Support for Small and Family Business Owners
“If you’re an entrepreneur, you’re going on an emotional rollercoaster ride. There will be horrible days, horrible months, great days and great months,….Nobody is beyond the need for support.”
(Entrepreneurship Researcher and Psychiatrist, Michael A. Freeman)
Recent statistics, which has been consistent over time, indicate that 20% of small businesses fail in their first year, 50% fail after five years in business and 70% fail in their 10th year in business. Harvard Business School reported that 70% to 80% of start-ups fail to meet projected return on investment and a whopping 90% to 95% fail to meet performance targets. Statistics on the survival of Canadian small businesses are better but still uncomfortably high – over 40% fail after 5 years and close to 60% fail by the time they reach their 10th year. Approximately 7000 businesses go bankrupt every year in Canada.
Family-owned and/or family-run businesses often bring additional set issues such business versus personal relationship boundaries, breach, conflicts, succession, and others. A 2014 Deloitte survey reported that only 17% of Canadian family businesses have a clear succession plan. Less than 30% of family businesses survive into the 2nd generation. A 2016 research by National Bureau of Economic Research further shows that only 12% of family businesses make it through the 3rd generation and a mere 3% make it through the 4th generation.
Multiple research reported some common themes on reasons for small business failures. These are management mistakes, incompetence, and/or inexperience, insufficient financing and cash flow, lack of focus and proper planning, inadequate market demand, failure to listen to customers and/or adapt to changes as well as premature scaling and over expansion. Additional reasons reported for family business failures include inability to attract and/or retain the right talent, lack of continual innovation, not keeping up with technology, family conflicts, and failure to plan for succession.
Without a doubt, the pressure and stressors of launching and ensuring the continued viability of a small or family business can have a huge impact on the physical, psychological, and relational wellness of the business owner. This in turn will impact the owner’s ability to function and perform in their leadership role, and that would ultimately impact the business’ viability and on-going progress.
HOW WE CAN HELP YOU:
- Small Business Mind Share – Problem/Crisis Containment and Business Advancement
- Wellness Intervention, Recovery, and Support for Business Owners and Family Members
- Family Business Issues Resolution
- Critical Human Resources Management Support
- Strategic Community Engagement
OUR PEOPLE, YOUR ADVANTAGE: Our associates are not simply professionals with training and theoretical knowledge in small and family business advancement. Each of our small and family business associate is a seasoned business leader and advisor with significant experience and expertise in small and/or family business start-up, multi-aspect operation improvement, and business development. Each of our small and family business associate has started and is either still leading or has successfully led multi-million-dollar businesses.
Depending on your needs, our associates will work with our therapists, partner physicians, or other specialist-colleagues where appropriate, to provide you with the multi-disciplinary interventions and support that may be needed to address your issues and concerns in a holistic manner.
Let us help and support you. For additional details of our services, click on the following or contact us today.
A small/family business owner who is going through challenges and uncertainties in their business or who would like to bring their business to the next level of growth and development can benefit greatly from consulting with another business owner/coach/advisor who has truly been there and done that – someone who has learned the ropes, taken the calculated risks, made and learned from their mistakes in various aspects of their business, gained the right support from various sources, and has ultimately risen to succeed.
Insight’s Small Business Mind Share is precisely such a program, where each of our small and family business associate is a seasoned business leader with expertise and direct working knowledge in small and/or family business start-up, multi-aspect operation improvement, and business development. Each of our small and family business associate has started and is either still leading or has successfully led multi-million-dollar businesses.
Your time and resources are precious. If you are ready and open to working with seasoned, no-nonsense business owners/coaches/advisors who can quickly recognize patterns of issues, get to the heart of the problem, and help you focus on developing critical solutions, you have come to the right place.
Our small business associates can help you:
- Examine your current state of operation, clarify immediate challenges and contributors to those challenges as well as explore viable solutions for those challenges.
- Identify and address other inhibitors to the business’ advancement or progress.
- Work with another area-expert colleagues where appropriate, to examine options for advancement or viable corrective actions in key aspects of the business, including:
- Leadership and management
- General operations
- Market positioning and business development
- Financial management and resource procurement
- Human resources management
- Branding, marketing, and promotion
- Information management
- Family dynamics and challenges in family business
- Establish appropriate strategies and plans for initiative development and execution.
Mental health is as essential for knowledge work in the 21st century as physical health was for physical labor in the past. Creativity, ingenuity, insight, brilliance, planning, analysis, and other executive functions are often the cognitive cornerstones of breakthrough value creation by entrepreneurs.
(Researcher and Psychiatrist, Michael A. Freeman)
The challenges and stress of starting and running a business combined with lack of proper health and nutritional care can yield various mental, physical, and social difficulties for not only the entrepreneurs themselves but also their family members. A well-referenced leading study suggests that over 70% of entrepreneurs are affected by mental health concerns, with over 30% having two or more mental health conditions. Most common conditions reported are depression, ADHD, substance use/abuse, and bipolar disorder. Additional issues reported in other surveys and studies include anxiety, trauma, severe mood swings, sense of isolation and/or loss of control, and imposter syndrome. Entrepreneurs are also found to be twice as likely to have suicidal thoughts.
Our therapists can work with you to assess and address mental health issues as well as other developmental, personal, and inter-personal issues that may be affecting your relationships, wellness, and ability to function at your peak state. They will also work with other specialist colleagues where appropriate, to ensure that you get the multi-disciplinary intervention and other appropriate repair and restoration support needed to address medical or other concerns you may experience in addition to mental health concerns. Our partner, FH Medical, provides: 1) a comprehensive head-to-toe assessment that will give you a complete picture of your current health and impending medical risks, and 2) diligent follow-up care to address immediate medical concerns and pro-actively management impending risks. The same intervention, care, and support can and should also be provided to affected family members.
As a whole, we ensure that your and your family’s physical, psychological, and relationship health as well as overall personal wellness are being cared for in a holistic manner.
Family-owned and/or family-run businesses often encounter additional complexities and challenges (compared to one those that are not family-run) that directly affect the health and success of their business. These may include issues related to boundaries, breach, conflicts, succession, and others.
Our associates and therapists can assist and support family business owners in the following manners:
- Boundaries: Navigating and delineating business and relationship boundaries.
- Family Problems and Conflicts: Addressing family problems and destructive conflicts. Problems can be from present or past and can include misunderstanding and hurt feelings, breach of trust, problematic communication or interaction patterns, differences in personality and expectations, interference from extended or new family members, family feuds, perceived unfairness, and more.
- Business Issues: Addressing operational and developmental difficulties in the business as well as resolving differences in business expectations, contributions, and direction.
- Advisory Board: Establishing a business advisory board.
- Non-family Employees: Addressing disengagement and loss of non-family employees.
- Teamwork and Innovation: Strengthening teamwork and harnessing innovation among family employees and non-family employees.
- Succession: Succession and continuity planning.
- Exit: Exit planning.
Small businesses often do not have adequate in-house human resource management expertise to guide and support the company through various legislative requirements and changes or to establish some essential best practices.
Insight’s human resource management associates are all seasoned human resource management practice-leaders. They can support you in various human resource management functions, particularly some of the more challenging ones:
- Policy, Process, and Legislative Compliance: Our associates can audit and help you develop human resources policies, procedures, and practices that are not simply in compliance with related legislation, but also foster a work culture of accountability, inclusion, and engagement.
- Candidate Selection: Our associates can help you develop objective, ability-based selection tools and processes. Our associates can also train you and your managers in the development and usage of these tools and processes.
- Compensation System Design and Development: Our associates can help you design, develop, as well as implement different components of a compensation system. These include compensation philosophy, job evaluation tools and process, market/competitive compensation survey and analysis, base-pay structure(s) and position assignments, benefits and rewards plans, and performance incentive plans.
- Discipline, Termination, and Outplacement: Our associate can guide you in the preparation and facilitation of a fair, considerate, and dignified discipline, termination, and outplacement of your employee. Proper documentation and diligent preparation for a disciplinary action would be essential in ensuring that an employer’s decisions and actions: 1) can stand against legal or other form of scrutiny and 2) provide reasonable opportunities and means for the employee to rectify the concerns. Ensuring an employee’s proper termination and transition into a new beginning is important not only for a satisfactory closure but also for mitigating the liability and risk of the termination being legally deemed as improper and/or wrongful.
- Interim HR Leadership and Support: Our associates can provide interim/as-needed HR leadership or interim/as needed functional HR support – should you be void or short of HR leadership and functional support due to the departure or leave of your HR staff or due to the fact that you do not have a formally trained HR staff in house.
A 2014 study by Nielsen involving 30,000 respondents in 60 countries reported that:
- 55% of consumers are willing to pay extra for products and services from companies committed to positive social and environmental impact.
- 52% say they have made at least one purchase in the past six months from one or more socially responsible companies.
- 67% of respondents indicate that they prefer to work for socially responsible companies.
Ultimately, doing well by doing good is no longer a purely philanthropic gesture but rather an important part in the development, promotion, and operation of current day businesses. Insight’s knowledgeable community engagement associates have worked extensively at and with charitable and cause-based organizations. They can assist you in making strategic and mutually-beneficial choices when it comes to choosing and working with the right community partners and initiatives, be they with foundations, charitable organizations, or social and other cause-based entities. Successful community partnerships and initiatives will not only have a positive impact on the community partner agencies or initiatives but likely also on the company’s public image, level of employee engagement, and degree of customer receptivity.
Our associates can assist you in three ways:
- Selection of a Community Partner and/or Initiative: Our associates can help you to assess and select an ideal community partner or initiative. Mutually-beneficial outcomes are often a result of knowledgeable and strategic matching of the company with an ideal community partner and/or initiative that can naturally and directly contribute to both organizations’ intended outcomes. The ideal partner may not be the largest, most prominent, or most obvious in the community and the ideal initiative may have to be created as opposed to selected.
- Community Engagement Plan Development: Upon making a decision on the right community partner and/or initiative, a plan would be needed to clarify the scope of support, targeted outcomes, timelines, required resources, activities, and other related factors involved in activating and maintaining the partnership and/or in executing the initiative. Our associates can assist you and your community partner in the development of the plan.
- Engagement Team Coordination and Mobilization: Organizing and mobilizing teams of employees or community volunteers to participate in your company-chosen or company-sponsored initiative can be a painstaking and time-consuming effort that requires the diligent planning and coordination. Our associates can help you to coordinate and mobilize your engagement teams for such initiatives.
Associates that can help:
Business Development, Business Processes, Business Start-up, Client/Member Engagement, Financial Management, Leadership Development, Operations Management, Small Business Management, Strategic Management
Business Processes, Business Start-up, Leadership Development, Operations Management, Small Business Management, Work Performance, Work Relationships
Business Development, Business Start-up, Communications, Operations Management, Small Business Management
Client/Member Engagement, Community Engagement, Not-for-profit Management, Volunteer Management