New Year resolutions are typically associated with personal development and achievement. Albeit we typically and stoically look into losing weight, cutting down on alcohol or cigarettes, increasing our level of fitness or pinning our goals to buckets lists and targets.
Why not invest the same development and enthusiasm in our family business which succeed mostly on our personal contributions and endeavours.
Here are a few resolutions all family businesses should consider and work on during 2019.
- Practice daily gratitude towards your family members – especially the ones you find more challenging or the ones volunteering their time.
- Schedule monthly business meetings – Don’t leave business conversations or serious decisions for the family dinner.
- Complete your family constitution/charter or at least get started on it!
- Identify three items in your family charter that you will improve this year.
- Encourage the next generation who are involved in the business to bring forward and implement one of their ideas during 2019.
- Go to a family business conference or related course with another family member this year.
- Look into developing financial plans to deal with matters of ill health, sudden death, retirement, interdiction of family members, etc.
- Develop family employment policies for your family firm.
- Invest more in loyal employees to ensure they stay on with the family business during 2019.
- Develop a plan for exiting your family business in five years and plan future succession.
- Make use of the incentives and benefits available to family businesses in Malta and Gozo through the Family Business Office!
Registered family business can apply for a variety of incentives and benefits ranging from fiscal benefits, governance incentives, tax credits, and bank finance schemes.