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The following article was published in our article directory on February 22, 2013.
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How To Grow Your Business With A Family Board Of Management

Article Category: Advice

Author Name: Craig Ridley

The days of casually managed family businesses have really come to an end. In order to grow your business and take on large corporations, you should follow the lead of other successful family businesses and move from an ad-hoc management style to one using a more formal board of management or family business council so as to better structure the decision making procedures.

Keep in mind however that a board of directors and a family board of management are two totally different things.

A family board of management is setup more like an open forum and is utilized to directly deal with issues within the family that are strategic to the success of the business. Since the line between family and business generally gets blurred in a family-run enterprise, the board of management delivers an open environment in which members of the company and family are able to settle concerns which if left unsettled can bring on confusion, anxiety and even the downfall of the business.

If you implement a family board of management in your company, it is important to establish a foundation of policies that can be used to resolve issues that might arise later. Some of the more typical policies required include:.

Authority and Responsibility-- Create a crystal clear definition of who holds what authority and who is responsible for what roles throughout the organization as well as on the board of management. Every person ought to have a set list of expectations and responsibilities, and a clear explanation of what their authority calls for. In the end, each person associateded with the business and the board should be really clear on who they report to and what they do for the business.

Work Hours and Vacations-- A set number of work hours and days as well as vacation provisions per family employee should be produced as part of the board's policies.

Office Life-- Members of the business need to have a clear explanation of where their office or workspace is, what work items they will supply on their own and what items belong to the business-- family or not.

Compensation and Benefits-- A detailed pay framework must definitely be produced that includes each member of the company and how much he or she receives in terms of remuneration as well as medical care or retirement benefits. The salary structures should reflect the true commercial worth of each person as if they were externally recruited.

These types of policies should be developed using an "open forum" approach so that no family member or non-family member of the business perceives that favoritism comes into play in terms of company policy.

You can grow your business using both a board of directors and a family board of management. Businesses which do not operate with a board of directors should absolutely look to use a board of management to generate a fair operating structure for their family run venture.

I would always recommend that at least the original board meeting be facilitated by a business advisor or other experienced person who is not related to the owners or directly associated with the business in any way. Ensure that the business advisor uses the first meeting to:.

� Create an environment based upon mutual agreement and trust amongst all family members associateded with the business.

� Give all members of the board of management a chance to share thoughts about business procedures and bring up any underlying business concerns that they may have.

� Offer the key family members inside the business an opportunity to define goals for the company overall, listen to issues and reconcile any family disputes which may be directly affecting the company performance.

� Give assistance to family members when it relates to defining authoritative roles, relationships and the responsibilities of all company employees.

The Bottom Line.

A family board of management must be a fear-free environment-- indicating anyone who attends has the right to voice their opinions without any fear of backlash, disagreement or future punishment. It is crucial for each family member to speak his or her mind in regards to the business operations until the entire group comes to a consensus view.

By implementing an effective board of management you not only have the greatest chance to grow your business, you will also grow the level of family trust and commitment to the business, as well as dramatically improve the decision making structures within the business.

Keywords: small business,board of management,grow your business,family business

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