It’s no doubt that the modern world is rapidly moving towards digital products and services, with only niche markets being able to profit with traditional operating methods. When family businesses attempt to implement new technologies, they can get stuck in a state of disruption paralysis. In the face of potentially overwhelming changes, a family business owner who has yet to be properly acquainted with new workflow tools may not be able to move forward.
Resolving disruption paralysis is a stepping stone for any family business looking to implement new technology in its daily operations. While long-term solutions are best, even a short-term resolution can show a way forward and set the family business on a clear goal to follow.
Tip No 1: Acknowledge the Trial-and-Error Approach
Implementing new models into your existing pipeline might be vital to a family business existence on the market, provided that they line up with your mission statement. In this regard, family businesses must realise that aggressive testing is the only way to ensure they can survive the onslaught of digitalised offers and competitors. Setting up a testing area, where only a part of the pipeline uses the innovation, can help keep errors to a minimum.
Tip No 2: Bring in the Thinkers
Family businesses will often get the most benefit by hiring new employees with the expertise and experience in emerging technology that’s needed to make the correct choice. Employing this new blood to spearhead the transition to a digitised environment will align their goals with the your mission statement, allowing both to evolve with technology.
It’s hard to let go of past experiences, practices, and thinking, so relying on a future generation moulded in modern technology could reinvigorate productivity and inventiveness. They also don’t require as much training to use new methods and interfaces.
If needs be, look to external advisors and experts who have experience in implementing new technology for family businesses, especially when it comes to the money side of things.
Tip No 3: Adjust Your Goals
Family businesses rarely come away unscathed from a significant rebuilding effort, such as implementing new technologies in their workflow. Adjusting the mission statement to match current trends might be necessary to allow for more freedom in making bolder claims, products, or services for the time to come.
However, the family business vision, or the primary goal behind its origin, must not waver with the introduction of emerging technologies. If the vision is not congruous with modernisation, consider adopting different goals to appeal to a niche market and remain profitable in another way.
Tip No 4: Allocate Budget
With the threat of disruption paralysis, putting too many resources (monetary and human) into implementing technologies can lead to devastating results if failure ensues. Taking a step back to properly budget for these changes can be vital in keeping the family business afloat during the transition.
Family businesses can’t afford to be too conservative with their money when it comes to important projects such as digital transformation and implementation. Not investing enough to improve and compete in a digitised market can be in vain. Worse, it can drive consumers to a bolder competitor. Be prepared to invest well in new tech and in its proper implementation – remember, you get what you pay for.
Tip No 5: Give It Time
Adopting new technology in your family business will never be an overnight job or an overnight success. It’s important to stick with a well-thought out plan, which caters for various potential pitfalls, and to be results focused throughout the process
When it comes to implementing new accounting tech in a family business, most of the groundwork can be done within a few weeks, but it really takes a month or two for the new processes involved in utilising the tech and ironing out the wrinkles are proeprly dealt with. We always allow 2 to 3 months time in terms of working with family businesses to get everything in order and to support their needs as they get familiar with and see the full benefit of cloud accounting tools and apps.
Final Thoughts: Moving With the Times
In a digitised world, refusing to implement new technologies might backfire spectacularly. An aggressive and decisive approach to improving current workflow will involve several testing phases and an injection of new people more familiar with the technology. These investments can pay off in the long run, ensuring the business survives with its vision intact and a mission that reflects society’s current trends.