3 Ways to usher a family business into the modern age

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What family businesses have in character and tradition, they often lack in technology and modernization. But at the pace things are moving in the business world, it’s time to modernize or get out.

3 Ways to Modernize Your Family Business

If there’s one thing that all people are naturally hesitant to do, it’s change. By its very nature, change is uncomfortable and curious. And if your business is already fairly successful, you’re probably left asking the question: If it ain’t broke, why fix it?

But truth be told, change is necessary. Just look at big established businesses like Blockbuster, AOL, Kodak, and MySpace – each of which refused to modernize their practices – as examples of the risks of maintaining the status quo. If companies with billion-dollar balance sheets can become obsolete, so can a small business with very limited resources. And that’s all the more reason to respond.

Not sure where to begin? Here are some ways to modernize:

• Go All-In on Digital Marketing

You might not have the same marketing budget that much larger organizations have, but digital marketing allows you to increase your exposure and expand your footprint in a cost-effective manner. 

Digital marketing rewards creativity and resourcefulness. And if you use an approach known as “content splintering,” you can do a lot more with less. With this method, you create one piece of content – like a long-form blog post – and then splinter it into dozens of other individual pieces of content (like a podcast episode, social media posts, YouTube videos, LinkedIn articles, etc.).

You don’t need a six- or seven-figure marketing budget to thrive with digital marketing. You do, however, need to take it seriously. Whether you like it or not, business is increasingly moving into the virtual realm. Even if you’re a brick and mortar company, having a digital presence is a must.

• Move to the Cloud

It’s not uncommon for family businesses to have disorganized finances, physical books, and a lack of cohesive paperwork. And while these things might seem normal to you, they’re holding you back from being as profitable and productive as you could be.