Assuming the role of family business leader or manager isn’t an easy endeavor.
You will experience good times, stressful times and times when it seems the whole family is against you. However, great family business leaders will always be able to lead their family team to a successful end in any situation.
Just because you are the family business manager (or patriarch/matriarch) doesn’t mean you are a good one. To be an effective leader you must let other family members develop and shine while working towards the businesses goals.
Not sure if you have what it takes? Here are 10 qualities of an effective family business leader:
1. Honesty
Much the same as in a personal relationship, honesty is the foundation for business relationships. Family members want to be in business with someone they can trust. An effective leader needs to have morals, values and integrity when dealing with all members of the family team.
2. Clear Communication
Each member of your family business needs to understand clearly the business goals and what their role is in accomplishing the goals. Consistent communication is necessary for establishing the objectives of each team member, providing constructive feedback and onboarding new team members.
3. Confidence
Effective leaders have the confidence to guide the business through difficult situations. As the leader, you must appear calm, confident and set a good example to the rest of the family.
4. Inspiration
Effective leaders are inspired by their business and pass that inspiration on to their team members. The leader inspires them to succeed and do their best in everything they do.
5. Positive attitude
An effective family business leader stays positive in any situation. Staying positive sets the tone for the work attitude, which directly affects those you are leading. Showing interest in their personal lives and giving compliments are both forms of positive reinforcement that will have a significant impact on their work.
6. Decisiveness
Effective leaders make decisions that impact the people they lead and the company. Your family will follow you when they know you weigh all the options and do what is right for the family business and the members involved.
7. Conscientiousness
A good leader is organized, compassionate and thoughtful, all components of conscientiousness. They sympathize with others and provide support and feedback when needed.
8. Sense of Humor
A leader with a sense of humor goes a long way in helping to create a positive work environment. It builds a sense of camaraderie among team members and leaders.
9. Creativity
When decisions need to be made quickly, an effective leader thinks outside the box for a solution. Family members look to their leader for guidance in situations that call for unexpected decisions.
10. Openness
Effective leaders encourage their team members to share ideas and allow each one to be valued. They’re open to others’ ideas and encourage these traits in others.
An effective family business manager has many qualities. You may find that some of these traits are part of your personality. As an effective leader your goal is to develop qualities you don’t yet have.
LANDMINE DETECTION MAP
Are you battling next-generation issues, in-law drama, sibling rivalries or even health-related problems due to stress in your family business? The Landmine Detection Kit will help you identify underlying issues that eventually could create catastrophic damage to your family business.
