Business is a competitive endeavor. The competition is getting bigger, stronger and faster every year. Sounds a little bit like the Olympics. Only the very best get the gold medal.
There’s a unique challenge for family businesses. They usually make up a big part of their team by recruiting family members. That’s good if you happen to have a whole group of super-driven, talented family members.
Most families are a mix of personalities, styles and ambitions that can hurt your ability to win a gold medal. Here are a few lessons family leaders can learn from the Olympics.
Every high-performing athlete and team of athletes know they need to practice and rehearse for many hours if they are going to perform at their best when the game is on the line. Great family leaders hold their teams accountable to lots of good, productive practices.
Set Individual Development Goals
Each player must have a way of measuring their performance against their competitors so they can set goals for improved performance. Family leaders need to make sure everyone in the family has clear performance measures and goals for improvement.
Small Improvements Can Make All the Difference
In the Olympics, the difference between gold and nothing can be a fraction of a second. Strong family leaders realize the importance of lots of little improvements in performance to create long-term competitive success.
Long-term Planning Leads to Long-Term Success
Preparation for the Olympics starts years ahead of the actual event. Great family leaders are planning years ahead. They are preparing and training the next generation so they are ready when the game is on.
Embrace the Challenge
Competing against the best athletes in the world is a big-time challenge. Thinking you can have a sustainable family business is also a long shot. Remember 7 out of 10 will not successfully make it to the next generation. Check out Coach Pete’s Family Business Playbook for step-by-step instructions for winning the gold medal!
Play to your potential!
Pete Walsh offers family business consulting services, workshops, tools and resources as the founder of the Family Business Performance Center. Subscribe to his newsletter or get in touch to get actionable insights to help your family business grow for generations to come.