November 26, 2014 Executive coaching Family Business Personal Life Coaching 0

Family businesses and trust?

Do you work in or for a family business?

Do you or does the business suffer from ‘lack of trust syndrome’?

As a business owner do you find you have less and less time?

We could continue to ask questions and with each question receive a ‘yes’ in reply. The more we work in family businesses…(News flash….it isn’t just family businesses!), the more we see examples of a lack of trust and the impact it has on the owner or senior leadership team.

What is trust and why is it lacking?

Reliance on another person or entity. Firm belief in the reliability, truth, or ability of someone or something. When we consider how much the ‘lack of trust costs us and our businesses’ what would your answer be? What does it stop us from doing? What are the causes of this ‘lack of trust’? Lack of confidence in team, fear of failure, easier to do it yourself and you know it will be done correctly are just three of such causes.

The impact for the business owner or leader is they work long hours and constantly feeling stressed, rarely make time for working on the business, constantly feeling, ‘is it worth it?’ short with staff, limited or no praise, not great at home – work life balance can be shot!

The impact on staff can include, low morale, creativity stifled, lack of ownership, feel disengaged, lack of motivation, just do what their told and some instances a high turnover of team leaders owing to the lack of positive challenge. The impact on the business can include, a lack of direction, impeded productivity, quality can suffer, clients go elsewhere, reputation suffers, difficulty to attract the ‘right staff’ and so on. Take a good look at yourself and your business.

Is this your situation?

Want to change what is happening?

Follow our next instalments….