Family businesses are a crucial part of the global economy, accounting for over 80% of the world’s businesses and employing millions of people. In recent years, there has been growth in the number of women taking over and running family businesses. Women bring a unique set of skills and perspectives…
Many family businesses are owned, managed, and operated by members of the same family. While this form of business ownership can offer many benefits to the owners, it can also bring unique challenges. This is where a board of directors and/or advisors can come in handy. Let’s explore the benefits…
Succession planning is a big part of running a family business. It is important to have an effective plan in place for when the current top leader steps down, so that the company can continue to run smoothly and successfully. However, succession planning is not just about managing the business—it…
What do you think of when you think of a family business? To some, the term family business may bring to mind a small hardware store, a moving service or a local restaurant. Oftentimes you’ll spot these family businesses by name alone. Names such as “Bowman Stove”, “Pete and Sons”,…
People do not like to be stagnant in their job. They want appropriate challenges to keep them engaged. They want growth opportunities to give them something to work towards and feel the reward of accomplishment. Employees with no opportunities for growth get bored and bored employees leave to find something…
Compensation packages have changed a lot in the last few decades. Salary is just one element of that change. Thinking in terms of the total compensation package is the first step to updating your approach to this subject. What is now offered as monetary and non-monetary benefits covers a broad…
Flexible work options are a big deal – a really big deal – in attracting and retaining your employees. What flexibility looks like to your company may be very different from a company in a different industry or different size. If you think there’s no way to offer flexible options,…
Despite what your coworkers – or kids – think, you can run a successful business wearing clothes that are no longer in style. You can’t, however, run a successful business with attraction and retention methods that are left over from a previous decade. Hiring and retention trends have changed, and…
Not all talented people are good resume writers. Not all impactful leaders have had a seamless career journey. Not all effective managers can clearly communicate their value on piece of paper. Simply put, resumes can be misleading. They can lead you to believe someone is disqualified for a role when…
