Running a business with your family can be a tightrope walk. Fortunately, the experts at Harvard Business Review outlined six key traits that can help ensure the health of your relationships *and* your bottom line. If you're trying to build a business with your blood, read this post and listen up.
Here Are the 6 Best Tips for Running a Family Business
Develop a Values System
If your family can decide what your business is all about now, you'll have a common starting point when it comes to making big decisions.
Set a Vision for the Future
Make sure everyone in the family is moving in the same direction by talking about where you want to end up.
Clarify Everyone's Involvement
If your little cousin is only working the cash register on weekends, they probably don't need to be up to date on the company-wide payroll.
Maintain Respect and Communication
Family businesses, like all businesses, are bound to face challenges. Don't let board meetings turn into a bad Thanksgiving dinner. Keep a cool head and talk things through.
Establish Best Practices
Having—and actually using—a set of company-wide rules will make it clear what's expected of everyone in the business and make tough calls a lot easier when things start to get personal.
Clearly Define Leadership Roles
Everyone may have the same last name, but there should only be one captain on this ship.