Getting buy-in for fresh ideas
In a family business, change can be a source of friction between generations. Here are some suggestions from NextGens on how to achieve buy-in for your ideas.
• Know your market. Identify how you can better serve customers’ needs or reach out to a new customer base. Brainstorm creative approaches.
• Overcome the fear of failure. In today’s rapidly changing marketplace, maintaining the status quo is usually riskier than innovating.
• Learn from other companies. Many NextGens seek jobs at major companies before joining the family business so they can get an insider’s view of a successful business plan. Also consider joining a peer networking organization like YPO and forming a board of directors or advisers.
• Earn buy-in from your family. Build a track record of success to establish credibility with your parents and other senior family members. Once you have proved yourself, they will be more inclined to support your innovation plan.
• Build a team that supports your strategy. Explain the strategic plan to employees, and make it clear that those who resist will need to exit.
• Approach challenges with passion. In order to succeed at breaking the mold, you must be fully committed.