As the economists, policy makers, and television pundits debate the duration and implications of the slowdown, our concern is how the slowdown affects family businesses.
Atlanta, GA (PRWEB) August 16, 2009
The Family Business Consulting Group, Inc. ® (efamilybusiness.com), has published Family Business and the Economic Downturn, an article by FBCG senior associate, Dr. Mark Green. In the article, Green provides information on how to assess whether a family business' response to the economy is working for their business.
According to Green, there are four key factors to consider when determining how well a family business is responding to the economic downturn; measures just as important as the "bottom line".
1. Assess how the current industry impacts family business strategy, financial management and governance structure - and how to make any needed changes.
2. Observe current family dynamics to determine if these are exacerbating the situation or moving it forward and how to do more of what works.
3. Review management practices, owner practices and board practices and determine how they can positively impact the bottom line.
4. Analyze the current business model and offer ways to improve performance through the model.
"The greatest challenge to a family business is how well its managers, directors, and owners, most of whom have never led a business during a sustained economic downturn, lead their businesses during tough economic conditions," says Green. "As the economists, policy makers, and television pundits debate the duration and implications of the slowdown, our concern is how the slowdown affects family businesses. "
About The Family Business Consulting Group, Inc.:
Headquartered in Atlanta, Georgia, The Family Business Consulting Group consists of world renowned consultants committed to helping family businesses prosper across generations. Their experienced consultants and advisors have founded several family business programs at university and non-profit organizations, won awards for their educational, consultative and research activities and, combined, are the most prolific authors in the field.
For more information about The Family Business Consulting Group and its services, contact Ken Bosshart at 770.421.0110 or visit efamilybusiness.com
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