In family businesses, innovation often comes from unexpected sources. Family champions – those passionate individuals within the family who drive positive change – can be the catalysts for transformation and growth. These champions don't just maintain the status quo; they challenge it, bringing fresh perspectives and new ideas that can revitalize the entire family enterprise.
The role of family champions is particularly crucial in multi-generational family businesses where tradition and innovation must coexist. These individuals often bridge the gap between the old and the new, respecting the family's legacy while pushing for necessary changes that ensure long-term sustainability and competitiveness.
Family champions typically emerge from different generations and bring diverse skills and perspectives. They might be the tech-savvy younger generation introducing digital transformation, the middle generation advocating for professionalization, or even the senior generation recognizing the need for governance structures. What unites them is their commitment to the family's success and their willingness to take calculated risks.
However, being a family champion isn't always easy. They often face resistance from family members who prefer the familiar ways of doing things. The key to success lies in building consensus, demonstrating the value of proposed changes, and maintaining family harmony throughout the transformation process.
Effective family champions understand that innovation isn't just about technology or business processes – it's also about evolving family dynamics, communication patterns, and decision-making structures. They recognize that the family's ability to adapt and grow together is as important as the business's ability to innovate.
Consider This: Who are the innovation champions in your family business? How do you identify and nurture potential champions? What barriers do family champions face in your organization, and how can you support them? How do you balance the need for innovation with the preservation of family values and traditions?
The original article was published in Family Champions Spark Innovation, Positive Change - David Werdiger
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A successful family advisor, business strategist, entrepreneur, and thought leader with a proven track record of achievement in driving innovation and growth for entrepreneurial endeavours and not-for-profit organisations.
David's experience includes founding and building multiple businesses from the ground up, and expanding and leading operations into new markets. He is recognised by colleagues as a creative problem-solver and strategist with expertise in coming up with ideas and creating new ways of improving business, strategy, operations, and results.
As a business and family advisor, he provides clients with expert business advice on intergenerational business and wealth transition, advancing entrepreneurial efforts, setting up good governance, improving financial and operational results, and strategic direction. He is also a seasoned program leader with an aptitude for providing governance in corporate and philanthropic pursuits with a strong focus on culturally focused non-profits.