Top 5 Tips for Involving Family in Business


The top 5 tips weekly post is always full of hints and tips for small, home & micro business owners.

1. You should never put a family member on the payroll unless they are actively contributing to your business in a visible manner.

2. Don’t just hand out supply contracts to relatives without competition. Make sure you consider every offer you receive.

3. Avoid giving family employees any special treatment as this will only serve to annoy your other employees.

4. Make sure they know that they are not in charge of the business, you are. They should not be allowed to order other employees around or take advantage of them.

5. Always think towards the future. If family is a large part of your business, it could lead to conflicts of interest when seeking investment or taking the business public.

If you have additional tips, please share them in the comments section below.

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