The family businesses, small or large, are present in and around us; yet it is one of the most overlooked form of business ownership. As the business and the family grows, the challenges faced by the family business organisation increase manifolds. The family business organisations need to achieve the enhanced business performances keeping the family members committed to the growth of the organisation along with maintaining harmonious relationships within the family. The family businesses take up the major portion of businesses of any country's economy, to an extent of 90% in some countries. Managing a family business is not a bad of roses, as it takes a great deal of efforts to keep the relatives together and reconciling them on working together. One needs to keep the dining table separate from the Boardroom table, if one wishes to have a smooth and growing business. If you also run a family business, you certainly can understand the balance of emotion and business opportunities that one is required to make. India 24/7 Hotline. Tel: +91 8010772772 Mail us: vijay@cornerstone.co.in Likes FB Page : https://www.facebook.com/CornerstoneCXOsearchAdvisory Tweet US : https://twitter.com/CornerstoneIndi PIN it : http://www.pinterest.com/cornerstoneind/ G+ Profile : https://plus.google.com/+cornerstoneindia/posts Web URL : http://www.cornerstone.co.in/

1. Tips For Striking The Right Family Business Practice
India 24/7 Hotline. Tel: +91 8010772772
vijay@cornerstone.co.in

2. Tips For Striking The Right Family Business Practice
The family businesses, small or large, are present in and around us; yet it is one of
the most overlooked form of business ownership. As the business and the family
grows, the challenges faced by the family business organisation increase manifolds.
The family business organisations need to achieve the enhanced business
performances keeping the family members committed to the growth of the
organisation along with maintaining harmonious relationships within the family.
India 24/7 Hotline. Tel: +91 8010772772

3. Tips For Striking The Right Family Business Practice
The family businesses take up the major portion of businesses of any country's
economy, to an extent of 90% in some countries. Managing a family business is not
a bad of roses, as it takes a great deal of efforts to keep the relatives together and
reconciling them on working together.
One needs to keep the dining table separate from the Boardroom table, if one
wishes to have a smooth and growing business. If you also run a family business,
you certainly can understand the balance of emotion and business opportunities
that one is required to make.
India 24/7 Hotline. Tel: +91 8010772772

4. Tips For Striking The Right Family Business Practice
Mentioned below are some of the efficient tips for family business practice which
can aid in facing the challenges in a unique way. Have a look:
• Use The Strength Of Each And Every Family Member
• Keep Family Politics Away From Family Business
• Don't Put The Family Members On Payroll If They Do Not Work In Business
• Understand The Generation Gap
India 24/7 Hotline. Tel: +91 8010772772

5. Tips For Striking The Right Family Business Practice
•Use The Strength Of Each And Every Family Member
One of the factors which determine the strength of a family business to a great
extend is the clearly defined roles and responsibilities. If this is not done with a
clear vision, the chances of business going into a failure becomes quite evident.
Each and every member has some key traits which can be judiciously used for
business. So one needs to ascertain that and grab it for the benefit of family
business.
India 24/7 Hotline. Tel: +91 8010772772

6. Tips For Striking The Right Family Business Practice
•Keep Family Politics Away From Family Business
The paramount rule in family business is to focus on the success of the business
regardless if the family politics. The decisions taken in the business should be
objective and must have a positive impact on business and never on personal lines.
One should behave like a boss and a junior in the office irrespective of the personal
relationships one shares. Never overlap the office troubles with the family troubles
and vice versa.
India 24/7 Hotline. Tel: +91 8010772772

7. Tips For Striking The Right Family Business Practice
•Don't Put The Family Members On Payroll If They Do Not Work In
Business
The most important family business practice is to compensate a family member
only if he/she is making a real contribution to the business. Each and everyone who
is compensated by the family business must have a clear cut understanding about
job title, job description and compensation. The performances of family members
must be reviewed at regular intervals and if someone is not bringing anything
positive to the table, it's better to ask them to quit.
India 24/7 Hotline. Tel: +91 8010772772

8. Tips For Striking The Right Family Business Practice
•Understand The Generation Gap
When it is a family business, there is bound to be a generation gap. There are cases
where four generations are working in the same business, hence certain tensions
are bound to crop up due to difference of opinions and way of thinking. One needs
to understand it and respect each other. The new generation needs to appreciate
the power of wisdom which their oldies provide them and old generation can
appreciate the new innovative thinking of young guns.
India 24/7 Hotline. Tel: +91 8010772772