Starting a Family Business Step 8. Observe and Reassess (8 of 8)
May 10th 2008 21:16
After you have been up and running for some time, you will need to take a good look at what you are doing, and what your competitors are doing. You can start to implement ideas of efficiency such as Total Quality Management. There are questions you should be asking at this point:
• Can and should you expand?
• What opportunities are available for you to get more market share?
• What threats are coming your way?
• What weaknesses are apparent, or what could you be doing better in you company?
• Are there any inter-family conflicts in the management area?
• How are the non-family members doing?
• What is your company doing the best and how can you turn that into a competitive advantage?
• How will you exit the market when it is time to do so?
Now that you have the steps, get out there and make your business the best it can be.
• Can and should you expand?
• What opportunities are available for you to get more market share?
• What threats are coming your way?
• What weaknesses are apparent, or what could you be doing better in you company?
• Are there any inter-family conflicts in the management area?
• How are the non-family members doing?
• How will you exit the market when it is time to do so?
Now that you have the steps, get out there and make your business the best it can be.
Savassi building Brazil
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