Innovation, Crisis Management, and Growth
Empower your family business with innovation, strategic crisis management, and sustainable growth. Embrace new ideas, navigate challenges confidently,
Dealing with Inflation: Advice From the Experts
Family businesses often face economic challenges that can strain their operations. Experts advise these businesses to stay true to their values, act promptly on necessary adjustments, and leverage their unique agility and family-centered strengths. Strategies include reassessing product portfolios, managing debt wisely, and fostering family unity to handle financial stress and ensure long-term business health.
What Airbnb Can Teach Entrepreneurs About Layoffs
What the Pandemic Has Taught Us About Crisis Management
The importance of proactive crisis management has been highlighted by recent global disruptions. Innovation is crucial for long-term resilience, especially for SMEs. Companies must adapt quickly through strategies such as controlled shutdowns, streamlining operations, and adopting digital tools. These approaches underscore the need for ongoing business model innovation, which enables firms to emerge stronger and more prepared for future challenges. Long-term strategic thinking and learning from each crisis are essential for improving resilience and ensuring preparedness for future disruptions.
The Hybrid Workplace is Here to Stay: 5 Ways to Make it Work
The article "The Hybrid Workplace is Here to Stay: 5 Ways to Make it Work" by Claudia Binz Astrachan and Lars B. Sonderegger emphasizes the permanence of hybrid work models and offers strategies for successful implementation. It discusses the evolving employee expectations for workplace flexibility, particularly post-pandemic, and highlights the resistance from some employers. The authors suggest practical steps for organizations, especially family businesses, to adapt to hybrid work. These include understanding employee needs, aligning leadership, setting clear expectations, maintaining open communication, and adopting new leadership approaches. The key takeaway is that embracing hybrid work can enhance employee satisfaction and organizational effectiveness.
Growing Pains? Advice to Recharge and Sustain Growth
Family businesses often face challenges as their growth outpaces their existing infrastructure and processes. This article highlights the need for a different leadership approach when transitioning from a small to a mid-sized company. Expert Rob Sher provides practical advice for sustaining and managing growth in firms with $10 million to $1 billion in revenue, emphasizing the importance of adapting leadership strategies to support ongoing expansion.
Using Family History for Competitive Advantage
The article explores how family businesses can leverage their history to gain competitive advantages. By strategically narrating their past, even newly established ventures like Sweet Mandarin can build strong connections with stakeholders. Key lessons include embedding family history in community narratives, elaborating on past achievements to highlight longevity, and building on current generations' contributions to signal continuity and innovation. Such history scripting not only enhances product quality but also fosters customer trust and community affinity, providing enduring business advantages.
How to Grow Your Family Business
The article discusses strategies for growing a family business, emphasizing unique challenges and advantages. Key lessons include leveraging family commitment and agility for quick decisions, but also navigating obstacles like resistance to change and maintaining familial control. Tips include building a solid foundation, fostering transparent communication, preserving core values amidst growth, strategic hiring, and continuous learning to sustain success in evolving markets.