Going into the Future: Modernizing Your Family Business

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on tumblr
Share on reddit

There are many family-run businesses out there. While many of them are successful, it can be hard to keep them going. Every new generation has the challenge of modernizing their operations to stay competitive. If you are the latest member of your family to lead the company, you likely have big shoes to fill. But your biggest challenge right now is to modernize your business. Here are some things you should focus on so that your company has a fighting chance in today’s market.

Upgrade the Office

One change that you have to make is to upgrade your main office. If your family business has been around for a few decades, it likely has a traditional-looking office. It might even look like it did back in the 80s or the 90s. While that can be nice for older clients, you want to attract new clientele. This is where a good office upgrade comes in.

Bring in an interior designer so that your office has a clean, modern look. The preferred approach for office design nowadays is minimalism. This emphasizes simplicity and cleanliness. Open up your spaces so that people have a larger personal space to focus on their work. The hip new look will help show clients that your company is up-to-date with the current trends.

Modern furniture can also be a great help when it comes to ensuring comfort for your employees. Ergonomic chairs and tables are much better nowadays compared to those that around a decade ago.

Keep up with the Technology

Imagine an office without computers, and you can see why your company needs a tech upgrade. There are several aspects of the business where you can implement changes. For one, if your company still depends on a normal landline instead of a Zycoo IP PBX system, then you should change that. A PBX phone system allows your business to handle more calls and messages. Your family business likely has built up a large clientele where you need to keep tracking incoming calls. The modern PBX also includes online communications and more. Teleconferencing will be much easier.

Technology upgrades can also come in the form of better payments. For example, if your family business has only taken cash payments before, it should start to open up to other payment methods. Electronic payments and credit cards allow your company to widen its customer base. Credit cards especially important because many people depend on them nowadays, and it can progress to you accepting online purchases.

You can also start using modern software and automation. Accounting software can help move your books from difficult-to-track paper books into a more manageable digital format. Now, you can know where exactly your money went with a single click. Older companies who moved to this format often see increased efficiency.

man using laptop while holding a cup outside a cafe

Update Your Marketing

Companies reinvent themselves many times. This is especially important when it comes to marketing. You want to be seen as fresh and relevant as ever. As an example, you can see how the Coca-Cola brand has evolved over the years. Once marketed as a medicine, it has changed itself into a refreshment. You should seriously look into changing your advertising image so that you can appeal to the new generation.

At the very least, you should get a social media page. This allows you to engage with your customers more. This also gives you a chance to be visible on the platform where many potential customers are.

Diversify or Modify Your Product or Service

Many people don’t know this, but Nintendo started as a playing card maker. It would have been difficult to make video games when the company started back in the 1890s. But now the company is best known for making things that didn’t exist when its founders began the business. But the company still makes playing cards though it is not its focus anymore.

You should apply this approach to your family business. Look into what product or service that your company provides and see whether you can add more offerings. For example, if you are a cleaning service, you can also start offering laundry services. Adding to your product line up can help your company survive in the future.

Being tasked with running a family business is a major responsibility. Ensuring it survives and prospers can be a heavy burden, but it is doable. Look towards the future and ensure your company will be able to survive the changing landscape of the marketplace. If you do it right, then your children or grandchildren might be running it in the future.

Sign up for our Newsletter

Scroll to Top