Happy Family Day Canada! Our MeloTel offices will be observing the holiday today, but will be back in business bright and early tomorrow morning. But that doesn’t mean that the MeloTel Blog is going to take a day off! In fact, we’d like to celebrate Family Day by discussing ways in which you and your family can run a business together!
There are many family businesses out there. But just because a business is run by a family doesn’t mean that it’s easier and more fun. In fact, many business owners have told us that it’s harder to do with business with family members because of the risk of hurting these deeply-rooted relationships. So what are some ways that entrepreneurs can maintain successful family businesses and families at the same time?
On Entrepreneur.com, Karin Price Mueller writes about the various ways in which family-owned businesses can avoid the traditional pitfalls that generally come with the territory. She reveals five “must-dos” for family businesses to follow so that they remain strong as both companies and family units.
Create a hierarchy. There must be a chain of command that entails specific job descriptions. Mueller writes that positions within the business must be clearly defined based on skill as opposed to other factors such as age or gender. If not, confusion can be created and arguments may ensue. It’s important for non-family members to know exactly who to answer to as well.
Communicate. Isn’t this often heralded as the most important aspect of any relationship? To avoid frustration and resentment, company news must be passed on to family partners on a regular basis. Schedule meetings, suggests Mueller, making sure that all necessary members of the team are properly informed about business affairs. This allows everyone to provide feedback, voice concerns and offer suggestions.
Set compensation rules. Money is often at the centre of most conflicts within business. Not letting money break up relationships within the family structure is key. Mueller insists that you have a compensation plan that clearly outlines salary amounts. The payment ranges should be determined by the respective job descriptions regardless of one’s role in the family.
Establish a welcome plan. Your family may have members who are not yet eligible for the work force. But once they become of age, it will be important to determine how they will enter the business. Don’t simply hire someone because he or she is a family member. Encourage interested parties to gain experience that is related to your industry before become a key cog in the wheel.
Have a succession plan. Writes Mueller: “You may plan to stay with your business until the day you die, and maybe you will. You need a succession plan to make sure your business will survive after you’re gone–something too many businesses fail to do.” Be sure to plan how your business will live on long after you do, and hopefully the business will carry on the family name for generations to come!
“Imprezzio Marketing has been with MeloTel for 4 years and their service has been outstanding over the years. Their customer support team is always extremely helpful and always responds and resolves any issues that we have. Thank you MeloTel for providing us with such great service. READ MORE"
“When TK Enterprises found MeloTel 2 years ago, it was in a crisis situation. Our previous VoIP provider had left us in the lurch and within days, MeloTel had us back up and running and we’ve never looked back since. We started with VoIP services and have worked with them to bring our company’s technology levels up to be more cutting edge and competitive while reducing costs and mitigating risk the entire time. READ MORE"
“Benjamin Verde Incorporated has been a loyal MeloTel customer since 2013. We are able to provide a variety of Artist and Entertainment related solutions such as Web Hosting, Artist Marketing and Artist Funding to clients across Canada. By utilizing MeloTel’s robust products and services our agents are able to provide fast and efficient customer care to various radio stations, record companies, independent artist as well as popular international brands via Benjamin Verde’s VXCO.net portal. READ MORE"
“As the leaders in promotional advertising with over 25 years experience we strive to satisfy all of our clients’ needs when it comes to marketing them and their businesses. We go over and above to make sure that all of their advertising demands are met with no exceptions. MeloTel and Synergy have been in business together since providing exceptional VoIP and technical services. READ MORE"
“I have been a MeloTel customer since 2009 and wanted to tell you how much my whole office appreciates your services. Life becomes a lot easier when someone is there to help when we need it. That kind of service is why we will remain a loyal customer for many years to come. Thank you! READ MORE"
“Toronto Cosmetic Surgery Institute is a plastic surgery clinic, located in downtown Toronto. On site we have a fully functional, state of the art surgical facility. MeloTel assisted us when we went paperless a couple years ago in replacing and restructuring our computer hardware and network. They have been providing us with IT support ever since. Whether it be remote sessions that are required, or on site visits, the service MeloTel provides is always quick and efficient. READ MORE"
“Global Mentoring Solutions (GMS) is a North American based, white labelled outsourced help desk provider that partners with major ISPs, eLearning Support Providers and mid-market IT Service Providers. With MeloTel’s telephone infrastructure services GMS is able to provide support for over 8,000 technical support interactions per month! GMS has been relying on MeloTel’s expertise and professional support services since 2010. READ MORE"