1 how would you describe the culture of the family business?
Culture IN FAMILY business is a set of values, norms and standards that influences how members and professionals work to achieve their mission and goals. Culture shapes the behaviour. It becomes more and more distinct as and when its members become more similar.
2 in what ways your family purpose and values reflected in the business culture?
Defining your company values requires a close examination of your organization’s culture and vision. Think deeply about how to use your values to illustrate what your company hopes to achieve and represent. Consider these guidelines when establishing your company values:
Keep it short. Your values should be easy for your employees to memorize and epitomize. Rather than writing an essay, think about the real meaning of your values. Distill them down to words that the average person understands and can adhere to.
Stay specific. Writing in vague corporate jargon is confusing and dilutes the meaning behind your words. Values need to tie specifically to your company’s goals and mission. They should be relevant to the products or services your company offers as well as your company culture.
Address internal and external goals. A company’s decisions impact the employee experience, but they also impact the outside world. Failing to consider the ways your company affects external groups is disingenuous. When you address the manner in which your company wants to interact with the outside world, it leaves employees feeling hopeful and inspires trust in your customers.
Make them unique. Using the same values as a different company 一 or worse, a competitor 一 leaves your business looking ordinary. Think of what sets your organization apart from others and concentrate on bringing those aspects to light in your company values to attract the right customers and employees.
3 how does the stage of your family business life cycle contribute affect or adore the business and ownership dimensions of your business?
To balance between business dimension and family dimension with ownership approach should consider three factors: (1) family control, (2) shareholders liquidity, and (3) growth capital. Family control has an influence on the ability to control the company. Shareholders liquidity has influence on the voting rights of shareholders. Last is the growth capital that has an influence on operationalize the company efficiently. Using Sharma's performance matrix, the best type of family business is a professional family business (FB) rather than a family business with family oriented (Fb) or a family business with Business oriented (fB). Although the FB has difficulty balancing the business dimension and family dimension. Keywords: Family Control, Shareholders Liquidity, Growth Capital, Sharma Performance Matrix