Boundaries are important for parents and family members working together. Done well family business should draw families closer and enhance the personal relationships between generations. But too often a lack of intention about the direction of the business and the roles played by each family member leads to stress and strained relationships
Strategic planning can play a role in improving relationships by getting clear about boundaries in the following areas:
What is important and what is not
Where family members can contribute their best efforts
When it is OK to talk about the business and when it is not
What it looks like for EVERYONE to be accountable.
Boundaries start with being very intentional and the best way to do that is to build a plan that
Articulates your values
Paints the picture of your vision
Shares why that vision is important
Succinctly identifies your company’s mission
Commits the company to one or two core strategies over the next few years
Establishes concrete 1-3 year goals
Sets 90 day priorities
Holds people accountable to weekly commitments
That is strategic planning and execution in a nutshell. If your family needs boundaries, start by taking a day off from working in the business and work on your strategic plan.