{"id":1177,"date":"2019-04-15T14:00:06","date_gmt":"2019-04-15T18:00:06","guid":{"rendered":"https:\/\/www.thegrowthcoach.com\/sioux-falls\/dealing-with-the-challenges-of-a-family-business"},"modified":"2022-07-13T17:43:08","modified_gmt":"2022-07-13T21:43:08","slug":"dealing-with-the-challenges-of-a-family-business","status":"publish","type":"post","link":"https:\/\/www.thegrowthcoach.com\/sioux-falls\/dealing-with-the-challenges-of-a-family-business","title":{"rendered":"Dealing with the Challenges of a Family Business"},"content":{"rendered":"<p>Running any business is hard, but when you\u2019re running a family business, you face a unique set of challenges \u2013 it\u2019s hard to leave work at work, it\u2019s hard to manage the emotional entanglement of family and there\u2019s more at stake than money when something goes awry. So how do you manage and grow your family business without fraying the relationship you\u2019ve built with your loved ones? It comes down to boundaries and business roles.<\/p>\n<p>Running a business on your own can be lonely \u2013 it\u2019s hard to find someone who can truly sympathize with the challenges you\u2019re facing and, if your spouse or significant other isn\u2019t involved in the day-to-day operations, it can be difficult for he or she to understand the frustrations you\u2019re having. Unless you\u2019re working with a mentor (including a peer mentor), a business group or a <a href=\"http:\/\/thegrowthcoach.com\/strategic-business-mindset\/\">coach<\/a>, you don\u2019t really have anyone to bounce ideas off of.<\/p>\n<p>When you\u2019re in a family business, the opposite is true. Whether one person is running the daily operations or everyone is involved in some way, everyone in your family knows the ins and outs of the business and has a stake in the success. When you talk business, it\u2019s not to a third party who can help you stay grounded, it\u2019s to an interested party who might be facing the same challenges.<\/p>\n<p>The most important thing in a family business is boundaries \u2013 both at home and at work. First of all, do your best to leave work at work. If you\u2019re discussing the business at the dinner table and at every family gathering, you\u2019re not giving yourself time to recharge and you\u2019re not <a href=\"https:\/\/growthcoachblog.com\/2018\/08\/18\/finding-balance-as-a-small-business-owner-or-a-company-president\/\">finding balance<\/a>. That can easily lead to burn out. Equally important\u2026 try your best to leave home at home. You can\u2019t help but talk about home life, but oversharing with non-family employees can be trouble.<\/p>\n<p>The second thing comes down to business roles. These are also important because, especially in multi-generational businesses, it\u2019s easy to be pigeonholed into the role of \u201cMrs. Smith\u2019s Daughter\u201d when, in fact, you might be running the company. Although you may happily be Mrs. Smith\u2019s Daughter, it\u2019s important, especially for your employees, for everyone understand the business roles and dynamics to keep things running smoothly.<\/p>\n<p>Defined business roles can also keep family members from stepping on each other\u2019s toes in the daily operation of your business. It\u2019s nature for family members to want to help each other, but if your sister is running human resources, you don\u2019t need to be updating the employee handbook. You can talk to her about it, but the information to employees needs to come from her.<\/p>\n<p>Family businesses are a huge part of today\u2019s economy and can be incredibly rewarding, but setting boundaries and business roles is vital. If you need help with that, find your local growth coach at <a href=\"http:\/\/thegrowthcoach.com\/find-coach\/\">http:\/\/thegrowthcoach.com\/find-coach\/.\u00a0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Running any business is hard, but when you\u2019re running a family business, you face a unique set of challenges \u2013 it\u2019s hard to leave work at work, it\u2019s hard to manage the emotional entanglement of family and there\u2019s more at stake than money when something goes awry. So how do you manage and grow your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dealing with the Challenges of a Family Business - Growth Coach of Sioux Falls<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thegrowthcoach.com\/sioux-falls\/dealing-with-the-challenges-of-a-family-business\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dealing with the Challenges of a Family Business - Growth Coach of Sioux Falls\" \/>\n<meta property=\"og:description\" content=\"Running any business is hard, but when you\u2019re running a family business, you face a unique set of challenges \u2013 it\u2019s hard to leave work at work, it\u2019s hard to manage the emotional entanglement of family and there\u2019s more at stake than money when something goes awry. 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