Tip for running a family business
Did you know that 70% of all businesses in Australia are family businesses?
If you’re running a family business (or you’re thinking of starting one), it’s important that it doesn’t negatively affect any family relationships. Here’s or top tips for how to avoid that.
Tip 1: Keep work and family relationships separate
It’s important to have defined roles within the business. Give family members roles that align with their strengths and treat each other with respect both at work and home. Don’t bring any work issues home. Establish clear boundaries between work and home life by setting aside priority times and days for each.
Tip 2: Make sure everyone has the same goals and expectations
You can do this by having open and honest communication right from the start. Make sure everyone is clear about their role and the goals of the business. Even though you’re a family, have regular meetings to discuss and review your short, medium and long-term goals.
Tip 3: Put a succession plan in place
A success plan outlines what will happen if a family member is no longer involved in the business. This can happen for a variety of planned and unplanned reasons. For example, if a family member retires, suffers ill health, is injured or decides to pursue another opportunity instead. It’s important to have a plan in place if any of these things happen.
How we can help
Our team at Scorpion Bookkeeping can help you to implement cloud-based Xero bookkeeping software to help you manage your family business finances. We are a Xero-certified partner.
We can also provide your business with cost-effective bookkeeping support services. We service a diverse range of clients in South Australia, Victoria and New South Wales.
Contact us today for a free, no-obligation consultation to find out how we can help your business!