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2019 Resolutions For Your Family Business

By January 7, 2019July 12th, 2023Management and Leadership, Strategy3 min read

New Year’s resolutions are not just for losing weight or cleaning out the garage. It might be obvious to set new profit or production goals but what about the often-over-looked areas of your business that will set you up for future growth and improvement? Here are five New Year’s Resolutions that will make 2019 even better for your business. 

1.) Improve Team Communication

Similar to a family, employees can easily fall into bad communication patterns. Conflict may be avoided at all costs or handled in a way that is neither healthy nor productive. Without established habits for communicating concern, worries or possibly controversial subjects, resentment and bad feelings can fester. It is hard to change these patterns from within and it might be time for you to reach out to an outside expert to help you establish new ways for your family and employees to handle conflict.

2.) Develop Leaders

The beginning of the year is a good time to evaluate emerging leaders within your organization. Promoting from within, versus hiring outside talent, saves you both money and time. Examine what your current employees need to become the leaders of tomorrow. In house training, seminars, speakers, one-on-one coaching by the owner, or manager are all great ways to grow your in-house talent. Take the time to invite junior employees to strategic meetings or suggest they listen to professional pod-casts or speakers. Even something fun like creating a book club in your office can lead to growth of future leaders.

3.) Succession Planning – Who Is Next?

Perhaps the successor of your family business is obvious, or perhaps it is only obvious to YOU. Regardless, it is best to formalize the succession of leadership within your business. Succession is not just limited to the top leaders or even just to family members. Does your family business’ sales manager or production manager have a successor in mind? Is that person prepared? Do they need additional training, education or experience? Is there documentation or a formal structure that should be put in place to establish the succession of the business? Succession is part of every person’s job description. It’s an honor, not a threat to be part of the planning. REGENERATION has helped countless families formalize succession and we would be happy to help you too

4.) Stop Destructive Habits – Addiction

It is hard to admit when a family member has an addiction problem, but when that problem starts to affect others, or the business, it is time to stop ignoring it. Make 2019 the year that a family member or employee gets the help they need. When it comes time to address addiction with a loved one, whether it is drugs, alcohol, gambling or any other destructive habit, it is important to have professional guidance and assistance. REGENERATION has trained specialists who can assist you through this most challenging process

5.) Be A Family

You work together, and you live together but sometimes it’s easy to forget that you are family first. Take time this year to just be a family, whether that is planning a family retreat, or organizing a monthly family dinner make sure that not all of your conversations or interactions are centered around the business. Make it a priority to build the personal relationships that your company was founded upon. 

If you are unsure how to start some of these New Year’s resolutions or are looking for assistance with other areas of your business, REGENERATION can help. We have helped over 250 family businesses and we would love to have the opportunity to work with yours.