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Ineffective management, inappropriate behaviour, and poor performance can cross all realms and boundaries of a Business. At the top or bottom of an Organisation bad behaviour can appear in various forms, shapes and ways, disrupting and sometimes creating toxic environments. Everyone is at the mercy of the damaging fallout.
Heed the warning! Be aware! In a world of changing community standards and expectations in the workplace around diversity, inclusion, safety, bullying and mental health, Executives and leaders who breach rules or overstep the mark can find themselves in hot water. No longer are power and abusive language management tools. CEO’s need to be the best version of themselves at all times and lead by example.
Simply put, we know effective performance and behaviour management fosters a harmonious and productive workplace that is beneficial for all concerned, employers and employees. To support that, strong systems and structures need to be in place.
Most importantly, it’s knowing what to do, how to prepare for, address and deal with any issues if they arise.
The following are common types of Leader bad behaviours.
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Leadership deficiencies: lack of accountability, micromanagement, constant negativity, self-interest, and avoidance of responsibility.
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Personality traits: rigid thinking, narcissism, psychopathic tendencies (manipulation, superficial charm), controlling) and being easily frustrated. Bullying is often a management method using exclusion, humiliation, and belittling staff.
A shared passion that creates rewards for all. Yes, the benefits of a successful Family Business are many, including contributing to their own prosperity and the Australian economy by generating employment opportunities.
A Family Business also brings unique challenges and management complexities such as governance, ownership, leadership and skill abilities.
Family politics, dynamics, and relationships, for example, can blur the lines of authority. Breakups, divorce and marriage can also disrupt harmony. Nepotism and favouritism can also come into play, along with generational differences, causing friction and faction.
The new generation is eager to lead but can be held back by hierarchical decision-making, often influenced by traditions and norms. Not to forget the test of keeping family and Business matters separate to avoid dinner table arguments.
This is why keeping it professional is so important for all concerned.
Professionalism culminates in the right attitude, commitment, performance, ethical behaviour and discipline aligned with the Business vision. Professionalising the Business is about adopting such practices to protect the stability, welfare and success of both members and the Business interests.
How to do it!
9 Ways to Professionalise your Family Business
Are you an enterprising entrepreneur participating in the ‘gig’ economy?
Yes!
With the summer holidays, a busy time of the year for some, your side activities may be popular and well patronised. If so, be prepared for your next tax-time reporting.
But whatever your product, goods or service, be aware that income generated from side-hustles is now in focus by the ATO.
With record numbers of taxpayers now working multiple jobs or supplementing their income with ‘side hustles’ or ‘gig’ economy activities, the ATO is reminding taxpayers to declare all their income when lodging their tax returns.
Earnings are no longer hidden. Digital service platforms are now legally required to report income earned by their users under the Sharing Economy Reporting Regime (SERR).
Assets usually cost a lot. Think of machinery, equipment, vehicles, and property; all these are expensive items.
If you are not using them to full advantage, it’s worth considering if you can put that money to better, more effective use.
For example:
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Do you have assets no longer in use that you could sell to bring in cash?
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Consider leasing or hiring equipment if that is better value, particularly if it is only needed for a short time or specific job.
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Do you have the best finance deal if you are buying your assets? Is refinancing an option to explore?
Do you need help with making your dollar work best for you, running your Business to full capacity, and meeting the bottom line? Blackburn Accounting is your Family Business Specialists, we offer an individualised service that helps you keep on top of your cashflow, assists in strategic planning and develops your business capacity for growth and expansion. Contact us today; we are available to offer solutions.
Listen to the coffee and backroom chatter and you will find the common perception is that leadership is all glitz, glamour and perks! Listen up! That is indeed a misconception!
In reality, leadership involves hard work, tough decisions, and routines punctuated with often challenging and unexpected events. There’s more grit than glitter! If you were a Leader during the uncertainty and disruptions of the COVID epidemic, and more recently, US tariff threats, you would know it isn’t glitzy or glamorous, sprinkled with perks.
Strong leadership can be best described as gruelling, demanding, with a raft of responsibilities that often require significant personal change and sacrifice. Simply said, leadership never ends. It’s a continuous journey of highs, lows, wins, and losses requiring self-reflection and improvement to be a true, effective leader.
The unglamorous realities of Leadership include:
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Accountability: The buck stops with you. The Leader is ultimately responsible for their team's successes but also accountable for failures. The pressure can be immense, requiring reporting to a range of stakeholders.
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Difficult decisions and hard calls. The leader carries the burden of being the bearer of bad news. Announcing job cuts, cancelled projects, and having awkward conversations are all part of the role. This emotional baggage can end up falling on the leader’s shoulders, not seen but felt.
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