08 Aug How to lead the change in family businesses?
Family-managed businesses are those that are owned and managed by two or more family members. High-level management roles and management decisions may be made by family members and passed down from one generation to the next. The value that the business holds, the tradition in which the family conducts that business, and the high morals through which the family can run the business effectively are also handed on to succeeding generations. While the younger generation, who will ultimately lead the firm in the future, get firsthand experience at an early age by observing how their elders manage their business and run it efficiently.
The Indian economy dramatically benefits from family-owned businesses. In fact, many of the largest businesses in the world, such as Walmart, BMW, Tyson, Ford, Reliance, Wipro, and Tata Group, are owned and operated by families. Even while family businesses may have a large impact on the economy, only 30% of them make it to the second generation, 14% to the third, and 3% to the fourth.
The Family Managed Business (FMB) course by Durgadevi Saraf Global Business School
(DSGS) is one such program, offering students hands-on experience with family businesses. Students will be introduced to the various critical dimensions of a successful family business, and learn how to improve business effectiveness and how to strengthen processes and procedures to achieve better results as a family-managed business.
As many family-owned businesses continue to operate in a conventional manner, the FMB course gives your business a fresh perspective and elevates it to new levels through digitization. The FMB course at DSGS offers a way to maintain the business’s traditional origins while simultaneously assisting it in growing digitally.
As change is constant, this course prepares students to deal with it by teaching them how to manage their finances and invest in new businesses, startups, and other ventures that will help them grow their businesses and reach new heights of success and prosperity. This course also teaches them the techniques of expanding their businesses in the modern world keeping in mind the market competition and customer feedback.
Ready to make your career in your family business? Whether you are thinking about starting a family business or supporting the existing one, you need the correct education to help you reach your goals, such as a Family-Managed Business (FMB) course, that will help you grow personally and professionally and bring out new aspects of business expansion.
Learn how DSGS’s FBM course may provide you with handy, cutting-edge business education.