Preparing Your Kids to Eventually Succeed You in a Family Business

Preparing Your Kids to Eventually Succeed You in a Family Business - family image

Even though running a budget of a family business and running a household budget are in no way the same thing, they are more than closely related. In a way, the way in which you handle your family finances reflects the way in which a family business is governed. First, you start with one generation (the parents) who are in charge of running the household/company and then proceed to pass on the baton to their successors.

At first, children or earning young adults are in charge of no more than slightly contributing, while in time they might start to play more vital role in the decision-making process as well. With this in mind, here are a few ways in which teaching your kids about household chores and budget might prepare them to take your place in the family business when the time comes.

1.      The division of roles and responsibilities

The first obvious connection between these two notions is reflected through the issue of roles and responsibilities. Each family member gets assigned tasks that are in accordance with their abilities and experience. For instance, you wouldn’t expect a 10-year-old to do the entire grocery run, but you might ask them to clean the bathroom, wash windows or even wash the car. Nonetheless, once you start adding these responsibilities, you need to give more recognition to your child in order to keep them motivated. Otherwise, you might make them feel underappreciated, which might discourage them from taking future initiative within the company.

2.      Start early

Another thing you need to keep in mind is that the age of the child (we used in the previous example) is not the best indicator of the part that they should take in the company. Corporate experience is a much more reliable factor. Of course, we are not suggesting you should push your child in a company business before they are ready or exploit child labor. Still, you could have them run some business errands during weekends or breaks at quite an early age. In this way, you can include them in the numerous processes of your business and have them learn about the company from inside.

3.      Use the perspective of their generation

From these menial positions, they will later advance to some more delicate administrative tasks and in time even advance to a decision-making position. You see, the generation Z (the post-millennials) tends to be much more hyper-connected to the world and therefore might have some radical new ideas your company as a whole might benefit from.

For instance, you might ask your teen about the advice surrounding your company’s social media campaign, especially if their peers are one of your target demographics. Next, you might consult them when inquiring about LED lighting solutions for your business and see where they stand in this regard. Having someone else (someone adult) actually need their opinion is definitely going to make them feel appreciated.

4.      Teach them the value of money

Finally, one of the most important lessons that any parent can teach their child is – the real value of money. By introducing them to a family business you can show them where your family’s income comes from and in this way demonstrate that there is a finite amount of it that needs to be managed carefully. Next, instead of giving them an allowance, you can give them a ‘salary’ for all the hard work they invest in the household and family business. In the end, make sure they know the difference between emotional and rational purchases and in this way nurture healthy spending habits. They will need this as both adults and future management of your company.

A lot of young people whose parents own family businesses feel the urge to abandon it and start something of their own. This, however, most commonly happens due to a mistake in the attitude that these parents sometimes assume. You need to make it clear from the very beginning that the company in question is not ‘mine’ but ‘ours’ and that they are the part of it from the moment you start it. Even if they are too small to serve as its active part, these children are probably the motivator of its existence. It is your job to make them feel this way, as well as to prepare them for all that is to come.

The Importance Of Having Childhood Values In Business

From a young age, we are told about the importance of values such as kindness, compassion, and generosity, and this should be no different in business. Teaching children to make good financial decisions alongside being valuable citizens is something that will benefit them and those around them. Unfortunately, there are far too many organizations and businesses putting profit before the well-being of people such as their employees. This is something that we need to move away from, particularly since this will not benefit the long-term health of your business. There are many reasons why you should take care of your employees, principally, because of the very same reasons we were told to care for others as children, but also because a happy employee means a productive and engaged employee.

Workers who engage with their job are more likely to want to stay with their employer and not move to another company, as well as being more likely to perform well. This is because productivity is closely associated with job satisfaction which means that workers who feel valued will have a motivation to do well. The overall reputation of your business will increase if you show yourself to be a company that looks after your workers, and this will encourage people to seek employment within your organization

The key ways to ensure the happiness of your workers, and increase the levels of overall job satisfaction are not complicated. Included below are several straightforward ways in which you can look after the wellbeing of your employees as well as the overall health of your company.

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Pay decent wages

More than any other factor, the amount you pay your employees will directly affect their desire and motivation to work for your company.  Paying a fair, and competitive salary will ensure you lower your staff turnaround, and allow you to keep on quality members of your team who might otherwise go to a competitor who pays a better wage than you. Paying a minimum wage is not the same as a decent wage or even a living wage, and so paying a competitive salary to your workers will be more beneficial for the growth of your company in the long run.

Healthcare

Having a generous sick leave policy and not penalizing your employees who take sick leave, will increase the productivity of your business, as nothing wipes out an office like a round of flu.  In places of work such as offices, germs and illnesses will spread quickly, and you could see half of your workforce knocked out by one employee who decided to come to work. Many workers are reluctant to take sick leave as they feel that they may get penalized for this and will come in even though they are still contagious or not well enough to do their job properly. This is where you need to step in and ensure that your workers feel supported in their decision to stay at home, even if this means working remotely until they feel able to come into the office. Regarding ensuring that your workers are covered for health problems or work-related illnesses and accidents it is important to provide insurance and compensation to cover both their back and yours as well. It is worth investing in a workers compensation lawyer to help you deal with your workers’ compensation claims and make sure that this is handled as efficiently and as professionally as possible.

Create a fun work environment

Creating an enjoyable work environment doesn’t mean that you have to be less professional. It simply means that you provide your employees with certain activities or perks that will increase their overall satisfaction. Some ideas for this include having a designated games room which people can choose to frequent during their break or might include fun snacks and drinks that your employees can freely take throughout the day. Another idea to boost performance is through fun motivational activities; this might be a regular icebreaker each day or a day set aside for team building activities. Many companies are choosing to include casual Fridays, into the working week as a low-cost and easy way to make their employees feel comfortable at work.

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Childcare

A flexible approach to childcare, where your employees can work their children’s needs alongside their work schedule will be appreciated by your employees.  More companies than ever are including on-site daycare options for the children of their employees which save the time spent commuting to other child-care facilities and instead of cutting their work day short, allows parents to spend more time at the office.

Encourage a healthy work-life balance

Professional burnout can occur when a worker is stressed or overworked and can manifest itself in various forms, such as a loss of motivation and productivity and in extreme cases in a nervous breakdown. Avoid employee burnout by encouraging a healthy balance between the hours spent at the office and the downtime of your employees. This can be as simple as having a policy where employees must have a decent lunch break or cannot stay at work past a certain hour.  To avoid certain triggers of stress or anxiety make sure that you provide clear, realistic expectations for your employees to meet.

Have an employee of the month

Having a company employee of the month is a simple way to show your workers that they are valued and that you notice individuals within your organizations. Don’t just make this about who is the most productive or who has made the most sales for example, but make factors such as acts of kindness or generosity an equally important reason for becoming the employee of the month. For example, someone may have covered someone else’s shift or helped another colleague with a project in their own time. Consider providing rewards such as allowing the employee of the month to choose half a day off work that week, vouchers or even a small bonus. Creating small incentives such as this, will increase production and create a sense of unity within a company where the individual is just as important as the whole.

7 Things To Think About Before Becoming An Entrepreneur

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Starting a business is one of the most ginormous commitments anyone can ever hope to take on. Yes, it is worth it because not only is it exciting and rewarding, it is also yours. However, to prevent you from starting off on the wrong foot and then struggling to get into your stride thereafter, we have come up with a list of essential advice you should know about and carefully consider before you start your business.

  1. Research Is Key

Research everything you can and remember that there is no such thing as too much research. Research the competition, the marketplace, the technology, the marketing approaches, the economy, governmental policies, gaps in the markets and emerging trends. As an entrepreneur the more you can do the better.

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  1. Organisation Wins

There are so many variables, so many different aspects and challenges and things to do that it is absolutely crucial you get as organized as you can from the get go. Great ideas are great, so is passion and research, but without being organized, you will struggle. This also includes having a plan and sticking to it.

  1. Passion Helps

It isn’t the be all, but having a passion for what you do is what will help you get through the rough and, yes, there are going to be rough times. Things will go wrong, you hope will start to fade and you’ll ask yourself why you are doing this. Be able to answer that question.

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  1. Seek Help

Starting a business is not something you can do alone. Okay, it is, but you shouldn’t. There are too many plates to spin. That and the fact you aren’t an expert at everything, whether it be accountancy, finding and keeping your best staff or whatever. So find help. It’ll be the best thing you do.

  1. Know The Legalities

Never ever start a business without getting legal advice first. Too many people think that legal advice is there to help us when we get into trouble, but it isn’t. As Bovill Risk & Insurance Consultants will tell you, legal advice is there to prevent us from getting derailed legally. Knowing what professional indemnity insurance you need is key, having the right insurance to protect your employees is vital, and your board members. Legal advice helps long-term success.

  1. Better Credit Rating

Nothing is going to impact on your credit rating as much as starting a business will, that is why it is so important for you to do everything you can to improve it. Starting a debt will likely mean you get into debt and all sorts, and you’ll likely need to borrow money. Quite simply, your personal choices can have professional consequences because the better your credit rating the more you will be allowed to play with.

  1. Understand Your Audience

Knowing your audience and really getting under their skin is going to have a huge impact on your road to success. As such, do all you can to better understand them. Survey your demographic, find out their likes and dislikes, their spending habits, their hates and their wants. If you know what they are like as consumers, you can tailor your marketing and development toward them.

Filling Up Your Free Time, And Your Wallet In The Meantime

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Time is money, and often, you won’t have enough of either. However, there are some ways to utilize the time, that you’re usually on the sofa playing PS4, to gain a little more cash flow and fill out your wallet (you could even buy a new one if yours is looking pretty tired). The following are some ideas how you earn some extra money when you’re out of the office, so those Yeezys might just become your next investment.

Use Your Camera

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Whether you use your iPhone camera, received a Canon PowerShot for Christmas, or you’re out every weekend with your drone; if you’ve got a talent for capturing incredible images, you can make money from doing so. You never know, your side hustle could become your full-time job, and you’ll never dread Monday mornings again. Start by setting up a dedicated Instagram account for your pictures, gain some interest, and build your followers; you’ll be able to gauge what pictures go down the best, and you’ll be able to develop your skills and individual style. If your front door doesn’t lead to a Swiss landscape of a mountain and lake; there’s no need to stress about it. Taking photos of your everyday environment, whether it’s a cityscape or a suburb, will give you a personal edge and your crowd will appreciate what you’re portraying.

Before you set up an online store for your work; offer to sell your popular posts as prints. You can print your photography as they’re ordered, and you won’t have to fork out a huge sum of money upfront (unless you’re getting hundreds of orders and it’s time to start thinking about quitting your job). Do a run of themed or limited edition pieces; people love to know that they own something rare, and it’ll tempt them to buy something over just liking your post. There are a ton of other ways to sell your photography skills too; for some more ideas, take a look here: https://photographyconcentrate.com/infographic-36-ways-to-make-money-as-a-photographer/.

Use Your Laptop

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Instead of watching Netflix when the weather is bad outside; you could think about getting online to earn some money instead. If your laptop or tablet is a permanent fixture on your body when you’re chilling, it could be the perfect route into getting paid. If you don’t mind filling in some surveys and answering questions about yourself, then you should read more into getting paid to do so; there a number of websites that will send your regular questionnaires and pay you cash or vouchers to complete them. You can grab a beer, sit back and earn some dollars as you type; sounds like a Thursday night well spent.

If you’re a talented writer or graphic designer; think about selling your skills outside of your workplace and setting yourself up as a part time freelancer. You could start small by seeking out any local businesses or independent online stores, and asking them if they need any content or branding help. If you keep your rates reasonable, you’ll be an appealing option for small companies who have less of a budget to spend. And, if there places you already go to, to shop or eat; you might just get a free meal or a regular discount on items, which will save you money.

You may not feel like you want to sit and work on your laptop when you’re not at work, and that’s understandable. Consider an online auction site, like eBay, and start selling the items that have been hanging in your closet for months, and that you’re unlikely ever to wear or use again. Not only will you be earning more cash; you’ll be making room in your home for all the new stuff that you’ll be able to afford.

Use Your Style

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If you’re the type of person that’s constantly being complimented on your outfits, sneaker choices, and the hats you wear, you can turn your excellent taste and style into an income. Taking regular images and blogging about them, or uploading them to Instagram, will provide a platform for you to show what you’re wearing and how you’re styling your garments. When people respond positively to what you’re doing, it’s a sign to keep going so that you’ll build up a loyal and ever-increasing following. Check out the 50 best men’s style Instagram accounts for some inspiration.

The more popularity you gain, the more notice brands and companies will take of you; this is when you’ll be sent free items to share and wear, and be paid to advertise through your chosen channels. It seems like a pretty sweet deal when all you have to do to get paid is get dressed each morning.

4 Ways The Internet Can Solve Your Cash Problems

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If the internet has done one thing it has ramped up our accessibility to extra cash, and who doesn’t want or need a little bit of extra cash. After all, we tend to be one dollar short of our bills at the end of each month for the simple fact that we all live to our means.

The reasons why we may want to make a little bit extra are almost infinite. It could be that we want to pay down debts before we get stung hard by the interest rates, perhaps an injury is keeping you out of work, your emergency fund was suddenly hit by a car maintenance job, or you want to put that little bit more into your retirement fund.

Whatever it is, we have done the due diligence for you and come up with the best ways to make money online and help you make that little bit more:

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Survey Taking

More and more people are using the increased demand for data to their advantage, namely by making money in their spare time. Seriously, the world has gone absolutely nuts for data, and businesses will do anything to better understand the average consumer, which is where you come in and, more crucially, where this list of paid surveys comes in. All you have to do is tick some boxes or answer questions, maybe even test a product or two and, voila, you can earn a little bit of extra money to go toward your debt repayments or whatever you are using it for. Simple and effective.

No-Risk Betting

It’s also called matched betting, and it is arguably the easiest way to make substantial money (without robbing a bank or a friend’s ISA). The way it works is relatively simple: you take advantage of those free bets you always see being offered by betting shops and then ‘matching’ them at an exchange. That’s what makes it risk-free. Twice over. Not only are you betting for free, you are also betting for and against a certain outcome. Big money to be made once you get the hang of it and, yes, it is totally legally before you ask.

Just Search The Web

Sometimes the simplest ideas are the best, and that certainly seems to be the case with Qmee’s idea, which has made making a little bit of extra money online almost as easy as breathing air. All you do is install the Qmee add-on to your web browser and then browse the web as you would normally. You just conduct a search and every so often, what will happen is, a sponsored result may appear with a cash reward attached to it. If you’re interested, well, click and collect. Yes, the rewards may be tiny, but for doing nothing new that’s a good deal, as is the fact you can cash out whenever. Yup. no minimum amount needed.

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Test Sites

So you know your way around the web, huh? Well, why not turn this into a nice little money spinner (maybe even go pro with it) and browse the web full-time. You think we’re joking, don’t you? We’re not, and UserTesting will support us. This is a new type of platform and what it does is allows people to review websites, loads of websites. It takes about 20 minutes to do a review and, in return, you’ll get $10 dropped into your PayPal account. That’s it. Simple.