10 Tips to Advance Profitability in Family-Owned Businesses

  1. Keep your people consistently informed about your business goals in a weekly meeting.
  2. Reward high performers – not your friends, family or favorites, unless they are the top performers.
  3. Take sufficient time to plan out a comprehensive, achievable strategy for the next quarter.
  4. Put your people in the picture about the current business goals, and continue to keep them informed of the advances towards those goals.
  5. Allow your team to offer and implement process changes that could advance profitability and performance.
  6. Act – don’t spend your day reacting to the latest crisis.
  7. Insist your people come to you with solutions when a problem is presented.
  8. Reward any team member who was a high level performer that through their actions, helped to reach weekly, monthly and quarterly goals.
  9. Take an objective look at your current culture. Is it working? Make the decision to become an inspiring leader and act accordingly.
  10. Listen to your people. Ask the right questions to identify the real problems in your processes, whether communication, lack of alignment of work teams or other issue.

Perpetual Development works with business leaders in family owned businesses. Connect with Perpetual Development to gain a real understanding of the needed actions to advance and transform your business into a performance-driven, aligned team, and gain a distinct competitive advantage.

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