Women, Family, and Business: Enabling Women to Succeed in Family Businesses
The number of women-owned businesses increased 74% from 1997 to 2015, whereas the total number of businesses only increased 51%, according to the latest State of Women-Owned Businesses Report, produced by American Express. What’s more, the number of women leading family businesses has increased five-fold since the late 90s.
Leading the way
Significant evidence shows that businesses perform better with female leadership – and family businesses are no exception. A 2014 study for Business Insider found that women were better at taking initiative, displaying integrity and honesty, taking feedback, and driving for results.
A 2013 study in the International Journal of Business Governance and Ethics found that, on average, female managers make better decisions, improve company performance and reduce the risk of bankruptcy – because female bosses make ‘fairer’ decisions, are more likely to consult others to reach a consensus before a decision, and are more likely to adopt new governance practices more quickly.
In positions of influence, women tend to keep constant communication and are open with others, bring new management styles to the table, change the workforce dynamic and demographic, are on a mission to help others, and have a higher tendency to give back time or money.
Helping your daughter succeed in the family business
When joining the family business or coming into succession, women often face different issues than men. These include both mental and societal barriers, as well as the challenge of juggling roles in the business and the family. Over-protective fathers, sceptical older colleagues, or rigidity in workplace schedules can all present issues.
In this situation, the whole family have the responsibility to encourage an environment where healthy business competition can live alongside a caring family environment. In this day and age, talent shouldn’t be wasted or ignored by outdated stereotypes.
Insights offers specific tutorials and tips on how you can help the women in your family business succeed. For $29/month isn’t it worth finding out more?
Download our Women in Family Business E-Book Here.