Most family business owners I meet tell me how much they want their business to be successful for the long haul. They have visions of their family enjoying the fruits of their labor for many years to come.
The problem is that success can often breed complacency and overconfidence about future success.
Great and sustainable companies know they need to build in strategies to combat complacency. That’s why companies that build sustainable growth and success know the importance of a rigorous culture around goal setting.
Many families bristle at the idea of “becoming corporate” for fear of losing their independence or autonomy to do it “their way.” Creating a consistent goal setting process isn’t being “corporate” it is being SMART.
I understand the family doesn’t want the goal setting process to become the most important thing that eclipses everything else. Smart families can create a goal setting process that still allows them to honor their personality and company culture.
Goal setting should touch all areas of the business – not just sales. Here are examples of the types of goals that can be set:
Family Business Goals
- Top line sales
- Bottom line profitability
- Departmental goals for each area of the business
- Personal or leadership development goals for key leaders
- Innovation goals to promote exploring new ideas within the business
- Training, development or human resource goals
- Family development goals; annual family meeting, succession planning, etc.
The bottom line is that goal setting is a business best practice. Family business families should not overly rely on their reputation and longevity for their future. Customers and employees have evolving wants and needs and will go where they can get those needs met.
Learn to set, monitor and achieve goals if you want a successful, sustainable family business!
