Brand Thinking

Many family businesses hate the idea of “faking it” but while trust and authenticity are important, so is clearly articulating your vision and aspiration when you are at an inflection point in the company’s growth. An aspirational brand can create positive creative tension that accelerates opportunity, and attracts next level talent.

Positioning and profitability were recurring themes from the experts at the Family Business Conference in Sioux Falls, South Dakota. Family businesses need to be paying attention to these basics in order to position themselves for growth in a challenging economic climate.

The most successful family businesses have leaders who did not grow up only working for the business. They also deliberately expose themselves to what scares them or makes them vulnerable. Learning how to embrace new ideas while staying true to your core is a critical skill to compete in a rapidly evolving landscape.

Half of all businesses fail within the first five years. In order to have a business that endures for decades, you have to inspire people with what you build, and create something with the potential to grow and evolve. This requires the ability and courage to define success in new ways, and to blaze new trails to achieve it.