I want to share with you the five key challenges around working together with your family – and spouse – when building a sustainable business.
Peace of Mind
Let us look at each one in turn and the impact they have on us and our loved ones. Then I’ll discuss solutions in the form of some actionable steps you can take, with your loved ones when building a sustainable business to overcome those challenges.
1. You need a plan
The lack of a connected plan with your spouse or partner is one of the biggest challenges I see business owners experiencing when building a sustainable business. We typically run both parts of our life as independents rather than bringing them together.
We create friction between the two, which ultimately ends in pain and anguish in terms of achieving the results that we are aiming for.
2. Know your Role
Too often we’re not clear from the outset what the roles and responsibilities of each individual are! This causes friction in the relationship, anxiety builds and hinders the communication between partners.
3. Gain Clarity
A lack of clarity around how you will make decisions. The reality is that we make decisions in isolation of each – both the business and the family – independently. What we need to do is build in the decision making together.
4. Improve Your Communication
I’m not talking about the fact that we talk – it’s where, when and the way of ensuring we have consistent communication. Too often the conversation around business takes place while doing the washing up, cooking or eating dinner. We don’t talk about the family as part of the joined-up conversation but rather as a separate entity at another time.
5. Provide Peace of mind
What does peace of mind look like?
It is about ensuring understanding what matters most for the other person and for each other.
Therefore you’re able to create the right foundations, that connect at the base level, on a day to day basis. Ensuring what is right and matters most to both of you.
In order to tackle the challenges when building a sustainable business with our family, we must create common goals.
- For you and your family alongside your business by coming up with an agreeable plan.
- Share them together, work on them together – to put those common goals in place, not independently.
- Working as a partnership and as a team.
Next understand the delivery of those goals by identifying clearly what each of your roles are and what each of you are going to do.
Within the business, it might mean that one of you looks after the administration and maybe it means one of you isn’t working in the business.
However from a connected perspective, be clear about expectations, goals and roles for both of you.
Once you’ve got those clear, it’s important to find a way of communicating and being clear about the way you’re going to communicate.
So, for example, at the dinner table – there will be no discussion about the business.
When the kids have gone to bed on a Sunday evening, that’s the time when you will talk about the business.
Have allotted time, clearly defined that is agreed with both of you to talk about the business, also have that same clear and allotted time for talking about family. For those of you who have children, engage the children appropriately in the business conversation, as well as the family conversation!
Ultimately we need to begin with good foundations, and that means being clear for both of you, what peace of mind looks like when building a sustainable business with the end goal in mind.
What are the standards that you are going to set in terms of whether there are take-home funds?
How you’re going to communicate? Be clear what good standards look like, set them and then work with them.
Writing this part of the article reminded me of a solution my wife and I implemented in our journey – it’s a short story I titled “The Hard Truth” and you can watch here on our YouTube channel
Over to You!
I have outlined some solutions to some of the challenges we experience building sustainable businesses.
What I’m looking for right now is for us to take action on this.
Take what you’ve learned here, find the gaps in your business, in your family lives and identify what steps you are going to take to bridge them – because it’s just so powerful!
Please let me know what your gaps, action steps and transformations are in the comments of the linked video to this article – it’d be great to hear from you.
If you would like to achieve happiness and success in your family business click to complete our ‘Happiness and Success’ questionnaire. http://bit.ly/HappinessandSuccessQuestionnaire