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.
“Love” can be an uncomfortable word in business, but humans crave connection, respect, and a sense of purpose, and many family businesses excel at providing these. Businesses have the opportunity to put their acts of love and respect for their customers and employees at the center of their messaging, and create exponential value for their customers, and themselves.
Studies show that relationships are the most important factor in determining an individual's happiness, and contribute to both health and longevity. Could this be true in business too? Family enterprises that prioritize relationships and connection have a unique competitive advantage.
Tsitsi Mutendi of Enterprising Families Podcast, interviewed Six-Point's CEO, Meghan Lynch, about branding the family business. Tsitsi Mutendi offers an in-depth look at the everyday issues that affect Family Businesses and Family Enterprises, focusing on...