Family-run businesses have been the powerhouse of many economies.
For any business to establish and grow, it always takes an exceptional combination of hard work, innovation, and dedication from humble beginnings to success.
However, as the business matures, mid-size family-run companies often struggle with the challenges of coming up with the right strategies to consistently grow their sales volumes and market share in the absence of any structured sales monitoring system and other related processes.
Hence, these family run businesses need to have structured systems and processes, strong relationships with top/key retailers, excellent data analytics, and sophisticated monitoring systems are essential for long-term success. However, the red ocean strategy of competition can be a daunting challenge for many family-run business. Add to that the challenges of finding the competent team, updating processes and procedures, and product configuration can be a very tall order.
Over the years, here are some of the key solution areas I’ve observed that can help family-run businesses to stay ahead and competitive:
- Profit is not always the driver – relationships with top retailers/dealers and understanding customer needs/concerns should be at the core.
- Investing in sophisticated data analytics and monitoring systems to keep a pulse on market trends and competition.
- Embracing technology, automation, and process improvements to remain agile and competitive.
- Ensuring that team members are well trained and have the right skill sets to handle customer needs/concerns.
- Family-run businesses must evolve into autonomous, efficient, and customer-centric organizations to remain relevant in the new economy/era.
- I believe this is a challenge that can be overcome with the right mindset, strategic approach, and smart execution.
- The start of something new is always a daunting prospect, but with the right expertise and mentoring from industry experts, family-run businesses can remain competitive and thrive in this ever-changing world.