Three Ways a Family Business Can Stay Competitive in the Digital Age

How does a family business stay competitive in the digital age? The family business has had to remain competitive long before the digital age and will continue to do so in any age to come. Times have changed and so have families, but these three advantages will help ensure the success of the family-owned business for years to come.

A Face You Can Trust

The primary advantage of a family business is its image. From a marketing standpoint, nothing beats the appeal of a face you can trust. Customers remain loyal from generation to generation. Yet, this does not mean the business can rest on its laurels. It must continue to tell its story to the public. Decisions must be made regarding how to organize the family’s private and public affairs. Someone must manage the brand. A balance must be struck between visibility and overexposure. The story of the company must align with the experience of the employees. The family’s values must be incorporated into the company’s vision.

Networking

A family is already a network in and of itself. Many family businesses continue to strive to “keep it in the family.” Each family member then, in turn, brings his or her own relationships into the fold. The full scope of the company’s social, professional and community relationships, when aligned with its business goals, will amount to a robust presence in the business world.

There is but one crucial difference between a family business and non-family businesses when it comes to networking. Relationships are expected to be more familiar and open-ended with family businesses. Family businesses are members of the community.  A family business can be pro-active when building a network. It can ask for what it wants. To get it, it must remain true to expectations.  Non-family businesses often lack this same connection to the community.

Making a Difference

Corporations make a difference, sure. Yet, so many family businesses have transformed illnesses and tragedies they have actually experienced into causes they champion publicly. A community might rally around one of its families in a time of need. In a similar vein, when a family business launches a personal crusade against, for example, cancer, the ripples of goodwill that emanate from the community will add up to more than just a positive difference in the world. They will increase the social stock of the company’s brand.

If you have questions regarding the operation of your family business or any other business law matter, contact this office for an initial consultation.