How to Run a Family Business

Introduction

            A family business is a money-making entity where the sole decision making process is governed by a manifold cohort of family members (Weber & Pete, 2012). These people are normally related by blood or through marriage are very instrumental in the leadership of the organization or are key stake holders.

            As a result of advanced technology, online businesses have proved to be more advantageous and easy to operate. Family businesses that are run online are able to make maximized profits but however face several challenges (Chafkin, 2015). Building an online business is simple therefore allowing the starting up of the business easy. Nevertheless, this type of business faces several risks like conflicts in succession and emotionally attached problems (Chafkin, 2015).

            Online family businesses can be run successfully by ensuring that roles and responsibilities are accorded to each one according to their skills. It is very evident that skilled and proficient employees ensure efficiency of work. The employees should also be aware of their job specifications In order to allow all employees engage in their respective roles thus avoiding conflict (Weber & Pete, 2012).

            It is also critical to note that family businesses that put much emphasis on resilience have increased revenue in the long term than companies whose ultimate goal is performance (Chafkin, 2015). This is because they relinquish the surplus profits that is received during the peak seasons of business In order to better the chances of survival especially in the off peak seasons in business.

Conclusion

            From the information provided above, it is evident that family businesses are better placed than other models of business. It is very possible to run a success business online if the management of the company is able to ensure that business dynamics are implemented properly.

 

 

 

 

 

 

 

 

 

 

 

 

 

References

Chafkin, C., L.  (2015) How to Run a Family Business. Family Business

Weber, C., & Pete, E. (2012). The family business. Deer Park, N.Y: Urban Books.