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.