A company's growth is often determined by the value added by its stakeholders. Many owners in the
trade
community strongly agree that the contribution of family members is the most effective element in running a Use synonyms
business
successfully. While Use synonyms
this
viewpoint has various positive aspects to it, there are a number of disadvantages as well.
To cite one of the cogent advantages is that organisations with Linking Words
trade
secrets are not prone to outside threats, if the key knowledge remains within the family members. Not only does Use synonyms
this
help safeguard the age-old secret sauce, but Linking Words
also
helps in maintaining a competitive edge. Linking Words
For instance
, the recipe for KFC Chicken lies solely with a few stakeholders of the family. Another advantage of having closely knit relatives in a Linking Words
business
, is the factor of trust, especially when it involves highly-valued assets. To illustrate with an example, the diamond Use synonyms
trade
Use synonyms
business
communities in Gujarat, India, are extremely wary of outside employees. Use synonyms
As a result
, their precious stones assets are held in the custody of only the family members. Linking Words
Therefore
, businesses where the assets or Linking Words
trade
secrets have a massive economical value, are often well-run by family alone.
Use synonyms
On the other hand
, factors Linking Words
such
as low market reach and slow adaptation to current technology and trends contribute to growth impediments for a family-run Linking Words
business
. While the ultimate Use synonyms
business
owners will be adept in their Use synonyms
trade
, hiring external professionals with a plethora of relevant experience can bring additional advantages. Use synonyms
Moreover
, these professionals, especially in the marketing and technology fields can take the Linking Words
business
to new heights. Having worked in other companies, these professionals bring in the current trend and can add to the growth of the organisation. Had the Use synonyms
business
been run only by a handful of relatives, it would be extremely difficult to expand it in various regions or parts of the world. Use synonyms
Additionally
, with added levels of technology, the Linking Words
business
can cater to different segments and Use synonyms
hence
, bring in more revenue. A clear example of Linking Words
this
is any big conglomerate which, Linking Words
although
, started as a family-run Linking Words
business
, reached great heights as many external stakeholders joined hands in the running of Use synonyms
Use synonyms
business
.
To conclude, it is fair to state that the success of a Suggestion
the business
a business
business
depends on the importance of its Use synonyms
trade
secrets/ assets. If these hold a higher economic value, it pays to have close-knit family members guard it. Use synonyms
However
, if one wants to expand, it is imperative that external professionals be hired as well.Linking Words