Business isn’t just about profit – reflections from four generations in business

  There are many advantages to keeping your family businesses going strong. Here are just a few of them:  1) Continuity - When you have a family business, there is a greater chance that it will continue for generations, since the family members are more likely to want to keep it in the family. Ben Grossman co-lead family’s 4th-generation family business.  2) Shared Values - With a family business, the values of the business owners tend to be more closely aligned with those of the company, since they share common bloodlines. This can lead to better morale and employee retention.  3) Greater Stability - Family businesses are often more stable than their non-family counterparts, thanks to the aforementioned shared values and continuity. This can be especially important during tough economic times.

 The family business may be growing, it can’t be sometimes sustained if there are no legal successors to get over and maintain the business legacy of the family. Ben Grossman family business set an example of the family business.

  All member of a family business has a desire and thought to make the business successful. In this way, they have a laid-out strategy on how to meet the concept of the firm. Ben Grossman has a sequence plan and they work on improving the next team of business leaders.

  Each individual from a family business has a reason and vision to make the business fruitful. Dissimilar to public subsidies where representatives work for their objectives and pay, family businesses work for the continuation of the business. Read More at:  https://www.bloglovin.com/@bengrossman7/few-family-businesses-make-it-to-4th-generation-10014165

  One key to our century of success has been our recognition of the fact that healthy, fulfilling lives are based on three critical elements: family, career, and community. Max Grossman, our founder, and great-grandfather was an immigrant who, despite leaving school after the sixth grade to support his family, had three goals in life: to own his own business, educate his children, and give something back to the community. Read More at:  https://justpaste.it/7y6zi

  A key pain point for Ben Grossman family business globally is their failure to adapt to technological change. As we counsel other next-gen leaders in other companies, past success doesn't guarantee future success. Without innovation, your company will be left behind.

  Get Organized  To make business progress, you should be coordinated. It will help you complete errands and keep steady over actions. A decent method to be coordinated is to make a daily agenda every day. As you complete everything, mark it off your rundown. This will guarantee that you're not failing to remember anything and finishing every one job that are crucial for the endurance of your business.  Keep Detailed Records All fruitful organizations keep definite records. Thusly, you'll know where the business stands monetarily and what potential difficulties you could be confronting. Simply knowing this gives you an opportunity to make methodologies to defeat those difficulties. Analyze Your Competition Contest breeds the best outcomes. To be effective, you can't be reluctant to consider and gain from your rivals. All things considered, they might accomplish something right that you can carry out in your business to get more cash flow. Understand the Risks and Rewards ...