Building a High Performing Team: Leadership Tips for Family Entertainment Business
It is no secret that family businesses struggle with day-to-day operations, management, leadership transition, and survival. According to the Family Firm Institute, family-owned businesses account for two-thirds of companies worldwide. While some family-owned businesses, like BMW, Wal-Mart, Ford, and Tyson, are far from the mom-and-pop corner stores associated with family-run businesses, family entertainment centers can be efficient and profitable in the long run as the big brands mentioned above. It all boils down to leadership.
Check out the secrets to practical leadership tips for family entertainment center businesses to help you start and operate your venue for success.
Leadership Tips for Family Entertainment Business
Here are leadership traits recommended for the family entertainment business owners.
1. Facilitate Respectful Communication.
Depending on family dynamics, communication might take a backseat in the business because of over-familiarity and entangled personal relationships. Lack of communication might lead to a complex maze of misunderstandings and grievances that could affect the FEC workplace and strain family ties.
Foster a company culture where open and regular interaction is encouraged. With a family-owned business, this means creating an environment where every family member or “employee” feels valued and heard. Consider valid concerns, stay objective, and keep business and personal matters on their own lanes. Ensure that ideas and suggestions are freely expressed and respected.
To effectively cultivate good communication culture, watch out for signs of communication breakdowns, such as recurring conflicts, decreased productivity, or general dissatisfaction among family members involved in the business.
2. Resolve Conflict.
The key to conflict resolution inside family businesses is nipping the issues in the bud. Outside issues are inevitable when different generations of family members work together. Good leadership and conflict resolution for your FEC requires:
Active listening - This will help be involved in a position where you can avoid further misunderstandings and identify the underlying concerns that create the conflict.
Compromising – Lead family members into a state of compromise where both parties in conflict can reach a satisfying resolve, giving up some terms to achieve a resolution.
Collaboration – Promote a spirit of teamwork and collaboration to prevent isolation of members, better addressing concerns together and solve disputes before they escalate.
Problem-solving – Good leaders of any business need critical thinking and problem-solving skills to determine the best solutions that are favorable to all parties. In a family-run entertainment venture, this would also mean balancing the outcomes for both personal and professional welfare.
3. Invite Outside Advisers.
An unbiased expert can help resolve business conflict when family relationships make it difficult to come up with the best solution for everyone’s interest. Exterior expert help can aid family members and the staff to work collaboratively without the burden of affinity, allowing the adviser to stay objective and aligned with the business goals.
For a successful family company, tap into the talent pool for expertise and skills that family members lack. Gain insights from external advise of family entertainment center industry experts and follow the steps to build an entertainment business without compromising personal relationships.
4. Embrace Flexibility.
Flexible leaders can modify their management steps and approaches in response to uncertain circumstances. Here are some ways you can develop this flexibility for your FEC business leadership:
Ask questions and immerse yourself in new situations.
Explore new strategies instead of sticking to what you know.
Understand that different situations need different communication styles.
Move forward from personal conflict and learn from situations that caused such problems.
Make your adaptability visible to the family by paying attention to other’s perspectives and embracing change.
Listen to team members without judgment.
Handle personal grievances with sensitivity and professionalism.
5. Practice Good Governance.
Going beyond the family circle will help you ensure effective governance. Successful family businesses across the globe practice this approach. This means forming a professional, advisory, and supervisory board consisting primarily of non-family members, with a mix of select family representatives. This opens the avenue for diverse perspectives and expert decision-making, leading to more balanced and objective business judgments.
6. Plan for the Future.
Successful family entertainment businesses leaders create family business succession plans to future-proof the business and maintain the family-and-business culture and legacy from generation to generation. Good leadership in this area requires identifying family members’ talents and investing on their improvement. This should go together with acquiring talent both outside and within the family for professional balance.
7. Set Clear Boundaries.
Establish and maintain a clear separation between family matters and business operations to keep family issues out of the boardroom and ensuring that work-related discussions and activities are confined to the workplace. This helps preserve professional relationships and decision-making within the business while maintaining strong personal relationships among family members.
Foster Family Business with Discipline for a Strong Legacy
So, are you ready to lead your family-run business into a future where your legacy is set? You can make a lasting mark in the FEC industry with good leadership and governance to manage your business effectively while safeguarding your family relationships.
