Category:Success In Business Management Family Business Entrepreneur Business Management Business General
Tradition entwines the history, heritage, and reputation for any business, and especially family business. It creates a familiar foundation for generations to establish themselves as economies, markets, and business environments. Tradition sets expectations and creates standards for customers and business owners alike. It also has the potential to differentiate your brand from the competition. When the community recognizes the way you do business as a family tradition, they have an idea of the level of service they can expect from you.
With that said, sometimes tradition can be interpreted as restrictive and a hindrance. This is especially true if you or members of your family business are adverse to change. Tradition is not to be used as a reason or excuse to shun from incorporating innovations and new practices into your business. After all, these changes, difficult as they may seem, are what can give your company the cutting edge.
There is no established timeframe in making a tradition.
- If you are at the early stages or starting up your family business, then you don’t have preceding generations to carry on.
- If your business is 10 years old, then look back on the decade and identify what behaviors and standards have become part of your everyday ritual. Determine which of these actions build your business and uphold your shared family values and choose to elevate and protect them as tradition.
- Also look at what traditions are holding back or even hurting your business. If a tradition is not in your family’s best interests or if it no longer applies to today’s business world, then consider ways that you can eliminate them.
Tradition has a positive impact on family business and is essential for success for today and for the future.