KNOW THAT TECH WILL HELP THE COMPANY GROW – THEY JUST NEED HELP SELECTING THE
BEST TOOLS AND IMPLEMENTING
THEM EFFECTIVELY . issues when FOBs try to scale up operations , with a lack of robust infrastructure and processes in place to allow for growth . Gaps can start to appear , and mistakes can happen when teams do not have the right skillsets or technology in place to drive progress or adapt to meet evolving demands .
Often , it is when the second generation or new board members get involved that the tipping point for progress is met . A fresh perspective and a more objective view of company operations can help to identify skill and tech gaps , spark more innovative working methods and help to bring fresh ideas to the table . These new ways of thinking can require new blood , with external finance talent able to fill the knowledge and skill gaps of existing teams , bringing a wealth of experience from other business models .
Recruitment is an essential step to modernise the business , yet , however strong a FOB ’ s culture may be , there will always be new challenges and teething pains associated with bringing new talent into positions of authority – especially when it comes to finances . Leaders must ensure that new team members are a good cultural fit and satisfy the needs of the board , as well as having the skills needed to boost progress .
Bringing the outside in
Bringing in a financial professional or external CFO can prove a crucial step in FOBs ’ growth strategies . As well as looking to enhance processes , metrics , tech , and compliance , finance professionals often offer an alternative strategical perspective . They can highlight areas where money is wasted or identify revenue opportunities , as well as improve systems or processes and ensure that they are aligned with company operations .
Family-owned businesses need their external talent to handle multiple priorities consistently , tracking performance , success