professional” is an individual having high standards of performance and business ethics. Professionals act in the best interests of the organisation and its stakeholders. Companies can achieve standards of professionalism by emphasising performance. Professional business cultures have flourished via the efforts of business leaders.
Many of the professional companies you will come across are owned and managed by families. Thus, adapting to a professional environment in a family business is not challenging. One way you can lead your family business towards professionalism by applying the knowledge imparted by a BBA in Family Business to action.
People often consider engaging other family members in businesses as an act of nepotism. However, professionalism has nothing to do with non-family or family categories. Professionalism depends upon the attitude and behaviour of the manager.
Favouritism or nepotism becomes one aspect of a family business. Can you favour your relatives in employment and still have a professional organisational structure is still an important question against the family businesses. However, family members having the right set of qualities can have several advantages in running the family’s business. Performance, adherence to core values, treating people like adults, striving for fairness and consistency can make you a good manager even if you belong to the family with a family-owned business.
Every employee, including managing director, CEO, or junior associate, is bundled with skills, capabilities, experience, and values. No two people can be the same. Routinely hiring people in different positions in a company considering the strengths and weaknesses can lead the family-owned business towards professionalism.
There are minimum requirements for every job role in a business. If a family lacks competent members who meet the minimum standards, they should hire non-family talent. However, don’t assume that you can run your business professionally without involving your family members.
Beyond every argument above, we still might have a question - What makes a family business become professionally managed? Pillars to a professional organisation are as follows.
1. Attract and retain great family as well as non-family talent for the company growth
2. Ensure that an organisation can collectively make big timely decisions
3. Family discipline and commitment is a must towards a professional family organisation.
4. Respecting the management hierarchy irrespective of being a family member is the key to a family business’s growth.
5. Create a system and process to ensure consistent fairness and high performance
If these values are fulfilled by hiring only the family’s resources, there shall be no requirement of scrapping family employees to professionalise the organisation. However, if the family doesn’t have the required talent, hiring non-family resources must be considered.Every family business shall not require making decisions against the family and not considering family members for the job roles. Many of the most global business leaders run a family-owned business. Most industry-leading companies around the world are owned and managed by a single-family. Thus, family businesses are doing something right that has led their way. Additionally, these companies are perfect examples of professional work culture. Pursuing a course such as BBA Hons in Family Business can be a way towards developing the right skill set required to take your family business to new heights.
Created on Jun 21st 2021 05:21. Viewed 94 times.