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How to Grow Your Family Business | Barry Kornfeld

When people think of mom and pop shops, they usually think of little stores in small towns that no one has heard of. However, family-owned businesses can grow to be just as large and successful as corporate businesses. Although taking your family business to the next level can be tricky or intimidating, it can still […]

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When people think of mom and pop shops, they usually think of little stores in small towns that no one has heard of. However, family-owned businesses can grow to be just as large and successful as corporate businesses. Although taking your family business to the next level can be tricky or intimidating, it can still be done, and your business could be more successful than ever before.

Have a Purpose

Don’t grow just to grow––have a purpose. It’s essential to build purposefully to be successful. Every next step in growing your business must be a part of a process. Have a solid foundation to grow from. Without one, the essence, vision, and mission of the family business could be lost along the way. It can be easy to lose sight of what your business is all about when you grow without purpose.

Work as a Team

It’s impossible to take your family business to the next level without everyone being on board, especially if you have multiple family members as owners. Even if one family member is solely in charge, having everyone on the same page will make the expansion go much easier. Communicate why you want to grow and what it could do for the business. Everyone working together towards growth will benefit the long-term success of the business.

Take Hires Seriously

As your business grows, you will have to start hiring outside the family more and more. It’s imperative to take the hiring process seriously and find the right people for your team. Through a careful and thoughtful process, you should be able to hire employees that represent the values that define your business. This could even mean turning away candidates even if they’re qualified but aren’t the right fit. Keep in mind that every employee you hire will represent not only your business but your family as well. 

Slow and Steady Wins the Race

Growing your small family business is not going to happen overnight or even within a year. Take growth slow and steady to have a better chance of success. If a business expands too quickly, it can easily fail. Building your business on a larger scale can take years or even generations of hard work and dedication. From expanding to new locations or simply adding new services, every step along the way will take time and effort to ensure the legacy, essence, and vision of the original business stays intact.

This article was originally published on BarryKornfeld.com

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