Here’s Why Having A Chief Of Staff Is Necessary For Your Family Business
Family Businesses are a great way to generate generational wealth. They provide the community with experts in the field, but family businesses are just as prone to failure as any other business. In their research intended for military failures, authors Eliot A. Cohen and John Gooch touch upon the topic of military misfortunes and the missing element that is also quite common in the world of family businesses: a good chief of staff. The Military serves as a perfect study for family businesses to learn from; if they are to improve themselves, they have to put on their ‘military boots.’
Back To The Basics
Before jumping into the hows and the whys, let’s talk about the basics of family businesses and the reasons behind their failures. When it comes to businesses in general, it is not because of one person or one bad decision-maker that businesses fail. It is more about the company showing hesitation when it comes to learning and adapting. Now, this doesn’t mean that leadership is not necessary; it most certainly is, but there is also a concept of collective leadership. There are many ways through which a family business can sustain itself, including incremental changes, planning, and strategizing. However, it is not a one-size-fits-all situation! What may work for one company might not work for the other.
Who Is The Chief Of Staff?
Family businesses usually have the head of the family overlooking and supervising all the operations while the younger family members either work as a buffer between the higher management and the employees or take on the jobs as an employee. A chief of staff provides support to the higher management by monitoring the workflow and communication between the two groups. They help out in mapping out or in planning for the business. Most importantly, they supervise all the high-priority tasks. Just like in the case of the Military, the success of a family business lies in strong leadership.
Signs of Strong Leadership
1. Learning From The Past
It’s important to not dwell on the past, but it is also important to learn from it, which is why a good leader always knows to track and analyze the data so they can include their findings into their plans to make sure to not repeat the same mistakes and increase their chances of success.
2. Looking At The Future
Predicting the future is impossible, but an experienced leader can make an educated expectation that is backed by data. This anticipation of the future will help you understand the risks of the future and the opportunities ahead.
3. Adapting To Today
It doesn’t matter whether you are young or old; learning is a process that never ends, especially for people in leadership positions since they have an entire team to support.
Being the Chief of Staff is not an easy task, but it’s a role that every family business requires.
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