Insights Family Business Blog
The Importance of Innovation in Your Family Business - The Nutella Story.
It’s not possible for your family business to solely survive by persistently doing what you’ve always been doing - simply because it has worked in the past. One way to boost your longevity chances is to practise innovation. What follows is a fantastic example of how innovation not only ensured long-term success for one family business, but c
Russ Haworth ( linkedin: https://www.linkedin.com/in/russellhaworth/) records an amazing weekly podcast for family businesses. We recently recorded this conversational podcast with him showcasing our women in family business e-book. We discussed: The changing roles of women in family businesses The benefits family businesses can gain from engaging
A new year is a great time to reflect, refocus and of course, make resolutions. Traditionally, we do this on a personal level but why not consider it for your family business too? Here are a few areas to help get you started.
Family businesses account for around 70% of all businesses in Australia. And it seems women are leading the way, doing far better in leadership and management positions in family businesses than those in the non-family business sector. For example, 80% of family-owned businesses have at least one female director whereas only 17.7% of companies in the FTSE 100 have female directors.
How Much is Enough for You? Many family business leaders eventually confront the reality that simply doing more of the same to get more and more wealth is not the best use of their efforts. When this happens, what should they do next instead? It's different for everyone, but shifting their focus to the questions relating to the proper t
‘You won’t get anywhere without an education!’ It’s catchphrase countless parents have used over time and rightly so. But when it comes to your own family business, do you apply the same line of thinking? In this post, we explore some key ways family business education can enrich your working life and family.
At Insights we are committed to producing resources that equip and inspire the families behind family owned businesses to increase their effectiveness and success. Our latest offering is an e-book presenting family business through the eyes of the women who lead and work in them – across diverse ages, cultures, roles and ownership models.
At Insights, we know first-hand that communication is at the heart of every successful family business. Many families dread the thought of a formal meeting, but we greatly admire those families that take bold, decisive action to encourage healthy communication.
This month we wanted to highlight some truly influential women in family businesses. From Australian start-up founders to multinational directors, their stories are both unique and inspirational. Sue Ismiel founded waxing company, Nad’s, after experimenting with hair-removal formulas at her kitchen table in 1991. It has since expanded into a
“You do not need the best possible organization while you are alive; you need the best possible organization that can survive.” Every family business faces challenges. Some are easily resolved, but others, especially those involving several family members, can take years to make headway on.
Unfortunately, many families become so involved in the day-to-day running of their business that they lose sight of their long-term aspirations. Investing the time to develop and maintain a shared vision is crucial, as it ensures there are coherent beliefs in place to unify your family and business for the long term.
The importance of women in family business cannot be understated. From the late ‘90s to 2015, the amount of women running family companies has quintupled. Despite this progress, less than a quarter of the average family firm’s executive team is composed of women. While women wait for greater acceptance as equals in the business world, many are hard at work behind the scenes.
“… if you want a happier company, team, unit ,organization or family, you need to capture their core identity by creating, refining and retelling your story. That act alone may increase the odds that your family will thrive for many generations to come”
Australia’s family farm owners are five times more likely than the average person to still be working over the age of 65, and that could be a problem. Too many family farms are ignoring succession planning and appear unprepared to pass on their business to the next generation.
“First recognize that for any group or organisation to be successful it needs to be led, managed and governed well” John A Davis,PhD Harvard Business School Most family businesses fail because they lack the discipline, governance structure and leadership to handle all of the challenges they are going to face. They mishandle or fail to plan for succession transitions. They do not communicate effectively in both family and business. They ignore the need for innovation in a fast-moving world.
Here’s How: If you operate or work in a family business, you’re part of a very Darwinian food chain. Everyone knows the statistics: fewer than 1/3rd of family businesses make it to a second generation. Approximately 10-15% make it to a third generation. Less than one-in-twenty make it to a fourth.
An old saying goes: “Families are equal; Businesses are equitable.” If you run a family business, however, the ideas of fair and equal may not always match up.
Here it is! Whether the original dream was yours or was born from inspiration generations ago, the vision is likely the same. Make it exceptional and make it last 100 years.
Effective communication in family businesses is essential. As the number of stakeholders increases, so does the complexity of the family business. A family constitution is a way of managing that complexity. Here are a few reasons you should consider developing a family constitution.
Women have always formed the heart and soul of the Australian family businesses and, excitingly, are assuming more leadership roles than ever. It’s great to see that kind of progress, but we also know that the greatest challenge faced by female business leaders is often balancing the roles of leader, co-worker, wife, daughter, and many more.
Family Businesses untapped resource When you've spent a lifetime building a successful family business, it is natural to have concerns about its future.Planning for the future is difficult enough, but planning for the success of your family business once you hand over to the next generation presents unique challenges.It is not uncommon for the founder to wonder if the next generation will be able to handle the challenges that running a successful family business needs. Quite often that means worrying about the changes that next generation will undoubtedly implement.