In most of the family business, one of the common patterns I see is that all the family members use to get involved in all the business matters. Still, at the end of the day, either decision never gets taken or decisions deferred as no one will have the final say. In this process, the organization remains mediocre, or the growth opportunities are not leveraged as supposed to be.
There is no doubt that the organization had grown from startup to significant size due to the mew hardworking family members. However, if you want to take the organization to the next level growth or if you want to make the organization more of the professional firm by bringing external talent, the first step would be restructuring at the senior leadership level, ie family members level.
One of the restructuring processes is bringing clarity on the portfolio among the family members
What does Portfolio clarity mean?
Benefits of portfolio clarity among family members:
1. Mainly, organization growth can be accelerated as inherently, and the business has resources. Still, due to a lack of clarity on portfolio clarity, resource's time is getting wasted by involving in all business matters and enriched with only information.
2. Duplication of roles and responsibility can be avoided, and the resources can be utilized effectively
3. Gives clarity to the people of the organization on whom they should report for what purpose. The clarity at a higher level will remove the ambiguity among the employees, and also we can avoid the manipulation of communications by the employees.
4. The decision can be taken faster which helps the organization to respond quickly to the external world.
5. Bring out the extraordinary talent of the individual when they work under pressure to deliver the results
When the business is growing from small to large size, professionalism will help to accelerate the growth and for the benefit of the organization's growth, relationship and accountability need to be balanced through portfolio clarity among the family members!.
There is no doubt that the organization had grown from startup to significant size due to the mew hardworking family members. However, if you want to take the organization to the next level growth or if you want to make the organization more of the professional firm by bringing external talent, the first step would be restructuring at the senior leadership level, ie family members level.
One of the restructuring processes is bringing clarity on the portfolio among the family members
What does Portfolio clarity mean?
- For each family member, define the roles and responsibilities according to their qualification, strength, and experience.
- Assigning the particular functions or set of functional deliverables
- Empowering an individual to make decisions in their respective functions or domain. To continue the inherent, inclusive way of working, the information to be shared among family members periodically.
- Making people accountable for the result
Benefits of portfolio clarity among family members:
1. Mainly, organization growth can be accelerated as inherently, and the business has resources. Still, due to a lack of clarity on portfolio clarity, resource's time is getting wasted by involving in all business matters and enriched with only information.
2. Duplication of roles and responsibility can be avoided, and the resources can be utilized effectively
3. Gives clarity to the people of the organization on whom they should report for what purpose. The clarity at a higher level will remove the ambiguity among the employees, and also we can avoid the manipulation of communications by the employees.
4. The decision can be taken faster which helps the organization to respond quickly to the external world.
5. Bring out the extraordinary talent of the individual when they work under pressure to deliver the results
When the business is growing from small to large size, professionalism will help to accelerate the growth and for the benefit of the organization's growth, relationship and accountability need to be balanced through portfolio clarity among the family members!.
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