Post by habibkhan36 on May 16, 2024 9:00:21 GMT
The current success of the company depends not only on its way of doing business, but also on the market, economy and luck of the moment. Methods that were used and achieved success 30 years ago may not work today. This has nothing to do with the way the company does business, it has everything to do with today's conditions and the direction in which the market is evolving. In our age, today's method may become obsolete tomorrow. Therefore, the first rule that well-established family companies should pay attention to is to be open to innovation. Successes gained over the years can be lost in a short time if we are not open to today's innovations. Innovation is a phenomenon that people are insatiable for.
A phone released today may still work and show the same performance 1 year later, but Vanuatu Email List since a higher model has been released, people are turning to the new one. Should the phone be replaced because it is broken, does not work, or has a system error? No. People change because they love newness and innovation. If family companies are open to innovation in their services without deviating from their vision and mission, innovation opens new doors for them. The concept of innovation should be adopted by family businesses in order to satisfy existing customers and attract the attention of potential customers. In this way, we will not be left behind in the market and a more solid company can be passed on to the next generations. Otherwise, if innovation is rejected and the service provided continues without changing or improving the way of doing business, downsizing will be inevitable.
Innovation in family businesses is, in a sense, keeping up with the industry, market and time. Family businesses are generally deep-rooted institutions that are passed down from generation to generation. Therefore, in order to create an institution whose functioning can be sustained in the age of the next generation, innovation should be accepted as an indispensable principle and actions should be taken in this direction. 2- “He who remains loyal to one person will be left frozen when he sets off.” Family businesses need to become independent from individuals and become institutionalized. Being dependent on people means that all business will fall apart in the absence of that person, and this can cause great damage to the company. Considering that most of the employees in family businesses are relatives, it is inevitable that emotional actions come into play and things become even more complicated.
A phone released today may still work and show the same performance 1 year later, but Vanuatu Email List since a higher model has been released, people are turning to the new one. Should the phone be replaced because it is broken, does not work, or has a system error? No. People change because they love newness and innovation. If family companies are open to innovation in their services without deviating from their vision and mission, innovation opens new doors for them. The concept of innovation should be adopted by family businesses in order to satisfy existing customers and attract the attention of potential customers. In this way, we will not be left behind in the market and a more solid company can be passed on to the next generations. Otherwise, if innovation is rejected and the service provided continues without changing or improving the way of doing business, downsizing will be inevitable.
Innovation in family businesses is, in a sense, keeping up with the industry, market and time. Family businesses are generally deep-rooted institutions that are passed down from generation to generation. Therefore, in order to create an institution whose functioning can be sustained in the age of the next generation, innovation should be accepted as an indispensable principle and actions should be taken in this direction. 2- “He who remains loyal to one person will be left frozen when he sets off.” Family businesses need to become independent from individuals and become institutionalized. Being dependent on people means that all business will fall apart in the absence of that person, and this can cause great damage to the company. Considering that most of the employees in family businesses are relatives, it is inevitable that emotional actions come into play and things become even more complicated.