It’s a well-known fact: communication is key to family business success. But implementing an effective communication strategy isn’t for the faint of heart. Too much communication can be as detrimental as too little. Similarly, speaking to shareholders without receiving feedback is ineffective.
The first place to start with your communication strategy is frequency. Some family business leaders take communication to the extreme. They overcorrect their previous lack of communication by inundating employees with information. Unfortunately, too much information will turn into noise. In one ear. Out the other.
Determining when to communicate with shareholders isn’t intuitive. Zac L. Lange recommends two places to start. Determine: 1) if genuinely new information about the company’s results, competitive environment, and strategy is available; and 2) if shareholders believe the most recent communication is outdated.
Uncover the other three components of an effective communication strategy in “Communication Matters for Family Businesses.”
Read about the four components of an effective communication strategy here.
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