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A family council is a type of supervisory board comprising of some selected family members to govern the working of [...]
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It is necessary to decide how the family business will be managed by the family members. Answering the following questions [...]
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Members of the owner family may naturally wish to work in the business. But, people vary in personality, attitude and [...]
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Establish a process through which all the members of the family who have a direct or indirect stake in the [...]
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If we wish to involve family members as employees in the business, it should be more on the basis of [...]
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The lifespan of a business may outlive that of its founders. There are many businesses which continue for more than [...]
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Following errors must be avoided in choosing a family business successor: Many business owners don’t give a serious thought to [...]
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Here is what should be kept in mind while choosing a successor for your family business: Give priority and importance [...]
Once the successor is chosen, her training should be undertaken. In fact, the overall succession plan must also include the [...]
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Here are errors which some owners make in getting the successor ready for the top job: No Planned Hand-over Process [...]
Managing a family business requires managing of both, the family and the business. We must also take care of their [...]
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A business has many participants and many variables interacting with each other all the time. A large number of activities [...]
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Every progressive company must have a defined set of reports which are regularly generated and checked within the company. The [...]
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The business leaders must meet all the department heads individually and collectively at very regular intervals to review the status [...]
Every progressive company must have a defined calendar schedule of regular review meetings. The participants must align their own calendars [...]
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Here are some suggested reports. This list is only indicative and a company should add or remove items from this [...]
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Daily Production report Material consumption report Job work review (if company outsources its production) Machine breakdown report Manpower report Critical [...]
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Business operations are exposed to different types of risks because of uncertainty. Successful business management must ensure proper safeguard and [...]