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Family businesses form some of the most well-known and successful brands in the world. When done well, these companies can have prolonged and sustainable positive outcomes that can be hard to mimic in a non-family setting. This can be due to the power of tapping into the strength of the family unit. This work, however, is not without its pitfalls and often requires adherence to some key fundamentals to be successful. We’ve looked to the Humaidi Family Kuwait efforts to gain a better idea of how a family can thrive in a business context. The family’s collaborative work in creating Kuwaiti European Holding stands out as an excellent example in this space.
Humaidi Family Kuwait and Elsewhere
Before diving into the fundamentals of family business dynamics, let’s first look at both the Humaidi Family Kuwait work and international work. The family has become well known, in part, due to its marked ability to develop real estate projects that then become thriving tourist attractions. This has been recently accomplished through the completion of phase one construction on its Aqueous Resort in Egypt. The resort, which sits on the shore of the Red Sea, is helping to draw renewed interest to the area and is helping to introduce world travelers to a place that is both historical and able to provide modern comforts.
That ability to balance timeless attractions with modern amenities has become a hallmark of the family throughout their development efforts. Much of that has come from a deep conviction about providing world travelers with the ability to access some of the world’s most unique and interesting places while also maintaining their preferences for their current lifestyle. In the case of the new resort, this has manifested in a beautiful mix of indoor and outdoor spaces that cater to large groups as well as intimate gatherings. The resort also provides a jumping-off point to the surrounding area, allowing for easy access to excursions in nature and to local eateries and merchants.
Play to Each Other’s Strengths
When considering the success of the Humaidi Family in Kuwait and across the world, one of the key features that stands out is the manner in which the family plays to the strengths of each member. This is a key takeaway that can be broadly applicable to family businesses of many different types. Each person in a family is naturally going to have different aptitudes in different areas of business. While one person might be more inclined to imagine the big picture effects of a business action, another might be better equipped to handle the details of such a decision.
Spending some time critically thinking about the individual strengths of each family member can be an important exercise when exploring this concept. The better a family understands the strengths of each family member, the better it can maximize those strengths wherever possible. This can, ultimately, result in a stronger business with individuals inhabiting roles in which they can truly excel.
Communication a Focus of Humaidi Family in Kuwait
Well-executed communication is of critical importance in any business endeavor — missteps here can have a ripple effect throughout the business and can be responsible for inefficiencies and loss of opportunity. This consideration is no less critical in the context of a family business and, in fact, may even be more important. This increased importance can come from the additional contexts that tie a family together. In other types of businesses, participants in the business may not have relationships with one another outside of work. In a family business, however, the individuals running the business are connected in other ways. This can mean that they bring pre-established communication norms to their work.
To minimize miscommunications that may have negative business ramifications, it can be important to set norms for communication in a family that is specific to its work. These norms can involve a particular hierarchy for business communication, confined channels for this type of communication, or even models for how that communication can take place. The specifics here may not be as important as the fact that a family has put intentional thought into how it will communicate internally during the course of business operations.
Intentional Interactions Outside of the Business
A final topic to consider in this area is the manner in which a family interacts outside of the business since it can be easy for a family’s business efforts to color its interactions in daily life. This can be a slippery slope for families who may find that quality time has been replaced too often with discussions about the business and action items that may need to take place. Not only does this have the effect of diminishing that quality time, but it can also remove an individual’s ability to take meaningful time off from work.
To avoid this, it can help to set norms for how much work is conducted outside of the office itself. To some extent, work outside of the office can be unavoidable, especially when family members are the people in charge of making the business function. Issues may pop up that require urgent attention and potentially important ideas may strike without a moment’s notice. With that in mind, however, it still pays to minimize these types of interactions outside of the workplace. Doing so can help individual members of the family recharge when not at work and also come back to the business with renewed abilities after taking time away.
While it can sometimes be difficult to balance the work involved with running a family business, the potential benefits can often outweigh the challenges. Families can often work well together, share similar business goals, and have similar interests that can direct the business. Looking to the efforts of the Humaidi Family in Kuwait and across the world can be informative in this regard. The family’s success with Kuwaiti European Holding can be partially traced to its ability to balance the strengths of each family member, engage in productive communication, and limit business-related interactions outside of the workplace. Consider instituting some of these practices in your own efforts if you are part of a family-owned business.
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