For those involved in or with family business
As the global economic recovery advances, however erratically, family enterprises need to be focused on their competitive durability and resiliency in response to the prolonged ‘new normal’ of a transforming landscape.
Advisors and consultants have an immediate opportunity to help ensure that the enterprising families they work with are better equipped to navigate the patchwork of mature and emerging “free markets” of capitalism – especially given the volatility and uncertainty that abounds.
Family enterprises will do well to recognize that in today’s consumer context, customers or clients draw less of a distinction between the ownership orientation of businesses than they do for their credibility, reputation, and the perceived delivery on values indicators in their products and services. A ‘new responsibility paradigm’ is emerging in which companies are being more scrutinized than ever for matters of accountability, transparency, competency, and leadership integrity as well as for authentic linkages between their business ambitions and public interest values.
Welcome to the new foundation upon which smart competitiveness is built: family brands that don’t just deliver value but are constructed upon a holistic values system!
The great news is: family enterprises are uniquely oriented to deliver on these evolved expectations because their legacy characteristics play right into what is most expected of business in this post-crisis era. NextGen family members transitioning to leadership roles can help guide their senior counterparts in realizing new models for responsible competitiveness, supported by more contemporary brand platforms.
Such a brand platform must meld core family characteristics, values, and competitive differentials along with the organization’s sales proposition into a compelling embodiment. While many family enterprises manage to successfully ingrain their values in the anatomy of their organization and its culture, they often fall short at the next critical step: consistently applying values-based behavior at every touch point in the business strategy – from new product or service innovation, alliance-collaboration building and human resources practices, to senior executive thought leadership, channel partnering, intellectual property management, technology transferring and outsourcing strategies.
When a family brand platform is built upon fundamental, sustained values-based behavior, it will have widespread impact – from reducing costs and improving productivity to creating internal community to support it publicly. Good brand behavior will help ensure a more fluid execution of the business strategy and a strengthened culture of loyalty among both family and non-family employees. It will also support smoother organization transformation during periods of change.
A solid family brand platform also enables competitive encroachments to be more effectively combated, and fosters a culture of openness and truthful communication that instills integrity in management and business practices.
For family business advisors and consultants, Stewart Strategies Group has devised ten preliminary questions to gauge responsible brand behavior that we’ve used over the many years of our practice – and that you may find helpful in guiding your enterprising family clients through the reinvention of their family brand platform.You may click the link to download the questions.Ten Questions for Family Branding
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