For many family business owners the opportunity to take a step back and look at the business strategically is now always top of the agenda, especially when there are so many items competing for time - and often time is the limiting factor. Juggling the growing needs of a business, legislative, HR, orders, finances and customer needs takes an enormous amount of time and it is not uncommon for those leading the business to be drawn into the working 'in the business' rather than 'on the business.'
Clearly, needs must and time needs to be spent getting the business up and running profitably for the long term, but from time to time taking a step back is no bad thing.
Where is the business going? Who are the disruptors in our sector? What should we be thinking about? Are we embracing digital sufficiently? What do the new laws mean for us? Where do we need strategic input? etc
Stepping back and looking at things strategically can be a godsend but finding the time is key - it could be great for your family business too!
As the business has grown, so have I when shaping decisions and changing my thought process when carrying out certain initiatives. I am now in a position where I am comfortable with taking a step back, evaluating the circumstances and then delegating certain aspects of projects and day-to-day duties to other colleagues, while focusing on my own agenda. This has benefitted the business, I believe, in both the short-term and will do so in the future. In any business, a good owner, chief executive or manager is always learning and it is important to keep your feet firmly on the ground and away from hesitation and indecision.