family buisiness

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CategoriesBuissness Business success Family company Latest

What You Can Learn from Family Business

By admin,
buisness

What You Can Learn from Family Business

What can companies and entrepreneurs gain from the experiences of family businesses?

Is it possible to transfer their mysterious success to the broader business world?

Family businesses possess a unique charm rooted in heritage, relationships, and shared values that are often deeply ingrained in their identity. Their long-term perspective on business and commitment to quality are often driving forces behind stable growth and sustainability.

In an era where long-term management is increasingly encouraged in all businesses, family enterprises serve as a model of sustainability and enduring success.

Their emphasis on resilience over short-term profits showcases their ability to thrive in challenging times, while inspiring non-family businesses to adopt similar strategies to enhance their long-term performance.

As key players in the global economy, family businesses continue to shape the business landscape with their unique approach to success, firmly grounded in resilience, sustainability, and a focus on the future.

As we delve into the operations of successful family businesses, we uncover several crucial aspects that we can learn from and incorporate into other business practices.

family

What can you learn from family businesses?

  1. Thrifty Financial Management: Family businesses are known for their frugality and prudent financial management practices. By controlling expenses and maintaining lean cost structures, they reduce financial vulnerability during uncertain times, thereby minimizing the need for drastic cost-cutting measures like significant layoffs.
  2. Disciplined Capital Expenditures: Family firms exercise rigorous discipline in making capital expenditure decisions. Projects are evaluated not only for their potential returns but also for their alignment with the company’s overarching financial goals. This approach helps mitigate unnecessary risks during periods of expansion and limits exposure during market downturns.
  3. Conservative Debt Management: Family-controlled firms tend to maintain lower debt levels compared to nonfamily businesses. Their aversion to excessive borrowing stems from a desire to avoid undue financial strain and vulnerability during economic downturns, thereby enhancing their financial resilience.
  4. Selective and Focused Acquisitions: Family businesses adopt a cautious approach to acquisitions, often favoring smaller, targeted acquisitions that align closely with their core operations and strategic vision. This measured strategy reduces integration risks, preserves the company’s unique culture, and safeguards the family’s legacy.
  5. Diversification for Stability: Surprisingly, many family-controlled companies exhibit a higher degree of diversification compared to the average corporation. This diversified approach provides a safety net during sector-specific downturns, allowing for the allocation of resources from other sectors to sustain growth and weather economic storms.
  6. Ambitious International Expansion: Family businesses display ambition and tenacity in their overseas expansion endeavors. They generate a substantial portion of their sales abroad, driven by organic growth or carefully executed small-scale local acquisitions. Their patient and sustainable approach to global expansion positions them for steady and enduring success in international markets.
  7. Fostering a Talent-Driven Culture: Family-run enterprises excel at talent retention, placing a strong emphasis on creating a culture of commitment, purpose, and inclusivity. Prioritizing the development and promotion of internal talent fosters higher levels of trust, familiarity, and efficiency within their workforce.
  8. Resilience as a Core Value: Family-controlled companies prioritize resilience as a guiding principle, recognizing the importance of weathering both prosperous and challenging times. This long-term perspective allows them to remain steadfast during economic booms and, conversely, to be prepared and flexible during economic downturns.

family

We can learn a lot from family businesses!

  1. Thrifty Financial Management: Family businesses are known for their frugality and prudent financial management practices. By controlling expenses and maintaining lean cost structures, they reduce financial vulnerability during uncertain times, thereby minimizing the need for drastic cost-cutting measures like significant layoffs.
  2. Disciplined Capital Expenditures: Family firms exercise rigorous discipline in making capital expenditure decisions. Projects are evaluated not only for their potential returns but also for their alignment with the company’s overarching financial goals. This approach helps mitigate unnecessary risks during periods of expansion and limits exposure during market downturns.
  3. Conservative Debt Management: Family-controlled firms tend to maintain lower debt levels compared to nonfamily businesses. Their aversion to excessive borrowing stems from a desire to avoid undue financial strain and vulnerability during economic downturns, thereby enhancing their financial resilience.

Conclusion

Family businesses offer invaluable insights and lessons that extend beyond the business world. Their story of long-term vision, committed relationships, and strong values reminds us of the importance of building on heritage. We can learn to adapt, build sustainability, and maintain humility in both good and challenging times. These lessons can serve as a source of inspiration for anyone looking to build enduring and thriving organizations that navigate the dynamic challenges of the business world.

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mc

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

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Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

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Delegation
CategoriesBuissness Business success Delegation Family company Latest tips & tricks

The Art of Delegation

By admin,
buisness

The Art of Delegation

Delegation of Tasks within a Company

Delegating tasks is a crucial aspect of successful company management. It’s not enough for a leader to focus solely on their own tasks. It’s essential to properly delegate tasks among employees in order for the company to grow and progress.

However, task delegation can also be challenging, especially in family businesses where separating work and personal life is often difficult.

The Importance of Proper Task Delegation

To achieve the best results in your company, it’s important to recognize that you cannot do all tasks by yourself. Proper task delegation is therefore crucial for the efficiency and success of the company. Delegation involves transferring work and responsibilities to other individuals in your organization. This can relieve your workload and allow you to focus on more important tasks within your company.

Unfortunately, it often happens that companies delegate tasks improperly. Which can lead to serious issues such as decreased efficiency, project delays, and low quality of services or products.

In such cases, it’s important to understand how to delegate tasks correctly and how to prevent potential issues that could affect your company.

Delegation

Benefits of Task Delegation in a Company

Delegating tasks within a company can bring several advantages to your business. Below, we will outline some of the most important benefits of task delegation.

Benefits of Task DelegationDescription
Increased ProductivityDelegating tasks can reduce staff workload, allowing them to focus on more critical tasks and increase productivity.
Skill Development and LearningDelegating tasks enables employees to develop new skills and learn new things, providing them with opportunities to expand their knowledge and enhance their capabilities.
Creating a Positive Work EnvironmentTask delegation can improve the work environment by encouraging collaboration, building trust, and fostering positive relationships among staff.
Lightening Leadership LoadDelegating tasks allows leadership to focus on strategy and planning, as other individuals within the company take on the work and responsibilities.

These benefits of task delegation are crucial for the smooth operation of a company. To harness these advantages, you need to learn how to delegate tasks properly.

Delegation

How to Properly Delegate Tasks in a Company

Delegating tasks within a company is an essential step for successful and efficient operations. However, it’s crucial to delegate tasks correctly to avoid potential issues and complications.

To delegate tasks properly, you need to have a clear understanding of the tasks you want to delegate. It’s important to know the abilities and limitations of your employees so that you can assign tasks based on their competencies and experiences.

Appropriate Approach
Try to delegate tasks to employees who can perform them better than you can, rather than to those who are less qualified.

When delegating tasks, clearly define them and expect employees to report progress to you. It’s important to avoid excessive control and oversight, as this can decrease employee motivation.

In task delegation, it’s also important to consider time constraints and expectations for task completion. Clearly set deadlines for task completion and inform employees that you will monitor progress and occasionally meet to exchange opinions and experiences.

However, it’s crucial that sharing responsibilities and task delegation do not lead to a loss of control over the company. Leadership still needs to retain ultimate accountability, so they must remain attentive and informed about work progress.

Useful Tips for Proper Task Delegation:

  • Delegate tasks to employees who will perform them better than you.
  • Clearly define tasks and expectations.
  • Set a deadline for task completion.
  • Regularly monitor progress and meet with employees.
  • Retain final responsibility and control over the work.

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mc

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

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Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

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Treasury of inspiration
CategoriesBuissness Business success Family company Latest tips & tricks Work-Life Balance

Treasury of inspiration for personal or business growth

By admin,
growth

Treasury of inspiration for personal or business growth

The world can be your playground!

Forget about the established paths and worn-out patterns of thinking. Start thinking outside the box, find new perspectives, and embark on unknown paths.

Sometimes it seems easier to follow established ways of thinking and conform to the paths defined by others.

The world is your playground, where you can make decisions in unexpected places.

It is a treasury of inspiration for personal or business growth.

Treasury of inspiration

When you find yourself in the embrace of nature, deep in the woods, you feel its freedom. In these moments, you realize how small we actually are, a dot in the universe.

On a remote island, surrounded only by the whispers of the wind and waves, you can find peace and clarity that help you think and decide clearly.

The sand on the beach is like an endless sheet of paper on which you can write your goals and dreams. When you entrust them to the power of the sea, you express trust in the process.

While observing falling stars in the night sky, distance yourself from everyday worries and focus on your deepest desires hidden in your heart.

In the hustle and bustle of the city, where chaos and creativity meet, you have the opportunity to expand the boundaries of thinking. The heart of the city, with its squares and streets, offers you answers to questions that help you better understand the world and your place in it.

Treasury of inspiration

At concerts, you can completely surrender to the rhythms of music, allowing you to focus on the moment and trust your instincts. It’s a space where you can express your uniqueness through movement and fully enjoy each moment.

When you allow yourself to dive into the unknown with passion and without fear, doors full of unexpected possibilities and experiences open up, enriching your life.

The best decisions are those that come from within. When you listen to your feelings, instincts, and intuition, you connect with your true nature.

Trust yourself, believe in yourself, and follow your dreams. Remember that you are the author of your destiny, and every moment is an opportunity to create a wonderful life. Take life into your hands, leave your mark on the world, and become the best version of yourself.

You are the creator of your destiny, as the world is your canvas, and you are the painter.

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mc

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

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Job Interviews
CategoriesBuissness Family company job Latest posts Personal tips & tricks

Overcome the fear of job interview

By admin,
Human Resource Management

Overcome the Fear of Job Interviews

Have you ever felt nervous before a job interview and desperately searched for ways to boost your confidence?

Do you want to stand out and impress the employer right from the start?

Don’t worry, we have a solution for you!

Conquer the fear of interviews and enhance your confidence with simple exercises.

Job Interviews

Are you preparing for a job interview?

Build a solid foundation for success and gain a crucial advantage over other candidates.

Enhance your body posture

Before the interview, take a few minutes to adopt a strong body posture. Stand tall, broaden your shoulders, lift your chin, and imagine yourself as a confident person. You can also do this a few minutes before the start of the interview to boost your sense of confidence.

Transform fear into a challenge

Instead of focusing on the feeling of fear, envision the interview as a challenge you want to embrace. Think about how you can leverage this challenge for personal growth and gaining new experiences. Embracing the challenge will reduce the sense of uncertainty and fear.

Job Interviews

Challenges solving

Before the interview, imagine the worst possible scenario that can happen during the interview. Then imagine how you successfully cope with this challenge and find a solution. This will prepare you for potential problems and increase your sense of confidence.

Listening to confident music

Before the interview, listen to music that gives you a sense of confidence and energy. Choose songs that motivate you and uplift your mood. This will help you maintain a positive attitude before the interview.

Pretend that you have already got the job

Before the interview, imagine that you have already got the job and are working in the company. Think about how you would behave, how you would dress, and how you would communicate with other colleagues. This will help you feel a sense of confidence and adaptability.

Speak out loud

Take the time to express your thoughts and answers to questions out loud, as if you were in a real interview. Speak loudly and confidently, and imagine yourself effectively communicating with the employer. This will help boost your confidence and prepare you for the conversation.

Be confident. Overcome STRESS.

 

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mc

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

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family business
CategoriesFamily company Latest posts Work-Life Balance

Inheritance in a family business: No, thank you!

By admin,
A family business

Inheritance in a family business: No, thank you!

You are a parent who has invested a tremendous amount of effort, time, and love into building a family business. Perhaps you had dreams that your child would continue your life’s work. Taking over the reins of the company when you were no longer able to lead.

But your child has decided differently.

When a child decides not to take over the family business, what steps can be taken?

Despite expectations and hopes that the child will take over and inherit the family business, they have expressed a desire for a different career path.

In this situation, you may experience mixed feelings. You may feel disappointed because you wanted your legacy to continue through them.

Fears and uncertainties about the future of the company may arise. What will happen to it if a family member, your successor, your child, doesn’t take it over?

This is a common occurrence in family businesses where children choose different paths in their lives. Although it can be difficult to accept. It is important to maintain calmness and openness to new possibilities.

It is crucial to understand the reasons behind the potential successor’s decision not to take over the family business.

They may lack interest in running the family business and wish to pursue a different career path.

Or they simply do not feel capable of taking on the responsibility. Respect their decision and not insist on them taking over the company. Forcing a child into such a role – succession in a family business – can create tensions in family relationships.

family business

What alternative options are available to you when a child says, “Inheritance in the family business – no, thank you!”?

One possible alternative for the future of the family business is to seek external leadership to take over management. This could involve hiring an expert or a director who would run the company independently from the family circle.

Such an approach would introduce objectivity, fresh ideas, and professional knowledge into the business. External leadership could bring in new perspectives and strategies that would help transform the company and ensure successful development in the future.

Another option is to consider selling the company or merging with another business. Selling the company would enable the transfer of ownership and responsibilities to another entity. This could bring financial stability and new opportunities for growth.

Merging with another company could result in synergistic effects, a larger market share, and the exchange of resources, knowledge, and experience.

Both options require careful planning, negotiations, and legal processes.

family business

Establish open and honest communication.

Preserve the family dynamics and maintain strong relationships between parents and children.

Parents should express their concerns and expectations, while the child, a potential successor of the family business, should clearly explain their reasons for their decision. Through dialogue, you can together find the best solutions for the future of the company while preserving solid family relationships.

By doing so, you avoid potential misunderstandings and conflicts and enable constructive collaboration in decision-making regarding the direction of the company.

Embracing open conversations and considering the perspectives of all involved parties will contribute to a successful and harmonious future for both the business and the family.

Consider the possibility that preserving the family business may not be feasible. In such a case, the relationship between the company and the family ends, leading to the sale of the business.

Be flexible and open to new paths that allow you to maintain stability and the well-being of the family.

When making such decisions, it is crucial to seek professional business advice and consider the long-term consequences on family relationships and financial security.

family business

However, despite the child’s decision not to take over the family business, it is important to build bridges and maintain strong family ties.

Family businesses represent a unique part of family identity. Therefore, it is crucial to establish respectful and loving communication despite any disappointments.

It should be emphasized that the child’s decision does not affect the value of the family relationship and that family ties can be strengthened outside the business environment as well.

Nurturing love, support, and understanding among all family members is essential. These relationships are the foundation of stability and happiness in life, regardless of the fate of the business.

 

If you need help, arrange a free presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mc

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

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CategoriesBusiness success Family company Latest posts tips & tricks

Right job position for the right person

By admin,
Human Resource Management

How to choose the right person for a vacant job position?

Would you like to break the conventional methods of selecting candidates for job vacancies?

Are you tired of boring and complicated procedures and want to find the best candidates in an innovative way?

Have you ever wondered what it would be like if you could instantly uncover the key qualities of candidates for job vacancies?

Quick identification would allow you to choose the best among the best, saving valuable time and focusing on those who truly stand out.

You would no longer need exhaustive reviews of applications and interviews, as you could determine in a matter of moments whether a candidate meets the job requirements.

Don’t believe it? Anything is possible!

How to choose the right person for a vacant position?

Use situational exercises: Instead of a traditional interview, put the candidate in real situations they will have to deal with in their work environment. For example, present them with a challenge on how to solve a specific task or situation. This will demonstrate how they handle practical challenges and how quickly they think.

Uncover hidden talents through profiling: Collaborate with a psychological assessment expert and utilize psychometric tests or personality assessments that will help you gain insight into the candidate’s personality, motivation, and work preferences.

Project Work: Offer the candidate the opportunity to undergo a trial period or project work before making a final employment decision. This will allow you to see the candidate’s work in practice and assess their performance and fit within the company.

Conduct Behavioral Interviewing: This approach involves asking questions that require the candidate to reflect on past situations, how they behaved, the decisions they made, and how they solved problems. This will enable you to assess the candidate’s behavior, problem-solving skills, and adaptability.

Group Interview: Assemble a small group of employees involved in the selection process and conduct a group interview. In this environment, you can observe how the candidate responds to different opinions, communicates, and collaborates with the group.

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mc

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

BUY E-BOOK
The Secrets of Business Success
CategoriesBusiness success Family company Latest posts tips & tricks

The Secrets of Business Success

By admin,
Business Success

The Secrets of Business Success

Entrepreneurship is a dynamic path filled with opportunities, challenges, and failures.

However, for successful entrepreneurs, it is not enough to simply have a good idea or product.

It is important to develop certain qualities and adopt specific approaches that lead to long-term success.

Entrepreneurship is like an adventure that requires perseverance, passion, and a willingness to embrace challenges.

The Secrets of Business Success.

DISCOVER THE SECRETS OF BUSINESS SUCCESS

Be Curious: Successful entrepreneurs always remain curious and seek new ways to improve their business. Don’t be afraid to explore. Try out new ideas, as the most innovative solutions often arise from unusual connections and concepts.

Embrace Failure: Failure is a part of the entrepreneurial journey. Instead of giving up in the face of failures, use them as opportunities for learning. Accept your mistakes. Analyze what went wrong, and utilize the acquired experience to enhance your next venture.

Be Different: Instead of following the crowd, focus on becoming different and standing out from the average. Find your unique selling proposition and emphasize it. Customers are more likely to remember a business that differentiates itself from others.

Collaborate with People Unlike You: We often gravitate towards people who are similar to us and think alike. However, collaborating with individuals who have a different worldview can bring fresh ideas and perspectives. Seeking diversity in your team or partners can lead to innovation and new business opportunities.

The Secrets of Business Success.

Don’t be afraid of taking risks: Successful entrepreneurs are aware that risk is an integral part of the business world. Don’t be afraid to take risks. Make an effort to step out of your comfort zone. Often, the greatest rewards are achieved by taking risks that seem beyond the realm of safety.

Take care of your employees: People are a key factor in the success of a company. Successful entrepreneurs understand the importance of taking care of their employees. And creating a positive work environment. Reward achievements, encourage innovation, and support the growth and development of your colleagues.

Build strong relationships: Building strong relationships with other entrepreneurs, customers, investors, and partners is crucial for long-term success. Don’t just build business relationships, but also personal ones. Establish a network of supporters with whom you can connect, collaborate, and grow together.

Be persistent: The path of business is often filled with challenges and obstacles. Successful entrepreneurs don’t give up at the first failure. Persist in your goals, be patient, and tackle challenges one by one. Persistence is a key characteristic for achieving long-term success.

 

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mcI

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

BUY E-BOOK
work-life balance
CategoriesFamily company Latest posts Personal Personal breakthrough tips & tricks Work-Life Balance

Work-Life Balance

By admin,
work-life balance

Overcome Monotonous Routines and Cultivate a Strong Work-Life Balance!

Do you often find yourself struggling to maintain a healthy balance between work and personal life?

Demanding schedules, constant obligations, and a lack of personal time can weigh you down.

Allow me to introduce innovative strategies that will help you break free from established patterns and create harmony between work and personal life.

work and personal life

DISCOVER THE SECRETS OF A HEALTHY WORK-LIFE BALANCE

Take into account the following eight tips to transform your daily routine:

  • Carve out “Your Hour”: Dedicate a specific time solely to yourself and your interests. Make it a special hour when you can truly focus on yourself.

  • Embrace a “Green Day”: Set aside time once a week or month for outdoor activities and reconnecting with nature. Immersing yourself in nature will refresh your mind.

  • Establish a “Transition Ritual”: At the end of the workday, take time to transition from work mode to your personal life. It could be something as simple as taking a walk, listening to music, singing your favorite song, or engaging in relaxation exercises.

  • Incorporate “Mini Breaks” into Your Workday: Instead of continuously working for long stretches, take short breaks during your work hours. This could involve practicing breathing exercises, going for brief walks in the fresh air, or listening to soothing music. These moments will replenish your energy.

work and personal life

  • Harness Technology for “Stress Reduction”: Utilize various applications that promote mental and physical relaxation.
  • Explore the Concept of a “Work Vacation”: Dedicate a day to pursue your passions, explore new ideas, or work on projects unrelated to your job.
  • Create a “Do-Nothing Day”: Once a month, set aside a day with no plans or obligations and simply go with the flow, following your current desires.
  • Focus on “Life Moments”: Whether it’s a family lunch, a concert, or a trip, strive to be fully present in the moment and savor the experience.

If you require assistance, feel free to schedule a complimentary presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mcI

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

BUY E-BOOK
CRISES BEHIND SUCCESS
CategoriesBusiness success Crisis managament Latest posts tips & tricks

Crises Hidden Behind Success

By admin,
Details You Must Not Neglect!

Crises Hidden Behind Success

What is the secret to success? Is it merely hard work, proper strategies, and timely decisions?

Are there dangers that you might overlook while celebrating achievements?

Crises hidden behind success!

These are perils that many entrepreneurs and leaders unfortunately ignore, but they should pay special attention to them.

Don’t let hidden crises catch you off guard.

Instead, recognize them, prepare for them, and confront them. Only then can you build a company that successfully deals with crises and creates new opportunities for growth and development.

Do not hesitate, but take action today!

Create a company that is prepared for all the challenges that the business world brings.

CRISES BEHIND SUCCESS

What can be the crises hidden behind success?

They are often overlooked or neglected as companies focus on achievements and positive results. However, some problems can develop in the background and become serious challenges if not given attention.

Some crises hidden behind success that you should be aware of include:

1. Excessive growth

If a company experiences rapid growth, it can face difficulties in maintaining quality, managing inventory, acquiring enough qualified employees, and sustaining stability. Excessive growth can also lead to financial troubles if the company fails to maintain the necessary liquidity.

Solution:

  • Implement a quality management and inventory planning system.
  • Proactively seek qualified employees.
  • Ensure financial stability and liquidity of the company.

2. Employee overload

Success of a company can lead to increased workload and pressure on employees. If employees are overwhelmed, productivity may decrease. Stress may increase, and employee satisfaction may decline. In the long run, this can result in burnout, high employee turnover, and poorer quality of work.

Solution:

  • Allocate work and responsibilities according to employees’ capacity.
  • Provide adequate tools and automation.
  • Support work-life balance and help employees manage stress.

3. Lack of innovation

When a company achieves success, it may focus on maintaining existing products or services instead of seeking new opportunities for innovation. This can lead to obsolescence, loss of competitiveness, and a decline in market share.

Solution:

  • Encourage an innovative culture and employee collaboration.
  • Monitor market trends and analyze competitors.
  • Invest in research and development and collaborate with external partners.

CRISES BEHIND SUCCESS

4. Market changes

Market dynamics are constantly changing. So companies need to be prepared for challenges brought by new technologies, shifting consumer preferences, regulatory changes, etc. If a company fails to keep up with or ignores these changes, it can find itself in a crisis.

Solution:

  • Adapt the business model and strategy according to market changes.
  • Monitor regulatory changes and timely adjust business practices.
  • Implement agile structures and processes for quick adaptation.

5. Fragile business chain

If a company relies heavily on key suppliers, partners, or customers, it can face difficulties if there is a disruption in the business chain. A crisis in one link of the chain can have negative consequences for the entire company.

Solution:

  • Diversify suppliers, partners, and customers.
  • Regularly review the business chain and identify vulnerabilities.
  • Develop alternative strategies to manage disruptions in the business chain.

If you need help, arrange a free presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mcI

Fill out the form bellow to get the free e-book

 

 

Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

+

Dynamic Leadership model

The purpose of the book is to present a dynamic leadership model, which in more than a hundred cases has proven to be a great way to get out of business and personal crisis and how to overcome difficulties without even going into crisis.

BUY E-BOOK
CategoriesFamily company Latest posts

Family businesses are more than just a business story

By admin,

Family businesses are more than just a business story.

There are stories about strong family ties, heritage, pride, and shared vision. However, these stories can also become bitter if family members fail to overcome the challenges that arise in running the business.

Nevertheless, many family businesses prove that it is possible to successfully transfer their business success from generation to generation. If family members adhere to agreed-upon rules and remain open to new ideas and practices.

Family businesses have been driving economic development around the world for centuries.

Strong family ties intertwined with values and traditions and the pursuit of shared goals are key to their success.

Advantages of family entrepreneurship

One of the most significant advantages of a family business is undoubtedly the connectedness among family members.

Family members often work together as a well-coordinated team, contributing to the company’s better performance. In addition, knowledge and experience are usually transmitted from one generation to another, which can lead to long-term and stable business growth.

Family businesses often have strong values and traditions that are passed down through generations. This can help them develop and maintain a strong company identity and ensure consistency in relationships with customers and partners.

In addition, family businesses can also take advantage of tax benefits and other financial advantages available to companies owned by family members.

Challenges of family entrepreneurship

One of the biggest challenges is ensuring clear boundaries between family relationships and business relationships.

This can lead to conflicts and problems in decision-making, especially if the company is facing difficulties.

Another challenge is that family businesses can become too closed and not respond quickly enough to changes in the business environment. This can lead to outdated business practices and a decline in the company’s competitiveness.

Moreover, transferring ownership and management of the company from one generation to another can also pose challenges.

Family members may disagree on the company’s strategy, or there may be questions about who will take over the company’s leadership after the older members leave.

Conclusion

Family businesses can be very successful and stable over the long term, as they have strong values and traditions and a well-coordinated team.

However, they also bring some challenges that need to be overcome to successfully transfer their success from one generation to another.

To avoid conflicts, it is important for family members to clearly define their roles and responsibilities in the company and adhere to agreed-upon rules.

It is also important for the company not to close itself off to new ideas and practices and to quickly adapt to changes in the business environment.

Transferring ownership and management of the company can be facilitated by proper planning and the education of successors, who can gradually learn from older members and gain the experience and knowledge needed to lead the company.

If you need help, arrange a free presentation meeting.

For all questions and scheduling, I am available at: ddr@milankrajnc.mcI

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Avtor - Milan Krajnc

Author of the article: pedagogue, entrepreneur & crisis manager and Tina Orter.

For more information or an introductory meeting, write to me at official@milankrajnc.com

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