4 Weaknesses and 4 Strengths of a Family Business
All companies must discover their weaknesses and strengths, so that they can improve their company. In this article I will show the 4 weaknesses and the 4 strengths of owning a family business over a non-family business.
Weaknesses
Decreased Profit Margins - In a family business there is often a much lower profit margin. Especially compared to public companies. Private family businesses have a tendency to make much less money per sale.
Less Concern Over Profits - Often family businesses will be interested in improving things that will not necessarily help the company financially. They often try to hard to make their customer happy, and will give away too much for too little.
Alternative Goals - Many times small business owners will have different goals other than their companies success. Often the owner of a company will donate more money than the company can afford to his or her favorite charity, or to buy something that doesn’t help the company. This comes less often in public companies as the higher people in the company feel pressure from share holders.
Nepotism - Often family business owners will hire other family members out of obligation or guilt, even though they may not be the best choice. This causes many companies to lose great employees that they could have had, and to also get many employees that are really bad, but that they can’t fire, or get rid of.
Strengths
Team Work - In family businesses members usually don’t have to question their fellow employees/family members motives. Usually, they can assume that their objective is to help the company grow, and to help every body else in the family.
Concerned Employees - Family business owners are often concerned about their companies success, over their own success. Unlike employees in other companies, who go to work from 8 to 5, and then go home without giving the company another thought, family business owners have a tendency to treat the company as though it were there own (even if it’s not), and they will work much harder to make it successful.
Greater Sacrifice - The members of family businesses are often willing to work a lot harder, than they would be in another type of business. They will work longer hours, and are willing to get paid less, because they know that they are helping out their future generations.
Loyalty
You will rarely find turnover in small family businesses. It is rare for members of family businesses to leave, especially in management, and it is even rarer for the employees to go to other competitors, or for them to start their own business in direct comparison with yours.
Sense every business needs to realize their weaknesses and strengths, it may be a good idea for family businesses to look at what makes them different from public companies.
Tags: family business, general, public company
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