And when you are thinking of those 5 million family businesses in the UK, you probably think small business. And you’re right to – SMEs lead the way here. However, there’s also a good number of larger, more corporate-size family businesses within the market as well.
As such, if you have expansion ambitions for your own family run business, the record shows that you could be more than capable of seeing them through.
So let’s go over a few of the most important things to remember when you’re trying to grow your family business. Namely, how to make sure you don’t lose your family core along the way.
Focus on flexibility
Growing a family business often requires you to be in two or more places at once. If you have a flagship location, but you’re also opening a new shop or office two towns over, you’ll need to split your time equally between them all.
But that’s impossible to do if you don’t focus on becoming flexible now. You’ll very quickly lose your familial core simply because you’re too tired, stressed, and run down to actually focus on healthy, productive work.
Start automating. Stave off the annoying busy work. And if this means you have to start delegating for the first time, take that leap. A family business means everyone has an equal say and equal stake. Let the rest of your family step up, take charge, and be responsible in the same way.
Maintain trust at all levels
Every family business, no matter how small, has a distinct advantage over medium enterprises and large corporate competitors: an innate sense of trust.
It’s easy to put your faith in your family members and have that same faith returned. You know each other inside and out, meaning you have a deep insight into your skills and capabilities.
And with the way private credit is reshaping global hiring at the moment, it’s clear that this sense of trust is key to moving into new markets. In financial, corporate, and small business circles, this close-knit business model becomes more and more crucial as you try to grow beyond your original means.
That’s why, when it comes to hiring new staff or promoting someone to a new management position, you should rely on this trust. Avoid hiring candidates that don’t feel like this kind of team player, and for leadership roles, think about the skills your family have had to bring to the table.
Expanding a family business isn’t easy
Especially if you’re keen to maintain that sense of trust and equity that family businesses thrive off of. But in a time of expansion, you have to adapt fast. Learn to be more flexible and never forget how the reality of working with family feels. In the end, it’ll help you hire the right people for the job.
