Hardware Retailing

OCT 2017

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: https://hardwareretailing.epubxp.com/i/877991

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Page 92 of 120

HARDWARE RETAILING | October 2017 88 Ways to Navigate a Family Business 10 10 F or many people in this industry, retail and family go hand-in-hand. While running a family business is rewarding, it is not always easy. Hardware Retailing spoke with Wayne Rivers, co-founder and president of The Family Business Institute to gather 10 tips family business leaders can implement in any retail operation. 1. Communication Is Key A majority of issues coming from management are communication problems, Rivers says. The only way to get better at communicating is to practice. In some case, this means family business leaders should step away from the urgent, day-to-day operations tasks to focus on the bigger picture. 4. Dealing With Change The best leaders see change and challenge as opportunities while simultaneously avoiding a victim mentality, Rivers says. It's important to not only that recognize change is a fact of business life, but to learn to anticipate it and get ahead of it to be prepared and take advantage of new opportunities before the competition does. 5. Continuous Improvement Top family business leaders are always looking to improve themselves, their people, their families and their organization, he says. Business leaders don't fall prey to the idea of "that's the way we have always done it here," which represents clinging to the status quo. Visionary family business leaders understand that the status quo holds the organization back. Avoiding necessary and desirable change is the greater enemy to family businesses over the long haul. 2. Strategic Management The best manager is a strategic manager because strategic planning yields so many benefits for family businesses, Rivers says. The use of long-range planning, advanced 21st-century management tools, and modern family governance practices increases the amount of communication, information and knowledge sharing in family businesses, which in turn strengthens and improves the organization and the company culture and can increase business opportunities. 3. People Management The most successful retailers are those who recognize and acknowledge their people, Rivers says. If you don't have a system for the care, training and nurturing of your team, you're not going to attract top talent. Hire excellent employees instead of average, and then recognize and thank them. START

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