Nowadays it is impossible to speak to anyone in business without the topic of HR and staffing challenges. Pay reviews, promotions and all that entails are an essential component of business life, and for family firms, that is the case too.
Family business leaders should not be exempt and should also welcome feedback, demonstrating a willingness to be part of a process, and providing them with an opportunity to learn more about what they do and how it is perceived.
Family business leaders do deal from the front, in many cases have their name above the door which is a big responsibility, but above all, need to look at ways to continually innovate the business and move it forward.
Feedback can be an important and integral part of the ongoing leadership development process and the evolution of the family firm too.
If you are being truly honest with yourself, how ready are you to hear honest feedback from the people you lead? Not platitudes, not half-hearted suggestions for improvements, but real, unmoderated and truthful opinion. Are you confident that they would say complimentary things or quietly terrified of a withering assessment? The idea of feedback is understandably nerve-racking for many – principally because it can challenge the carefully constructed self-image a person creates for themselves. Feedback, whether it is positive or something less so, can fracture the understanding we have of how others think of us, and can leave a person questioning the approach they have taken and the strategies they are yet to implement.