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Check out Business Tips for Success in Running a Family Business

Admin BFI
9 September 2022
2599
Check out Business Tips for Success in Running a Family Business

For those of you who plunge into the world of entrepreneurship, there are a number of business options that you will face. One of them is the option to continue the family business. How to run the business? Are there any business tips for running a successful family business that has been going on for a long time?

Continuing a family business is not easy. Especially if the business is large. However, don't let your doubts discourage you or back down from continuing the business. You can still run the business, with careful preparation.

There are various benefits that you get if you manage to run a family business that has been going on for a long time. You can strengthen your family ties by working together, working hard, and implementing other positive values. You can also create jobs for other people. And, the benefits you get can be useful for future generations. Besides benefiting yourself, you can also benefit others.

Well, before you continue the family business, consider a number of successful business tips in running a family business below!

 

Why is a Family Business Promising?

1. Flexible Working Hours

Family businesses generally have flexible working hours but remain disciplined. Flexible working hours here mean that business owners are free to monitor employee performance and business operations at any time. This can happen because maybe the business owner has a busy schedule, so he only has time to monitor certain working hours.

2. Improve Family Welfare

One of the goals of doing business is to make a profit. By running a family business, it is hoped that the welfare of family members will be more evenly distributed and increase. If one family member has not worked, for example, he or she can be assigned to manage the family business. If every year, the family business he manages is growing, it will increase the possibility of getting an even profit.

3. Cultivating Family Values

Another advantage if you run family business is that it will further foster family values ​​such as responsibility, trust, mutual respect for each other, hard work, discipline, and others. You will learn to understand nature and strengthen bonds between family members.

4. Preparing the Next Generation of Wealth

By building a family business, you are also preparing wealth for the next generation. You will give a legacy of knowledge, and assets, to your children and grandchildren. In order for your assets to grow, you can also invest using the income you get from your family business.

 

Tips for a Family Business to Grow

Running a family business has its own challenges and advantages compared to running a business with friends or relatives. Here are tips so that the family business you run can grow and get maximum profit.

1. Get to Know and Care About the Business

The first step you should take is to recognize and study your family business situation. Learn operational details, company regulations and SOPs, staff and employees in each field, and so on. Learn everything related to the internal side of the company. By learning and starting to care about the business, the business can develop more optimally. You can get to know the business more deeply, and learn about the flaws that need to be fixed.

2. Learn the Financial System

The next thing you should also learn is the company's financial condition and system. As a business successor, make sure you jump in and are directly involved in running the business. Get to know the management procedures, cash flow, profit, debt, and so on.

By improving and managing the company's financial system, you can determine the steps and business strategies that must be taken. With a clear financial system, then the business can develop more optimally.

3. Coordinate a Clear Vision and Mission

Another thing that is no less important is determining and continuing a clear vision and mission. Make sure you have a clear vision and target, and focus on achieving those goals. You also have to coordinate existing divisions or staff. Learn the strengths and weaknesses of each employee. That way, you can work together to determine the solutions and fixes needed.

4. Distinguish Business and Family Interests

The next tip in running a family business is to separate personal or family interests from business interests. You need to be careful and professional when running a business. Meddling in business matters with personal or family interests can have a negative effect on the sustainability of your family business. If there is a problem, communicate between both parties with a cool head.

5. Doing Evaluation

No less important, do the evaluation periodically, for example, once a month. You can evaluate managerial systems, SOPs, and so on. You can ask for help from company consultants and auditors to carry out the company evaluation process. Keep learning so you can continue and develop the business to be more successful.

 

Types of Businesses that Can Be Run With Family

There are several types of businesses that are suitable to be used as family businesses, including:

1. Culinary Business

An example of a family business that can be applied is the culinary business. You can start a culinary business by opening a food stall, café business, street food kiosk, or selling online. Culinary business is a type of business that has many enthusiasts and is always growing. In addition, this type of business can also be done at home, so the culinary business is very suitable to be used as an alternative to a family business.

You can divide tasks with the family for each responsibility such as who is in charge of cooking, packing food, financial records, and service.

2. Garden Yield

Another family business idea is to do garden products. If you have land to grow various vegetables, fruits, or even ornamental plants, you can use it as a business area. This garden produces business can be handled by a few people and is suitable to be managed with the family.

This type of gardening business is also much liked by parents. They consider this type of business fun because it can be a filler in their spare time.

If taken seriously, the benefits of this gardening business are not inferior to other popular types of businesses.

3. Fashion Business

Just like the culinary business, the type of fashion business is a type of business that is constantly growing. And this can be potential as a business that is run by the family. Each generation of the family can follow trends that occur in the fashion world.

There are many types of fashion businesses that you can engage in, such as opening a clothing store with your own brand or becoming a reseller, becoming a fashion designer, and even running a convection business.

4. Event Organizer

Building an event organizer business can also be an alternative business run by the family. The Event Organizer business is a type of business that requires a lot of people to execute the events it handles. You can take advantage of family members to assist in the operation of this event organizer business. For example, the person in charge of finding partners, field coordinator, finance, service, and others.

5. Tourism Sector Business

The last type of business that is suitable to be applied to the family is a business in the tourism sector. These businesses can be in the form of vehicle rental businesses, traditional souvenirs, lodging, tour guides, souvenir shops, and others. This type of business will have more interest in tourist cities such as Bali, Yogyakarta, Jakarta, and others.

 

Well, that's an understanding of how to run a family business properly and correctly. With hard work and the right steps, running a family business is not impossible. If you need additional business capital for your family business, you can apply for a loan through BFI Finance with a vehicle BPKB guarantee and a House Certificate. Other information and conditions related to loan applications through BFI Finance can be accessed at the link below.

 

Information on Application for BPKB Motor Guarantee Loans

Information on Application for Car BPKB Guarantee Loans

Information on Submitting a Home Certificate Guaranteed Loan

 

Hopefully, these business tips can be useful for you, yes.

 

#SelaluAdaJalan with BFI Finance.

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