Most of the mistakes that plague family businesses are mistakes that can plague any small business. After reading Wayne Rivers' The Eight Building Blocks for Creating a Sustainable Closely Held Company, Victoria Downing shares the five mistakes that most family businesses make and how to avoid them.
One mistake that hurts these businesses is poor self and time management:
When you have poor time management, projects take too long and bottlenecks appear all over the company. The result is a rolling snowball of ineffectiveness. Those entrepreneurs seeking to not only have great businesses but also great lives come to this realization and take steps to positively manage themselves and their time in a way that can be a model for others.
To see the other mistakes made by most family businesses, head over to REMODELER'S ADVANTAGE: