While having a family member around is rewarding for many reasons, it may not be easy to separate personal and professional lives. Here are some tips and techniques that can help you keep the balance of your work and avoid conflict with family members.
There’s been a saying that there’s no such thing as show business. Though I’m convinced that Hollywood has a class that is its own, I have found that there’s no other business as good as family-owned businesses. There exist 32.4 million family-owned companies across the United States as validation.
The family-owned business sector is the main engine in our American economy, creating 78% of jobs and accounting for 80 million jobs, according to research conducted by Family Enterprise USA. Research has also revealed that 35 percent of Fortune 500 companies are family-controlled. The most significant portion of the nation’s fortunes is owned by family-owned companies, accounting for 54 percent of GDP in the private sector, which is $7.7 trillion in dollars.
While having a family to support can be rewarding for numerous motives, the job also brings unique issues, such as the ability to differentiate your personal and professional life. It requires time and patience, but keeping these two lives is essential for achieving harmony between work and home. As my spouse, Blanca, and I started SOS Hydration in partnership with my brother, Tom, we knew it was essential for the health of our business and our private lives to adapt to changing our traditional family roles to the demands associated with our company.
Recognizing your abilities and shortcomings as a leader can be vital to the growth of any business and those who know to fill in the gaps to create a solid base for building a solid team. When we decided on the roles for our family-owned company, we considered our diverse personal styles and learning styles that were simple to evaluate because of how we built our relations.
We efficiently manage our businesses with no personal issues clouding our professional judgment. Here’s how you can do it, too.
Essential abilities to master
There are three essential skills that family-turned-colleagues should master to maintain a neutral work environment and avoid conflict.
Embrace transparency. Before you start a business venture with your family, engage in a candid discussion with your family members about the type of collaboration you both want to create. Then, set the right expectations to achieve the goals you have set. Try to remain honest in all business interactions, including failures, triumphs, and doubts.
Listen objectively. Ego is not a good thing in a family-owned enterprise which is why it’s essential to keep your family’s relationship at home. All colleagues related to you should show the same level of respect and fairness to business transactions as they would expect to receive. Try to listen with a neutral tone regardless of the subject.
Be good friends with one another. When you’re dealing with your family members, it is essential to trust each other’s capabilities, intentions, and decisions. This is why transparency and honesty are vital, as they are the actions that foster trust. Also, trusting yourself is crucial and taking responsibility for your actions is the true mark of authentic leadership.
Family-owned businesses are not for the faint of heart, but there are many advantages. If family members consistently apply transparency, non-partisanship, and trust as the foundations of their family-owned business, it can achieve its maximum potential and leave lasting impressions.
The best practices for maintaining the development of a healthy and dynamic
Alongside the essential abilities to maintain a positive and peaceful work environment, I’ve also utilized what I think are the four most effective practices for a happy family business.
Set clear boundaries. Work should be conducted in the workplace. Discuss the benefits and drawbacks of work after each working day and let go. If circumstances arise that need discussions outside of work hours, set a 30-minute time frame to discuss and commit to revisiting when appropriate. Weekends are reserved for family time and time for work is limited.
Be on the right track. Everyone has responsibilities, and everyone is aware of the rules. This is where trust comes into play, and trusting one another’s process (and advancement) will help to avoid conflicts and disagreements.
Have fun with other activities. I, as well as my brother, were an elite runner. We continue to take a stroll together whenever we can. Spending time together in a joyful, meaningful way outside of work reminds us of our humanity and, most importantly, our family.
Learn from the mistakes. Be willing to experience the human emotion of the loss or failure that impacts the business, discuss it with your colleagues, and move forward. Don’t let the lows of business affect your relationships with others.
Not least, celebrate company successes in all their ways to enhance leadership, strengthen teams and encourage loyalty. Suppose you can celebrate wins within your family-owned business, regardless of how large and small they are. In that case, you’re increasing enthusiasm and strengthening the bonds between the members of your family who are committed to the growth of your business.
