Name
Course
Instructor
Date
Productively Managing Valley Carriers
A family business ought to be managed with as much commitment and formality as any other formal entity. Disregarding the rules of a successful business simply because of blood relations ultimately renders an entity of less value than it should. Valley Carriers’ slow progress and stalling can be attributed to poor management. Ranging from lack of transparency, lack of an organizational structure, lack of formality, and exclusion of some members in decision-making, Valley carriers could achieve more if adjustments in its operations are made.
For a business to run smoothly, transparency is critical. In matters concerning finances, for instance, there should be utmost transparency. Grandpa Neil and Aunt Genny always signed Valley carriers’ financial statements with no one else’s knowledge of what they contained. For the business to smoothly run with ease in solving challenges, Valley Carriers could be better off when all transactions are done transparently. An internal accountant and auditor should track the businesses’ transactions rather than let only two members secretly run its accounts. It is easier to make sober financial and operational decisions for the business when it records the business’s financial position.
For members to actively contribute to the growth of their organization, there must be an organizational structure. Some of the members do not know their roles in the family entity because of the absence of an organizational structure. A functional structure for Valley Carriers will clearly outline each person’s role in the business, consider their specialization, and direct the chain of command. A clear structure would ensure productivity by all members since they know who to answer to and the tasks they should carry out.
Every activity by a business entity should always be run formally, such as record-keeping and adopting professionalism. Valley Carriers’ disregard for formal operations components such as meetings rendered it a records-free business entity for about 45years. Regular meetings are one way to track progress as well as address challenges facing the business. Meetings should also be frequent, either quarterly, yearly, or monthly. Even if the cousins at Valley Carriers at first introduced meetings, the family did not easily adjust to regular attendance or even meeting at all. Regular meetings bring consistency in monitoring and evaluating progress, further resulting in steady growth since all operations factors can be regularly monitored.
Another form of formality applies in the transition process when a member has to pass the baton to the next. For Valley Carriers, there was no natural transition process such that G3 had no actual leadership role. They did not appear in leadership positions even if they were assumed to contribute to the business’s operations alongside G2. When put in place, a well-organized natural transition process could aid a positive growth for the family’s business entity when all are formally included.
When an organization includes its members in decision-making, equality is yielded, cultivating a culture for valuing every member’s input. Valley Carriers did not first embrace the practice of including women in decision-making, thus excluding them even in pay increments. Decisions could be made even concerning buying assets, though it was only for “the boys’ since women were not allowed to appear in any sitting at all. For Valley Carriers to achieve consistent growth, every member has to be involved in decision-making to suggest better ways of operations and bring in new ideas.
In conclusion, Valley Carriers must adopt advanced methods of handling their finances to ensure transparency. Investing in its members through sponsoring education in financial management will prove beneficial both for Valley Carriers and its members. Accounting specialists can effectively take up the role of financial management. Organizing Valley Carriers into departments with their supervisors could serve as a beneficial way of improving productivity. All members of the business entity should also be involved in decision-making to ensure proper implementations are made. Finally, by applying formality in its operations, the family business will ensure professionalism’s benefits are reaped.