The term "professionalisation" can be used to describe the extent to which a family business embraces formal governance structures, strategic planning, and professional development programmes for both family members and non-family personnel. Professionalization can assist family businesses with concerns including succession planning, dispute resolution, and guaranteeing the long-term viability of the company.
Regarding my personal Family business, we are currently undergoing change within the business. Our goal as explained above is to create a proper structure of planning, governance and communication in the business. This is an area which we have lacking in due to many factors such as the generations difference within the family business and the different structures that each members has on the company and how they want the business to evolve in the future.
The family business professionalised has big measure on how the business performance and competitors or innovate in the market.
1.Competitive performance is typically measured by analyzing a company's market position relative to its competitors. This can include factors such as market share, customer retention, and brand awareness.
2.Innovation performance is often measured by the number and quality of new products or services introduced by a company. Metrics such as research and development (R&D) spending, patent filings, and the success rate of new product launches can be used to measure innovation performance.