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Building and sustaining a professional culture for a family business’s growth

Ease of Doing Business for MSMEs: Professional mindset of the senior leadership team or managers means that they must be functional experts who are always looking for new ideas and better ways of accomplishing the tasks. Their emphasis is on making and refining the structures and processes so that dependence on them is the least. Ease of Doing Business for MSMEs: “A family business is a never-ending journey, one that is continually evolving. Just when you think you’ve got a handle on something, things change, and you have to adapt quickly and efficiently.” This quote by Genette Gregson, CEO of Australia-based...

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What it takes for a successful implementation of leadership transition in a family business

Ease of Doing Business for MSMEs: Leadership transition plan is essentially a clear process with guidelines for transfer of responsibilities from outgoing to incoming leaders. There are three parts of this process – identifying and selecting successors, coaching them and giving them opportunities to start leading. Ease of Doing Business for MSMEs: Professionalisation of family businesses for growth requires timely leadership transition. In the absence of a leadership transition plan, when a leader dies or has a disability, there is a crisis in business as more often than not the leadership team is caught off guard and there is no clear allocation of...

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Leadership transition in professionalising a family business

Ease of Doing Business for MSMEs: Amidst the pressures of today’s fast-paced and uncertain life, it is imperative to plan leadership transition in family businesses beforehand. Deep emotional acceptance, mindset shift, and working on an agreed plan is required both from the outgoing leader and their successor. Many family business owners expect their children to lead the family business without discovering whether they wish to do so or are capable of doing so. By Simran Senani Ease of Doing Business for MSMEs: Leadership transition in a family business is a deeply emotional yet crucial part of their professionalisation journey. Even though owners realise that transitioning...

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Incorporating a professional mindset across the organisation in family businesses

Ease of Doing Business for MSMEs: Building a professional culture begins with the promoters and senior leadership team becoming professionals in their attitude and behaviour. Many family businesses inherit the founding generation’s dreams, principles and behaviour which motivate them and set them apart. By Simran Senani Ease of Doing Business for MSMEs: “Family and Business are two of the most powerful forces in the world. Our families provide our nature in the form of our genes and much of our nurture. Businesses employ our most valuable resources – our people, our time, our capital. When combined, family and business amplify their impact and their complexity.” These...

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Why incorporating a professional mindset in family businesses is key to their success?

Ease of Doing Business for MSMEs: It is usually seen that many family businesses established well by the founding generation grow till their lifetime, however, very few are able to sustain that pace in succeeding generations as well. One of the key and crucial steps for the growth of a family business is embarking upon the culture-building journey. By Simran Senani Ease of Doing Business for MSMEs: Growing a business is no picnic. Understanding the market, hiring the right professionals, enhancing technical expertise, focusing on financial management, setting up systems and processes, etc. are all required on an ongoing basis. However, despite getting all these factors...

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