Introduction

A family-owned business is the best way to improve the productivity of the organization. It also reduces the employment rate of the country as it runs generation-wise. The family members of the organization also feel comfortable while performing their business in the organization. The capital of the business also comes from the family members as they invest in the business to increase their sales and to expand the business through which the profit margin of the organization also increases. In the case of family, owners enterprise the family members also face huge problems as competition arises among the members and this reduces the motivational power of the members and due to that the business collapses. There are many members in the family and they have different decisions so the company faces problems as they don’t identify the best decisions. In many cases, the investors take over the company due to a lack of proper decisions within the workplace and the owner of the organization also faces problems due to huge competition within the workplace. It is also enumerated that in some cases the family members like to make arrange a marriage between the boys and girls of a different family to increase their business and to develop the revenue of the organization. It is also discussed that the organization in many cases receives less profit due to the competition among the daily members as they face huge problems while performing their business. The outside investors who don’t have a blood relationship with the family embers also take the business when the business receives less profit and the entire system of the organization gets affected. The fight among the members of the organization also arises in the death case of the main owner. The owner must make a nominee for the business so that no consequences occur among the family members. 

Discussion

In recent research, it is identified that a maximum number of businesses are family businesses as it generates a huge rate of profit and provides huge support to the country, and increases the gross domestic product of the country. In the U.S the rate of a family business is 19% and it also reduces the unemployment rate of the country as it provides hue support to the candidates so that they can receive a proper job and maintain their standard of living appropriately. In many cases, the assignment help team noticed organization also faces huge problems as the family members fail to perform the business effectively. The entire system of the organization gets affected due to competition among the daily members.

The Challenges That The Family Owned Enterprise Faces Are:

The planning regarding the conversion: In this process, it is discussed what the business means to maintain an equal impression amongst every member of the organization. The owner must provide equal benefits and repayment to all the members of the organization so that the motivation of the employee does not get decrease and in this process eventually the workers are encouraged to perform their task effectively. The owner must not have the partiality problem between a blood relationship and with an outsider employee. Neither it will affect the performance of the organization as well as the motivation of the employee.

Leveraged by out of the goal of the directors: In this process, it is noticed that with the family business the ownership always remains 100 % to the owner to the same cases involves some investors from outside, so that the business can be expanded by increasing the rate of capital. In this process, 51 % share of business goes to the investor and 49% goes to the owner. but eventually due to the outsider investors sometimes the business faces a huge problem for the various discussion taken and in this process, the system of the business is affected.

Family-owned business:  According to university assignment help it has been noticed if a family have more than six children the owner faces a lot of problems have to provide the entire responsibility to their children but eventually this results in the system decoration and the performance of the organization gets decreased, henced the family must engage their children in a different part of the business. In this case, the owner faces a huge problem as all the children demand to become the owner of the same company and this affects the relationship among the family members. This also affects the entire system of the organization as the organization faces bankruptcy when the main owner dies. So, according to this case, the owner needs to maintain a legal procedure to maintain peace among the family members and the owner also needs to provide an equal share to the children so that they feel comfortable and maintain a good relationship with each other.

Regal: In this case, the main owner of the family died, generally the outsider investor or any other family member take advantage of taking the company. So a law has been introduced in their will be a certain age to run a business. Either the whole family of the business. The outside investors think of capturing the running business to receive a huge rate of profit. The outsider investors make the company in his name and this changes the owner of the business and affects the performance of the organization. So, the family members must maintain the business properly by performing in the business. 

The courage of the company: The owner of the business must be concerned about the company’s courage to maintain an equal position to their employees the owner must not different their employees so that their performances get affected. The owner must not provide extra opportunities to the family members as this reduces the motivational power of the non-family members and this increases the rate of lack of employees within the workplace. This makes the company get closed. The employees are the backbone of the organization so they need to maintain their employees appropriately to increase the performance of the organization. It is also enumerated that the management of the organization needs to provide proper support to the employees of the organization. The communication process within the workplace also needs to be maintained appropriately to provide proper information to the employees of the organization. So, that they can perform the tasks effectively.

Separation of business from pressure: This refers that the decision takes a very important role in case of so small business the family member work together with different decision, so the business decision must be taken in the workplace so that no problem arises among the family member. To know more take free assignment help from ArabEssay team

Generations relate problems: In the recent research, it is identified that the new generation is the ones who can serve the best idea to the company through which the company can improve its performance and can expand the business. This also increases the profit margin of the organization. It is also enumerated that this generation can also implement advanced technology within the workplace to develop the productivity of the organization. In some cases, the new generation needs to maintain active listening skills to know about the company clearly and can perform their tasks effectively, and can increase the rate of profit of the organization. The new generation must have a 25% idea regarding the business to perform the business effectively. So, the members must spend some time in the organization to know about the organization appropriately and increase the performance. It is also enumerated that the decisions within the workplace are the most essential element that the members need to maintain to improve the system of the organization.

Succession plan: The financial statement of the organization is the most essential element that the members of the organization need to maintain. In some cases, the new generations fail to perform the business properly as they don’t have proper knowledge regarding the business. The knowledge regarding the business is most needed as it supports the organization to improve its performance and it also supports expanding the business. The profit margin of the organization also increases. It is also explained that the organization needs to provide some training to the new generation to develop their skills and knowledge so that they can perform their assigned tasks effectively and can increase the performance of the organization. It is identified that 40% of family business survives but after second-generation 12% survives. So, family business gets closed very early due to competition among the family members.

According to the research, it is identified that proper knowledge regarding the organization develops the performance and productivity of the business. It is also enumerated that the financial statement of the organization also plays a very important role as it develops the profit margin of the organization. In a person’s, life family is the most essential thing so they need to be kept protected. In a family business, the relationship among the members gets deteriorated as they feel that the owner does not provide a proper place in the business, and due to this the competition arises among the daily members. The family must not get mix with business as it is different because due to money a person can do anything. As per essay writing help team owner of the organization also faces problems in the case of hiring the employees. The family members desire to have a good place within the workplace but the owner knows who is best suitable for the company and due to this the company also collapses and the profit margin of the organization gets affected. It also has an impact on the performance of the organization. The family members do not follow the policies and the procedures within the workplace and due to that, the entire system of the organization gets affected. The non-family members think that the owner provides better benefits to the family members and this reduces the motivation of the employees and due to this the performance and the productivity of the organization get affected. It is also discussed that the non-family members also demand good benefits from the company and this reduces the profit of the organization and also affects the motivational power of the employees. The employees who are not related to the family members of the owner get demotivated as they think that the opportunity within the organization is only for the family members and this decreases the working ability of the employees and due to this the company fails to perform the assigned tasks effectively. The culture of the organization is the most essential element that the organization needs to maintain to improve the performance of the workplace and to increase the profit margins. It is identified that family members do not follow the culture of the organization properly as they think they are from the family and this has a huge impact upon the entire system of the organization. The strategies and the ideas of the organization also get affected due to the lack of proper culture within the workplace. The owner of the organization needs to provide similar opportunities to every member of the organization to maintain their motivational power and this encourages them to provide their best to the organization while performing their assigned tasks. The communication system within the workplace needs to be maintained effectively so that the members of the organization receive relevant information regarding the company and this encourages them to perform their tasks appropriately. The training classes also need to be held for both the nonfamily and daily members to provide proper knowledge regarding the company. In the case of the family business, the capital is huge as every member of the organization invests in the company and this improves the performance of the organization. The organization needs to observe the day-to-day operation of the business to maintain the profit margin of the organization. In some cases, due to emotional and physical problems, the day-to-day operations of the family business get destroyed and this results in the closure of the business. The decision-making within the workplace needs to be maintained properly so that the perfomnace of the organization remains stable and this expands the business. In the family business, the owner of the business also needs to maintain a legal proceeding regarding who will manage the business after his/her death. In this case, the relationship among the family members remains stable otherwise every member demand share of the business and this affects the performance of the organization. The family business runs according to inheritance as the owners of the business change generation-wise. In the case of the family business, the decision is taken by the owners. The inheritance supports the business after the death of the original owner. The future planning regarding the business needs to be maintained effectively so that the business can identify the problems that may affect the entire system of the organization.

According to the research of term paper help, it is identified that a maximum number of family businesses do not survive in the marketplace due to a lack of knowledge of the candidates. So, the members must stay with the owner and learn some ideas regarding the business to run the business effectively and this may improve the performance of the organization. The financial planning of the business is the most essential thing as this increases the profit of the organization. The financial statement provides a clear view regarding the profit and loss of the business and this increases the productivity of the organization. The members of the organization need to provide the same incentives to develop their motivation and this improves the entire working system of the organization. A family-owned business is the best way to get a proper job and to improve the standard of living. According to the family business, it goes hand to hand with succession plan issues. The planning for the future supports the family business to survive even in difficult situations and earn a huge rate of profit. In recent research, it is identified that a maximum number of daily businesses do not survive after the death of the original owner and this reduces the profit margin of the organization. The financial planning of the organization also needs to be maintained appropriately so that the owner has the idea of where to use the resources and in how much amount. This improves the performance of the organization. The values of the business also need to be maintained effectively otherwise misunderstanding occurs and this has a huge impact upon the organization. The family business is run according to inheritance as the owners change generation-wise. The heirs of the owner become the owner of the business after the death of the original owner. The decisions in the business are also taken by the owner and the difference in the decisions affects the performance of the organization. Get free assistance or coursework help from ArabEssay team

Conclusion

It is concluded that in the above essay the information related to the challenges that the family-owned business faces while performing their tasks are provided. It is also enumerated that how the family-owned business mitigates the problems by implementing new ideas are also discussed in the above essay. The information related to the system according to which the family-owned business performs its tasks is also explained in the above-discussed essay. The family business is the best way to reduce the rate of unemployment in the countries and develop the performance of the country. In the above essay, the information related to how family business maintain their performance are also provided. It is also identified that a maximum number of businesses do not survive in difficult situations as the owner changes generation wise so the organization faces huge problems while performing their assigned tasks. It is also enumerated that the recommendation of how the family business can be developed is also provided in the above-discussed essay. According to the research, it is identified that the competition among the family members affects the entire business as the relationship among the members gets affected and due to that, the business gets closed. In some cases, the investors from outside take over the business when problems arise within the family business. The owner of the business needs to maintain a legal procedure that who will be the owner of the business after his/her death. This supports the business to maintain its performance.