Keys to keep your family business from going bankrupt
Posted: Tue Jan 07, 2025 5:46 am
When you have a new product or service, you have to communicate that it exists because otherwise people will never know it is on the market.
Many family businesses do not survive the second year, due to a lack of strategy or because they did not conduct a study before going to market. However, that can change.
Co-author of the best-selling book The Blue Ocean Strategy, Renée Mauborgne, points out that the first thing to do is to promote the differentiation of your product or service.
"If you want to be like everyone else, then you will have no future in business. You have to think of new alternatives for customers," he says.
In this sense, he suggests looking afghanistan number screening beyond the offer that already exists and betting on innovation.
"But it's not just about innovating, but also about doing so at a price that's right for customers to afford and not look for another alternative," he explains.
Mauborgne recommends looking at other companies that made a difference, such as Cirque du Soleil, which changed the way a circus is presented.
"I think that true education comes from visiting companies in different sectors because you can always learn something from them," he says.
STRATEGIES To reduce the risks that affect a family business, one must learn to look for business opportunities, which, according to the expert, "are everywhere." She suggests concentrating on all areas of the company and not just on the numbers.
He also advises asking the customer what they want, whether they are satisfied with the prices and with what they receive.
He also encourages people not to give up in the face of any obstacle that may arise and, instead, learn to analyze each problem in order to overcome it.
Many family businesses do not survive the second year, due to a lack of strategy or because they did not conduct a study before going to market. However, that can change.
Co-author of the best-selling book The Blue Ocean Strategy, Renée Mauborgne, points out that the first thing to do is to promote the differentiation of your product or service.
"If you want to be like everyone else, then you will have no future in business. You have to think of new alternatives for customers," he says.
In this sense, he suggests looking afghanistan number screening beyond the offer that already exists and betting on innovation.
"But it's not just about innovating, but also about doing so at a price that's right for customers to afford and not look for another alternative," he explains.
Mauborgne recommends looking at other companies that made a difference, such as Cirque du Soleil, which changed the way a circus is presented.
"I think that true education comes from visiting companies in different sectors because you can always learn something from them," he says.
STRATEGIES To reduce the risks that affect a family business, one must learn to look for business opportunities, which, according to the expert, "are everywhere." She suggests concentrating on all areas of the company and not just on the numbers.
He also advises asking the customer what they want, whether they are satisfied with the prices and with what they receive.
He also encourages people not to give up in the face of any obstacle that may arise and, instead, learn to analyze each problem in order to overcome it.