Getting the interest of your family to participate in your business can be challenging, but there are several strategies you can try:
- Communicate the benefits: Clearly explain the benefits of participating in the business, such as the opportunity to work together, build a legacy, and potentially increase family income.
- Involve them in the planning process: Ask for their input and ideas on the business, and make them feel like they are part of the decision-making process.
- Create a clear job description and expectations: Ensure everyone knows what is expected of them and their role in the business.
- Provide training and support: Offer training and support to help them succeed in their roles.
- Offer incentives: Consider offering financial incentives or bonuses to encourage participation and motivate your family members to put in the extra effort.
- Have family meetings: Schedule regular family meetings to discuss the business and keep everyone informed about its progress.
- Trust and respect them: Show your family members that you trust and respect their abilities and value their contributions.
- Be patient and persistent: Building trust and interest takes time, be patient, and continue communicating the benefits of working together as a family.
Ultimately, involving your family in your business can be a rewarding experience, but it’s essential to approach it with clear communication, realistic expectations, and a willingness to work together.
More advice from Butz Bartolome:
- Practical Tips for a Philippine MSME | Butz Bartolome
- 4 Appraisal Methods to Sell Your Business | Butz Bartolome
- 6 Ways to Handle Hard Decisions | Butz Bartolome
CHECK OUT the Philippines’ top mentor Butz Bartolome as he discusses business matters and SHARE THIS STORY with entrepreneurs and aspiring entrepreneurs who need advice.
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