{"id":2843,"date":"2020-02-19T10:08:22","date_gmt":"2020-02-19T10:08:22","guid":{"rendered":"https:\/\/humancapitalinternational.org\/?p=2843"},"modified":"2021-04-23T12:25:16","modified_gmt":"2021-04-23T12:25:16","slug":"managing-a-family-business-key-success-factors-to-know","status":"publish","type":"post","link":"https:\/\/humancapitalinternational.org\/articles\/managing-a-family-business-key-success-factors-to-know\/","title":{"rendered":"Managing a family business: Key success factors to know"},"content":{"rendered":"

Most of the Small, Medium -Sized Enterprises (SMEs) that grace the African entrepreneurial world are set up and managed as family entities. On top of the usual challenges that entrepreneurs face<\/a>, owners and managers of family businesses have their own hurdles that they confront on a daily business.<\/p>\n

In different interviews with experienced business coaches, mentors and family business owners, who will grace this year\u2019s Strategic Leaders\u2019 Summit<\/a> on the 27th February, at Sheraton Kampala Hotel<\/a>, Human Capital International<\/a> sought out their views on what it takes to run and sustain a family business.<\/p>\n

Mr James Kiwanuka, the managing director of Capital Outdoor Uganda<\/a>, a family business and a pioneering company in the digital advertising industry that has been operating since 2003, says the first thing to sustain a family business is to say no to \u2018birth right\u2019 entitlements.<\/p>\n

\u201cAll my staff, whether family or not as long as they are at the same position, earn the same salary and I only employ people who are qualified to do the job\u201d Mr Kiwanuka said in a pre-Summit interview.<\/p>\n

The other important aspect, he says, is training staff to properly manage relations between company and all stakeholders, especially customers and financial institutions.<\/p>\n

\u201cWhenever you borrow money from a bank for example, the bank should never come to you to ask, \u2018what is happening\u2019? Bankers are human beings who, if you tell them the truth, they will listen,\u201d Mr Kiwanuka said.<\/p>\n

\u201cWhether the business is doing well or it is experiencing a low season, your bank must know what is happening. It is also not good to have multiple bank accounts where you pick money from one bank to repay a loan of another. Tell your bank the truth,\u201d he adds.<\/p>\n

\"\"Ms Annette Kihuguru, the executive director of Ecobank Uganda<\/a>, the title sponsors of the Summit, reaffirmed the importance of trust in dealing with financial institutions.<\/p>\n

\u201cThe money we lend out is from customers\u2019 deposits. We have many products for our customers but trust is key,\u201d Ms Kihuguru said.<\/p>\n

How do you address disputes in such family businesses, who should be the boss when the founding head is no longer in charge or who should retain the right to recruit and fire?<\/p>\n

These questions and many more will be answered at this year\u2019s Summit.<\/p>\n

Mr Charles Ocici, the executive director of Enterprise Uganda<\/a>, says that like any other business, family business\u2019 success or failure is hinged on its corporate governance.<\/p>\n

\u201cThere is no business too big to fail and most enterprises failures are could be traced to lack of proper corporate governance systems. So, the way a family realises the importance of corporate governance, the better because it will help you set up structures for business sustainability,\u201d Mr Ocici said.<\/p>\n

Corporate governance is at the heart of this year\u2019s Summit which will run under the theme: Digital Innovation & Corporate Governance for SMEs Growth in the New Market Frontier<\/em>.<\/p>\n

Mr Ocici said a more detailed discussion on this matter will take centre stage because \u201cwe want our SMEs, started by families to go past their founders\u201d.<\/p>\n

In developed economies, many businesses started by families have become the cornerstone of job creation and paying taxes and \u201cthis is what we want to happen in Africa and during the conference, we will address the how bit\u201d he added.<\/p>\n

Veteran entrepreneur, coach and mentor, Mr Emmanuel Dei-Tumi<\/a> said family businesses and anyone intending to venture into business, should get a mentor or a coach if he or she is to avoid the mistakes of others.<\/p>\n

\u201cIn developed countries, entrepreneurs who have failed in business are never despised; they are instead used as facilitators in universities to help students avoid the causes of the failures of many businesses\u201d Mr Dei-Tumi said.<\/p>\n

Register today<\/a> and be part of a conference that will intrigue your innovative mind and enable you to \u201csee\u201d a bigger picture to take your business to another level.<\/p>\n

The conference will help you understand how important technology is to your business, how SMEs can tap into Foreign Direct Investment and how SMEs can benefit from the recently signed African Continental Free Trade Agreement. Women in Leadership<\/a> discussions will also feature prominently at this year\u2019s Summit.<\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Most of the Small, Medium -Sized Enterprises (SMEs) that grace the African entrepreneurial world are set up and managed as family entities. On top of the usual challenges that entrepreneurs face, owners and managers of family businesses have their own hurdles that they confront on a daily business. In different interviews with experienced business coaches, […]<\/p>\n","protected":false},"author":1,"featured_media":4418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[109],"tags":[126,127,45,128,47,124,129,130],"class_list":["post-2843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategic-leaders-summits","tag-capital-outdoor-uganda","tag-ecobank-uganda","tag-emmanuel-dei-tumi","tag-enterprise-uganda","tag-human-capital-international","tag-sheraton-kampala-hotel","tag-strategic-leaders-summit","tag-women-in-leadership"],"rttpg_featured_image_url":{"full":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know.jpg",1140,400,false],"landscape":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know.jpg",1140,400,false],"portraits":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know.jpg",1140,400,false],"thumbnail":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know-150x150.jpg",150,150,true],"medium":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know-300x300.jpg",300,300,true],"large":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know-1024x400.jpg",1024,400,true],"lshowcase-thumb":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know.jpg",200,70,false],"1536x1536":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know.jpg",1140,400,false],"2048x2048":["https:\/\/humancapitalinternational.org\/articles\/wp-content\/uploads\/2020\/02\/Managing-a-family-business-Key-success-factors-to-know.jpg",1140,400,false]},"rttpg_author":{"display_name":"Ojambo Joel","author_link":"https:\/\/humancapitalinternational.org\/articles\/author\/joelhumancapital\/"},"rttpg_comment":1,"rttpg_category":"Strategic Leaders\u2019 Summits<\/a>","rttpg_excerpt":"Most of the Small, Medium -Sized Enterprises (SMEs) that grace the African entrepreneurial world are set up and managed as family entities. On top of the usual challenges that entrepreneurs face, owners and managers of family businesses have their own hurdles that they confront on a daily business. In different interviews with experienced business coaches,…","_links":{"self":[{"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/posts\/2843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/comments?post=2843"}],"version-history":[{"count":1,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/posts\/2843\/revisions"}],"predecessor-version":[{"id":4420,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/posts\/2843\/revisions\/4420"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/media\/4418"}],"wp:attachment":[{"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/media?parent=2843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/categories?post=2843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/humancapitalinternational.org\/articles\/wp-json\/wp\/v2\/tags?post=2843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}