The fam­ily busi­ness: rel­a­tive val­ues

Hospitality News Middle East - - IN THIS ISSUE -

The fam­ily busi­ness is a com­mon mod­ule for lo­cally grown con­cepts in the hos­pi­tal­ity in­dus­try. With suc­cess­ful fam­ily busi­nesses ex­pand­ing and evolv­ing into es­tab­lished com­pa­nies, we are wit­ness­ing the in­te­gra­tion of their men­tal­ity into the cor­po­rate busi­ness struc­ture.

Manal Syr­i­ani, se­nior con­sul­tant at N4TC ex­plains

When well planned, a fam­ily busi­ness men­tal­ity can be good for busi­ness.

Ra­tio­nale

The fam­ily busi­ness men­tal­ity has its ori­gins in the char­ac­ter­is­tics of a fam­ily busi­ness that form an in­te­gral part of a typ­i­cal up­bring­ing in our so­ci­ety. A fam­ily busi­ness is per­ceived as a tra­di­tional busi­ness that fo­cuses on the com­mu­nity. Sim­i­larly, new trends fo­cus on: back to roots con­cepts; tra­di­tional val­ues; and de­vel­op­ing cus­tomer recog­ni­tion sys­tems that fos­ter a com­mu­nity feel and homely at­mos­phere to en­cour­age cus­tomer loy­alty and re­peat busi­ness. As a re­sult, the fam­ily busi­ness men­tal­ity is gain­ing ground.

Check­points

We high­light in the ta­ble below, the main dif­fer­en­ti­a­tions be­tween the fam­ily busi­ness men­tal­ity and a purely cor­po­rate men­tal­ity. While the char­ac­ter­is­tics of a fam­ily busi­ness men­tal­ity in them­selves pro­mote high level of val­ues and be­long­ing, their im­ple­men­ta­tion is cou­pled with the heavy involvement of busi­ness own­ers. In cer­tain busi­nesses, the owner is in­volved in the day-to-day oper­a­tions. When you are plan­ning to grow, sig­nif­i­cant ef­forts will be re­quired to in­te­grate those val­ues across all brands and en­ti­ties. In ad­di­tion, sys­tems will have to be put in place to trans­late the owner’s vi­sion into prac­ti­cal poli­cies and pro­ce­dures.

What to take away

The per­son­al­ity of a com­pany un­doubt­edly re­sem­bles that of those at the top. When the cor­po­rate vi­sion fos­ters de­vel­op­ment and be­lieves in growth, the com­pany will fol­low. We have also to ac­cept that any busi­ness will ex­pand and fol­low an in­de­pen­dent path and growth curve. Busi­ness own­ers will have to be able to spot that curve and al­low it to flour­ish.

Newspapers in English

Newspapers from Lebanon

© PressReader. All rights reserved.