Growth Newsletter

I’m both alarmed and disturbed at what Big Corporate Australia is doing to family business right now. Alarmed at how unethical the behaviour is. Disturbed at the consequences for Family Business if Big Corporate Australia doesn’t correct its behaviour immediately.

It’s true what they say – everything is bigger in Texas. From freeways to portion sizes at Texan restaurants, the scale cannot be understated. The US is surely the only place where a Toyota Landcruiser looks like a small car.

Have you ever stopped to wonder what sort of perspective you can draw on where you are in life right now from the lives of those who have formed part of your own family?

The news media is full of stories about terrorism, rising house prices, government debt or how bad the new US President is.

It’s funny how a family commences its being, don’t you think? For us, it was Christmas Eve, 1990 in a suburban backyard in South Western Sydney. I’d been invited to a barbecue and I rocked up, hair moussed to the max, and sat myself down next to this nice young blonde lady who was sitting next to her father. Kind of hard to chat someone up when the chaperone is on the case, but I’m up for a challenge.

To drive better performance out of your family business in 2017, you need to get organised – quick smart.

Not knowing the numbers falls a very close second to not having a direction for most family businesses. Personally, I find that astounding given the advent of mass computerisation in most businesses over the past 30 years. The uptake of MYOB, Quicken and Xero has changed the face of financial reporting for most businesses. Well, should have at least.

Would you ever go out, buy a Porsche 911 Turbo, bring it back home then set fire to it? More in a moment.

Engagement is, first and foremost, about your employees and how they work with (or against) you in your family business. Over the last ten years, I’ve observed a marked shift in the attitudes of employees towards employment. If I had a dollar for every business I know that has had employee issues, I’d be extremely wealthy.

One of my biggest gripes about the owners of family business is that too many of them don’t know where they are going. They have no plan for where they are looking to take the business. They are wandering aimlessly in a world chock full of opportunity. They’re doing what they’re doing because it’s the way they’ve always done it.

I’ve had a lot of conversations with a lot of people since I’ve made the transition to the Family Business Transformer in October 2016. Clients, colleagues, business associates and other family businesses that I know have all been talking to me about the issues they are experiencing in their family businesses, or in the businesses of others they know.