Taking your family business to the next level
Are you the new owner of your family’s business? Here’s how to future-proof it.
1. Streamline your business operations
If you’ve just taken over the reins at the family business, now’s a good time to review your company’s business operations. Are processes such as accounting and human resources already automated, or are outmoded, manual methods still being used? Automating your business processes can bring about significant savings in the long run, so look into digital solutions if you haven’t already. DBS Start Digital is a good place to start your search.
2. Diversify your business
A business model which has worked in the past for your parents’ generation might not work as well today. If you’ve done your homework and believe diversification is the way to go, consider different, complementary products and services you can add to your existing offerings to provide additional revenue streams. If additional product research is required, or if you need to grow the business significantly to diversify, you might need to consider a DBS Business Term Loan, a collateral-free option which will provide you with the resources to grow.
3. Introduce a culture of flexibility
A major challenge when inheriting a family business is having things set in their own ways. This makes it difficult to effect change when it is needed, and it might become increasingly difficult to build a nimble business which responds to the market. As you grow your business, introduce measures to attract and retain driven, dynamic employees. This could include embracing telecommuting, moving to a co-working space, or changing the look and feel of your current workplace. If you need a capital boost to implement these changes, consider a DBS Working Capital Loan.
4. Scale your business
If your family business has largely been operating in the local market, now’s a good time to review if you can expand into overseas markets, whether through an e-commerce or physical presence. For starters, if you begin doing business with overseas clients, you will need a DBS Corporate Multi-Currency account. This will allow you to transact in different global currencies, allowing for greater ease of doing business with partners and customers based overseas.
5. Stay focused on your family values
Values are at the heart of every family-run business. Sweeping changes that come with a change in leadership can unsettle regular customers, so be sure to engage your customer base to keep them updated on business developments. It is essential to reassure your customers that a change in leadership doesn’t mean the end of the products and services they have grown to love.
For more information on how to grow your family business with SME banking products, click here.
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