You can start your business on your own or with your friends and families. It sounds fun to work together with people you have been familiar with your entire life. You don’t have to feel awkward and act too formal even at work when your coworkers are also your friends or families. There have been many successful family businesses out there you can follow. However, it is not as easy as it looks to grow a business with friends or families.
Handling business with friends or families
It is impossible to have a flawless process in running a business. There will always be some challenges, obstacles, or conflict ready to shake your business. Even when you run a business with friends or families, obstacles are inevitable.
One of the biggest challenges when running a business with friends or families is effective communication. It is possible for families or friends to work harmoniously when running a business. However, it is also highly possible for conflicts to ensue and disrupt the business operation. It can cause mild to severe effect to the business and relationship.
Communication is always key
As mentioned earlier that communication is the key in running business especially between friends or families who have been familiar with each other. Sometimes, communication is being overlooked. It is important to establish values from the beginning to minimize potential conflict. Defining values and aligning future generation are essential parts.
Conflict handling
Disagreements between friends and families are possible to happen. It is best to make plan to anticipate them. This is proactive step you can take to preserve your relationship. Disagreement regarding to business can strain personal relationship. The plan you create should include written procedures and policies to deal with conflicts.
Clearly define roles and boundaries
It is important to define roles and responsibilities clearly even when your coworkers are friends or families. It is essential in the work context because you still have to behave professional. When you know your role, you know your responsibilities. You know what to do to make sure that the objectives of business are met. Also, make sure that you hold each other accountable because with responsibility comes accountability.
Keep in mind that not all disagreement is bad. In fact, it is good to create necessary tension within workplace. Thus, you and your friends or families in the business are boosted to deliver higher performance. If you keep on agreeing every decision, it will be harder for your business to grow. Channel out conflict and disagreement into something to improve business and relationship in a healthy way.
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When to cease working together
If there is disagreement that cannot be solved no matter how hard you try to deal with, it is fine to execute a parting of ways and stop working together. It is important to keep the business going but your relationship should not be a sacrifice. By separating, you can still manage your business and preserve your relationship. If it comes out as the best solution after trying so many attempt to solve the problem, then do it gracefully.