All hands on deck – Collaborative management can boost a family business’s profitability and its nonfamily employees’ sense of self-worth

Description

Abstract: A management issue that’s unique to family businesses is keeping nonfamily employees from feeling undervalued on company endeavors simply because they aren’t family members. To keep nonfamily employees informed and motivated, it may be best to replace a traditional, top-down management style with a collaborative management approach. A strong leader who clearly communicates the company vision, a performance measurement system that emphasizes and rewards teamwork, and networking with other family businesses can help establish a collaborative management style.