Family businesses are perhaps the most complex organizations combining two different and potentially conflicting value systems – the family and the business. Very few family business leaders successfully implement a “both/and” approach to managing this inherent overlap between their family and their business to effectively prioritize both at the same time. Neither is right nor wrong per se, and both very clearly serve a purpose. The question then for any family business owner is whether or not you prioritize the family or the business. Or do you do both?
As summer quickly comes to a close, I find myself reflecting on the many different leaders I have the privilege of coaching these days. One of whom actually took an extended 4-week vacation this summer, and another who worked her way through a shorter 1-week family trip to Hawaii.
Let’s be clear. I am not judging either of these otherwise very busy and successful results-oriented executives. One for leaving his team to their own devices for an entire month. One for not getting the quality get-away with her family that she had expected. I’m simply recognizing the value of getting away for some good old-fashioned R&R from time to time. The physical and emotional break from work not only gives our bodies the rest they need but also gives our minds the fresh perspective to contribute when we return to work.
Family-owned businesses are much more than just the oldest form of economic organization. They may actually be the most important to today’s economy! According to the U.S. Bureau of the Census, about 90 percent of all businesses in America – roughly 5.5 million – are family-owned or controlled. More than that, these family businesses contribute over 50% of the U.S. gross domestic product, and they employ more than 60% of the workforce in our country.
That all sounds great, but the overwhelming majority of these family businesses will not succeed from one generation to the next unless we do something about it. Only about 30% of all family-owned businesses successfully continue from their first to their second generation. Third and fourth-generation family businesses are even more rare at only 12% and 3%, respectively. That’s quite frightening when nearly 90% of these same families’ wealth will literally disappear during that same timeframe when they don’t successfully maintain their businesses.
My business coach used to ask me the best question ever – one that I always hated! Whenever we sat down for our one-to-one coaching sessions, the conversation would inevitably turn to how busy I was and how I never had enough time to get it all done – especially not the future-focused strategic work. While he was a compassionate person, he never went down the pity party path with me. Instead, he simply asked, “So whose job are you doing now?”
I think we all know that the CEO’s job is to define the future vision and strategic direction for the company. From there, the CEO then needs to make sure that vision and strategy is communicated to and carried out by everyone across the organization. Why? To make sure all their efforts are aligned and help move the organization forward towards achieving its strategic objectives. But is that it? Is that all the CEO has to do? Absolutely not! That’s just the tip of the iceberg for what a good CEO does in his/her organization.
What impact would being more productive have on the results you produce? On your leadership and personal development? On your business’ bottom line?
Imagine how much more you could contribute to your organization if you could increase your productivity. Even by just a little bit. Like other skills, productivity is something you can develop. You can cultivate it. It’s possible you could be more productive than ever before!
Have you ever wanted to change something only to realize that others don’t want to change? Whether you’re trying to implement a simple process change with your direct team or transform your whole company, organizational change doesn’t just happen because you have what you think is a good idea or because you want it to happen. People resist change for a variety of reasons, so it is critical to communicate what that change is all about to those who will be most affected by it if you want them to embrace your changes like you do.
International Association for Refrigerated Warehouses
Best Practices for Recruiting and Retaining Your Warehouse Talent
- Date: Tuesday, August 29, 2017
- Time: 2:00pm – 3:00pm EDT
- Location: Online webinar
- Registration: Click here to register and receive more information.
Recruiting and retaining a quality workforce is a challenge for warehouses across the world. In a specialized and often difficult environment, refrigerated warehousing jobs can be stressful and demanding for even the most dedicated employees. So how do we attract new employees to join our companies under these difficult conditions? Maybe more importantly, how do we retain them once they are on board? Join CHIEFEXECcoach CEO Dr. Jeremy Lurey on August 29th when he will help distribution and warehouse leaders better understand the employee life-cycle and what they can do to enhance this employee experience. He will also review several best practices for attracting new employees to join our companies and then developing and retaining them once they are on board. Click here to register and receive more information about this engaging and interactive webinar program.
I regularly facilitate Innovation Workshops with leadership teams to help them establish their visions for the future. During these sessions, leaders regularly ask me how they can keep their Mission and organizational Values alive after these highly interactive group sessions. It’s not uncommon for a Mission statement to have a very short life of inspiring others for a few months or maybe a year before quickly fading away. Just imagine if you don’t ever share your Mission or related Values with any of your new hires who come on board after the workshop how it would have less and less impact on the organization over time.
So how do you keep everyone’s attention on your Mission statement when so much time has passed? There must be a way to keep it top of mind as opposed to having it fall off the radar, right? The following are eight great ways to engage your employees in your business and keep your Mission and Values alive so they do matter to your work.
1. Road Test & Refine – Some leaders think that once they develop a Mission statement or identify some core Values that they will magically appear in their organization and positively impact employee performance overnight. Remember, when you draft your Mission statement that only a select few even know it exists. Sometimes, it might be just you! The next critical step is to road test it with other key leaders and refine it as needed based on the feedback you gather. Note I said “key leaders” not “senior executives”. While you will surely want executive buy-in, you may want to share the draft Mission and Values with your more influential employees, including select individual contributors and customer-facing staff. Most notably, wouldn’t you want your receptionist (aka, “Director of First Impressions”) to espouse your core Values and live your Mission in every one of his/her interactions every day?
2. Showcase Star Performers – Beyond having your staff acknowledge each other, it is incredibly motivating for senior leadership to recognize their star performers too. You could do this verbally during those same staff meetings. Consider how powerful it would be, though, if you distributed a message to all staff every Friday afternoon or perhaps the first day of the month to explicitly recognize those individuals who best personify what it is you and your Company stand for. Be specific about what these individuals did to live your Mission and Values as well as how they were recognized.