Transcript

Family Business

Navigating the family Business through a time of Dangerous Change s.s Family Business Family-owned businesses account for 90% of all businesses in the United States (large and small) From two-person shops to the largest family businesses in the U.S., there are family dynamics and family challenges that don't surface in day-to-day management of other businesses. A business that was founded and currently owned by a family and includes, as managers and employees, two or three generations of the family, has a different set of obstacles surfacing continually during the Course of business. VEHICLE ROUTE PLANNING OPTIMIZATION CAN HELP SAVE TIME AND MONEY. $$$ SAVINGS Vehicle route planning software has revolutionized the industry, making it possible to eliminate the step of perusing a map, writing a list of stops and navigating new areas of a town by word of mouth. Route optimization software, is crucial to businesses that have to make deliveries each day, saving them time and money. However, implementation can be a challenge. OLD SCHOOL VS TECHNOLOGY AA $$$$ For example, a first-generation owner of a business that makes delivery stops along routes in a large area may be confronted by a second-generation who wants to add route optimization software to the business for manager, vehicle route planning, over the objection of the owner. SELECTING AND PREPARING SUCCESSORS: When Grandfather ran the company, women were secretaries. Now who gets to make a difference in management-Son who follows exactly in his father's business model footsteps or Granddaughter, who has an M.B.A. From Harvard? SON WHO FOLLOWS EXACTLY IN HIS FATHER'S GRANDDAUGHTER WITH AN M.B.A. FROM HARVARD BUSINESS MODEL. FAMILY BUSINESS ISSUES AND SOME TOOLS TO HELP The family-owned business, as do all businesses, must evolve over time. Family businesses, no matter how they are defined, must include at least two generations of a family. Evolving over two generations, while certainly possible, can be extraordinarily difficult. According to Bloomberg BusinessWeek, only 1 in 3 family businesses make it ? from the first to second generation. But, those same managers may not see a need to install route scheduling software, to optimize route planning, minimize vehicle fuel cost and time, and avoid wasting either. Route planning, and fleet route planning are features of new software that instantly creates the most efficient route for the service vehicle or delivery truck (or the fleet of trucks), but also gives the driver tools to monitor the job of delivering goods and services and managing a customer base. ll $$$$ Benefits of route optimization software are that the business manager, back in the office, is not only able to plan and monitor routes and vehicles, but also to use information the route scheduling software collects, called "analytics", to make business decisions regarding whether and how much the family business should invest in new territories and customers. When a family-owned business uses route-optimization software to streamline its core functions and then goes on to use the analytics of the technology to gather information from that technology find new territories, new customers or new goods or services, a healthy evolution is in progress. COMPETITION FOR THE BEST FAMILY-OWNED BUSINESS LEARNING FROM THE WINNERS! Family businesses are not just businesses. Every year, each state chapter of the United States Small Business Administration grants an annual award for " Family Business of the Year" in each state. The businesses themselves are in a wide range of industries, and each state and region has its own award, under the S.B.A. Umbrella. Businesses are nominated on the basis of engaging new technology, new software (such as route planning software for businesses that rely on making deliveries) and expansion into new areas, products and services. One common theme, in the after-awards interviews and articles, is that the winning business faced change and handled it well. Any business can learn from the winners. In a small flower business, using highly efficient routing software, and route planning within seconds, can be the first step to making the business "adaptive" and "growth-oriented". USING ROUTE OPTIMIZING SOFTWARE IS THE FIRST STEP YOUR COMPANY NEEDS TO MAKE TOWARDS SAVING MONEY, IMPROVING EFFICIENCY, AND MOVING INTO THE TECHNOLOGICAL ERA.

Family Business

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Infographic highlighting the difficulties of passing on a business through generations

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