Working on your businesses future

What’s important in your future

It’s a simple question.  But a really hard one to answer.  Go on try it….what do you really want to be doing next year, the year after and in ten years time?  If you answered this with bullet points from your business plan please take a moment.  Have you thought about your life outside of the business? Now answer the same question, what do you really want to be doing next year and how is your business going to help you get there?

I am my business

There are so many people prepared to help you plan your future based on some great business models.  This is great if your business future matches your life plan.  We know running a business is different to the employed world.  The business becomes part of you and despite what everyone says it does become personal.  However like all things in life if you take control you will get more from it. Look at taking control of your business future as taking control of your health by regular exercise or your weight by starting a better diet.

So what is the secret of a good diet plan or a good exercise plan?  It’s to set goals and stick to the plan. Planning your business future is exactly the same. Like improving your diet or fitness, planning for your business can’t be separated from the rest of your life.  You know going on a diet at the same time as starting a bakery course isn’t a good idea.  Have you ever planned a business project at exactly the same time as a family holiday?  Would reviewing your business budget over Christmas really be a good idea? Both previous examples should be extreme examples, but probably not for a lot of us…  Good planning allows you to enjoy both your business and the rest of your life.  If you are stuck in the wheel of ‘business first’ every time maybe it’s time for a change.

A business with a lifestyle not a lifestyle business

What a lovely phrase ‘lifestyle business’ .  The world is full of lifestyle businesses.  Many of them make a good living for their owners who are actually getting paid for essentially living their dream.  Essentially most people don’t go into business to make a fortune. They create a business to get away from the problems they have met in the employed world.  When business are ran well the owners can make a good living and have a good lifestyle.

On the flip side business must be taken seriously.  There are far too many examples of start ups looking for a lifestyle that because of poor planning haven’t worked well for their owners. Business is relentless and even the best can get tired and that’s when its time to revisit the business gym or business diet club.

Finding your business gym or business diet club

Why does the Great British Public when it wants to get fitter or loose weight go to the gym or join a diet club?  The two reasons for this are that’s where the experts are and that’s where people who want to get fitter or loose weight go to.  It’s the same with business.  If the business has lost its way or it wants to get better, it goes  to experts form accountants, business advisors and business groups such as Be the Business. If the business wants motivation it should work with likeminded businesses (your peers).

Help can also be found from universities such as Lancaster University have always offered access to a range of experts from masterclasses to 6 month courses.  They also play host to resident entrepreneurs (Jacqui is a resident entrepreneur here).  Other universities host business experts to match the academic work they are doing ( Jacqui is part of WE-LEAD at the University of Birmingham).

As Thomas Jardine & Co we regularly work with universities, growth hubs and other business groups to design and deliver business courses designed to help businesses with specific development needs.  The most effective of these always involve peer work because your peers rarely let you down.

Working with business experts and your peers

Experts are useful, like personal trainers they can get you over a particular problem and motivate you in their session.  If the business wants to keep on track it finds fellow businesses who are doing well to talk to.  Our last year in the Guild in Carlisle has shown the absolute value of sharing space with fellow businesses of all sizes who just want to improve their businesses.  Business peer support here is as good as you get with regular gym goers.

So the choice is yours.  If you need to fix a specific issue then talk to the right expert.  Then, if you want to get in the habit of planning your business and building your future lifestyle then look to work with  a group of your peers. Finally, if you want to make a start on the next part of your business journey give us a shout.

 

 


Peer Learning and The Family Business

So, who is your peer?

A peer: “A person of the same age, the same social position, or having the same abilities as other people in a group”

Does this mean the family business is the ultimate peer group

The very nature of family business makes family businesses self contained peer groups. Family members working in a family business are  business owners tend to have the same social position.  All family members have  the opportunity to contribute to the success of the business.  A ‘husband and wife’ team will probably  be of similar ages. With a generational family business there is a possibility that there will be a number of them of similar ages.

Running your business with your spouse you will be both learning to manage business and personal life. You will be doing this with the one person who knows you better than anyone else. Growing up in a generational family business you will have felt the impact of the peer group. As a family business child you would hear kitchen table conversations between mum , dad and grandad. These family conversations create business actions (or inaction) driven by frank discussions in arenas of trust.

Nothing is more powerful than  your peers challenging you

Family businesses are used to everyone from suppliers to customers challenging their plans.  We all treat these challenges with the respect they deserve.  We know that the  challenges that really test us are made by folk who walk in our shoes.  Family business owners are used to been challenged by other members of their family.  This is what makes them different to non family businesses.  Our most memorable impact from facilitating the Lancaster University Family Business Program was the impact of family business owners working in peer groups to challenge each other.

To remain ahead of the game in business, your learning has to be greater than the rate of change.  Otherwise you will be left behind.

INSEAD an institution that works closely with some of the largest and most successful family firms from across the world. INSEAD puts the success of these businesses down to bedrocks of:  “Clear and well defined family values, trust, networks and innovation” . In todays rapidly changing business environment family busineses can build on their values, trust and networks to be at the forefront of innovation in systems and products. So, our learning must keep up with the rate of change, otherwise we will be left behind.

Action Learning is a powerful tool to enhance your decision making skills on your business journey, fundamentally there is no learning without action!

We have found that combining peer to peer learning with action learning creates a powerful tool.  This combination of learning  leads directly to actions  encouraged by a group of trusted peers.  It takes place in a confidential setting of your peers of  family business leaders from a variety of sectors.  Your peers asks you to examine the challenges within your business in an open and honest way, using open question techniques.  By doing this, the peer group  improves your confidence helping you achieve personal and business goals and achieve your overall ambitions.

Come and join us with Be the Business

Thomas Jardine & Co are working with Be the Business, the Family Business Network and Cumbria Growth Hub to deliver a family business programme based on peer to peer action learning and would love you to be part of it.  Take your first action and  come and join us.