Double Iron Consulting: Balancing Family with Business Goals

Running a business and maintaining strong family dynamics can often seem contradictory, with many people struggling to make both work. Nonetheless, there are plenty of simple ways to overcome such challenges. Keeping these strategies in mind can make it significantly easier for a firm to find the most effective options.

After all, while some degree of compromise may be necessary, balancing family dynamics and business goals shouldn’t be conflicting efforts. Both are attainable with the right approach.

How to Balance Family Dynamics and Business Goals

Balancing family dynamics and company objectives can divide an individual’s attention, with some missing out on great opportunities while ensuring that both are addressed. This was a challenge that William Smith, Royal Cup Coffee’s former CEO, recognized. Thus, when launching Double Iron Consulting, he set out to give back and support family business owners make finding that delicate balance easier.

Recognizing the different options for balancing family dynamics and business goals is critical. The following steps may prove valuable in supporting a firm’s growth without impeding family relationships.

Talk to Each Other

One of the most important strategies for families and businesses to embrace is simple: talk to each other. All too often, the stress of managing a business can leave family members struggling to keep up, and a lack of communication can potentially complicate this challenge even further.

When running a business (whether it’s new or established), make sure to talk with each other often. Not only does this help individual family members know where they stand, but it also allows them to know when a business owner will and won’t be around — reducing the chances of conflicts and arguments.

Tackle Difficult Topics Head On

Difficult topics are hard to talk about. Nonetheless, to balance pre-existing dynamics with business aims, discussing these topics at the first possible opportunity — and listening closely to any feedback, input, or thoughts — can be very helpful.

This valuable approach can help provide new opportunities for the business; it also helps strengthen existing bonds and ensures that everyone’s input is heard.

Establish Boundaries

To keep a firm’s goals and familial relationships strong, establishing boundaries is highly important. This ensures that time is allocated appropriately between business and family.

Of course, it’s one thing to just establish boundaries and another to stick to them. When creating boundaries, make sure they’re feasible and provide ample time for a good work-life balance. This helps avoid the risk of getting behind on your workload — which, in turn, can risk the time you spend with loved ones.

Develop Strong Decision-Making Processes

Making decisions is never a five-minute job, especially with organizations. The wrong choice can cost a company thousands of dollars. Every action must be made with care — which is where a strong decision-making process comes in.

A robust procedure for decision-making is more than just a handy tool to speed up actions; it can also help strengthen familial bonds. This is especially true in family-owned businesses, where any decision can lead to arguments and frustration.

However, non-family-owned firms can benefit from this as well, and having a clear plan helps reduce the stress of making changes or determining a course of action.

Ensure That All Members Feel Valued

Feeling valued is an innately human need that many of us aspire toward. Helping employees feel valued is a crucial goal for firms to integrate, which in turn helps ensure that staff and leaders feel optimistic. And if they feel happy and optimistic when they return home, they can make better use of the time with their families.

Ensuring that team members feel valued in their roles is important across all company types. Still, particularly in the case of a family-run firm, it helps reduce arguments and disagreements, allowing each person to focus on their own core role or area of expertise.

Bill Smith, Royal Cup Coffee’s former CEO aims to support this goal through his work at Double Iron Consulting. As a former family business CEO himself, he’s met all of these potential challenges head-on and aspires to help others find their own way forward.

Learn to Concede

To establish a strong balance between business and family matters, sticking to the simple guidelines discussed here can be a big boost. But following these too strictly can have a negative effect, adding stress and making it hard to cope.

While company owners should ideally strive to ensure a good work-life balance, sometimes this may be temporarily put on hold. For example, the business may need an urgent meeting for important financial affairs that will require a long day or weekend day at the office, or a family emergency may urgently demand the CEO’s or owner’s attention and call them away from the business.

In any scenario, make sure that the chosen strategies are flexible, and don’t be afraid to bend boundaries if necessary. Communicating appropriately with both the business staff and loved ones can help minimize any negative impact.

Final Thoughts

Family dynamics and corporate goals shouldn’t have to be contradictory and can be balanced in daily life with the right approach. The challenge is ensuring that neither has a significant detrimental impact on the other, so it’s important to stay aware of how each can influence the other.