Family business owners have been put on their heels during the recent wave of online startups and the rising tide of platform economies, but there is still a place for family tradition on Main Street. In the past few years, family business owners have needed to take holistic steps toward becoming more profitable in order to survive. The remaining businesses are competitive and more profitable because they have abandoned the cozy paradigm of the local economy and embraced the techniques that globalized corporations use on a daily basis. Small businesses that are still run by families have adopted these ideals:
Family Business is Still Business
Whenever you need to rely on your loved ones, it is important to remember that they are the most important assets you have to your business. The “local flavor” that most consumers still desire is facilitated by the family members that own and operate the business because they make sure the establishment runs efficiently, but also they are the face of the business. In the globalized economy, it is no small feat to be able to remember the face of a regular customer and take genuine interest in their interests. However, it is important to note that the relationship you have with your relative is different than the relationship that you have with your coworker. A clearly divided work and home life will make your tasks clearer and goals more attainable. Consult this guide on growing your family business through successful relationship management.
Leave Your Work at the Office
Many family business owners lose their grasp on their identities because they invest themselves too fully into the enterprise. While proprietors of small businesses should always strive to better themselves and their companies, they should always remember that there needs to be separation between work and family. Over burdening family members with “work talk” can lead to feelings of insincerity and frustration which will hurt your company’s productivity. The latest development can always wait until the next work meeting.
Master Free Digital Marketing Tools
The advent of free digital tools has completely inverted the sales funnel. The customer no longer feels the need to look for the company they want to do business with — they expect that the companies will find them. Many family businesses do not make it to the next generation due, in part, to an unwillingness to merge with innovative technology. A general understanding of digital marketing can take a family business to next level because the owner will realize that they do not need to invest in pricey technologies to become more profitable. Digital marketing will help grow your family business through social media, email, and content marketing.
These strategies will make your family-run business more profitable by creating clear separation between work life and home life. While in the office, the goal should be clear: always be better. Use any available time to make your business more profitable by learning techniques that are available to every business owner without draining your budget.