4 Key Lessons for Successful Family Businesses: SEDC Family Day
Strathmore Enterprise Development Centre (SEDC) for the second year running organized a SEDC Family Day held on 23rdAugust 2016. The event was themed How to Run Family Businesses and Succession Planning.
The participants were fully-fledged business owners who wanted to learn more about how to run their businesses better by ensuring survival in the long term as they pass on their businesses from one generation to the next.
Participants were drawn from all parts of the country, with some attending from as far as Busia County.
The Dean of School of Management and Commerce (SMC) at Strathmore University, Dr. David Wangombe was the main facilitator of this very interactive event, which enables business owners to bring along family members with who they manage family businesses.
Participants were advised on how to improve their business operations by; setting up governance systems and proper organizational structures that are hierarchical; separating personal goals from business goals to avoid conflict of interest; and finally proper recruitment of personnel including family members. These included lessons on recruitment procedures, job descriptions and performance appraisals that are professionally done to ensure accountability and responsibility of staff.
The half-day session entailed group discussions, in which participants were immersed in a real life case study analysis to apply what they had learnt earlier from the presentation.
About Strathmore Enterprise Development Centre
SEDCs primary objective is to help SME business owners develop their competencies to effectively manage productivity and growth. The centre seeks to address the needs of SMEs, providing solutions to the various challenges and real-life problems they encounter. They offer a 16-week program that runs in two parts for 8weeks each; with intakes in January, May and September each year.