What does it take to be a successful family business owner?
The rapid expansion of family offices’ across locations and generations can often affect business success. Despite the development of innovative technologies allowing owners to streamline workflows and manage employees, it’s still essential for any company to have an appropriate leader. An owner of a family office should understand the needs of both their business and colleagues.
At Trusted Family we understand that every family office is different, but for a business to thrive, an individual with a specific set of skills, values and attributes needs to take the reigns. Our ever-changing environments mean it's even more important for family business owners to be forward thinking and easily adaptable, that's why we have created the top five attributes every successful business owner should have!
Running a family office can be extremely challenging, which is why it's important to stay motivated to achieve business success. Determination is a common characteristic among family business owners as certain obstacles require a level of competitiveness, drive and focus to ensure goals are achieved and partners remain satisfied.
Successful and manageable goal setting is dependent on a high level of organisation and drive. Your eyes have to be on the prize. However, it is vital to implement achievable SMART goals along the way. To ensure you drive your family business forward, you have to work backwards from the end goal. Figuring out what you need to achieve and how allows you to manage your time more effectively and makes business success more likely!
Transitioning ownership within family offices is never easy. This transition can create changes such as, fresh and innovative ideas which can drive a family business in a new direction. Creativity is key when implementing these changes as traditions can often prevent expansion and subsequently stunt a business from achieving its long-term goals.
Keeping an open mind is an important trait for any family office owner. Although being determined and goal-orientated is key for achieving business success, accepting new ideas along the way can drive a business that bit further. To promote progression and expansion, business owners have to be willing to consider different perspectives and alternative ideas.
Running a family business isn’t always plain sailing. There can be challenging obstacles and failures along the way, making an owners ability to recover from failure a pertinent trait when running a successful family business. Therefore, a thriving family business requires a leader who is able to cope under pressure and can bounce back after an unexpected setback.
The future of a family office rests on its owner, and how this individual leads and directs their team. Trusted Family prides itself in providing innovative technology solutions which supports these leaders and allows family office members to stay connected even when they are dispersed across the globe.
At Trusted Family we have had a wealth of experience with a wide range of family offices. This has allowed us to tailor our advice to the specific needs of any family office or business. If you would like to discover more about how Trusted Family can support your family office in reaching its aims then please don’t hesitate to get in touch, we are always happy to answer any questions!