We have a family business. There are 6 of us siblings plus our parents. The majority suggest expanding our business as many have been asking from different parts of the Philippines, like Cebu, Davao, and Baguio. However, our father thinks we are not ready. How do we convince him?
How to approach the situation:
1. Gather data and research to support your argument for expansion. This could include market research on the potential demand for your products or services in new locations and an analysis of the costs and potential revenue from development.
2. Highlight the benefits of expansion for the business, such as increased revenue and market share.
3. Show how the expansion will help the family business grow and thrive long-term.
4. Address any concerns your father may have about expansion risks and provide a plan to mitigate those risks.
5. Show the plans you have to handle the expansion and how you will ensure the business will be appropriately managed.
6. Show him how the expansion can be done in a phased manner so that the business can start small and grow gradually.
7. Have open and honest communication with your father and be willing to listen to his concerns and address them in your plans.
8. Finally, respecting your father’s decision and role in the business is essential. He may have valid reasons for his concerns, and it’s necessary to consider his advice.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
