There are numerous metrics to gauge success in a family business.
The most apparent ones include:
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Profitability
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Market share
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Retained earnings
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Cash flow
However, at times, it’s the intangible measures that can induce the most stress. Over the years, I’ve developed a system to assist families in assessing crucial key outcomes.
Remember, a 20-year research project conclusively demonstrated that success stems not from innate talent, but from intentional practices. One of these deliberate practices is consistently evaluating everyone’s personal and professional contentment.
As part of our system, we encourage you to conduct weekly, bi-weekly, or monthly meetings where you pose a couple of straightforward questions.
Here’s one example:
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On a scale of 1 to 10, how happy are you, both personally and professionally?
This query is significant as it empowers each individual to assume personal responsibility for their own results and satisfaction. It also provides an avenue for accountability.
I strongly advocate making this question a routine activity within your family business team. After all, isn’t accountability for results one of the cornerstones of success in both business and life? Over the course of several weeks and months, observing trends in people’s satisfaction levels allows you, as a coaching leader, to guide them in the right direction.
Within our system, we have several tools at your disposal:
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The Landmine Detection Map
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The Family Business Perspective Wheel
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The 50 Skills Assessment
Email me if you’d like a copy of any of these assessments.
Exceptional families are led by courageous and consistent leaders who assist their team in evaluating their performance, and who provide support while holding each other to high-level results.
Seize the opportunity! Feel free to reach out if I can be of any assistance to you. Play to your potential!
Coach Pete
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.
