Meetings the key to running a family business

Family businesses can improve their communication by holding effective business meetings.

That’s according to business expert Henry Hutcheson, writing for News Observer, who believes that communication can bring a mum, dad, son, daughter, son-in-law and more from the family business closer together; effectively improving productivity.

Of course, the business environment can be a jarring place, so it could be better for employees to rent conference space to hold a meeting rather than conduct it in the kitchen of the family house.

Furthermore, developing a code of conduct ensures everyone in the family gets a chance to have their say, Hutcheson writes.

“The purpose of the code of conduct is to lay the ground rules of how the meetings will take place to ensure that everyone gets a chance to be heard, and that behaviours that impede communication are left outside. The key to an effective family code of conduct is that it must be created from scratch by the family members themselves,” he claims.

In addition, holding regular meetings can avoid brewing animosity between family members. Meetings can be held weekly, monthly, quarterly or decided at the end of every meeting, adds Hutcheson.

If a family business ends up successful, they have a better chance of being rich beyond their wildest dreams after family business owners dominated Bloomberg’s list of billionaires, revealed.