Kendall RawlsAll Articles
Expert Strategies to Navigate Volatility in the Oil and Gas Industries
The Importance of Collaboration and Strategic Planning The energy industry presents a multitude of challenges for fuel dealers, wholesalers, and service contractors. These challenges range from seasonal fluctuations, inflation, and political factors to their customers’ reliance on their business. These external forces can make it challenging for dealers to maintain a steady revenue stream. To prosper and expand, fuel dealers must carefully devise a strategic plan. Identifying Strengths, Opportunities, and Business Expansion Collaboration among owners, key management, and outside advisers is crucial in the strategic planning process. This process encourages conversations to establish and agree on the organization's vision [...]
Crafting a Winning Company Culture: Creating an Organizational Playbook
Developing a strong and successful company culture requires defining and communicating a mission, vision, and core values. To create an "Organizational Playbook," these elements must be integrated into organizational policies, procedures, and onboarding processes. It's important to understand that an Organizational Playbook goes beyond a casual use of the term and is a significant and meaningful guide to the behaviors, attitudes, skills, knowledge, and experience that contribute to a company's power, strength, and resilience. To ensure that the playbook is adopted and embraced by all members of the organization, a clear process must be in place that communicates it [...]
Navigating Tough Times: Effective Communication in Family Business
When you mix family and business, navigating through tough times can be a daunting task. Economic downturns and recessions can exacerbate pressure and lead to heightened emotions. All parties must put in extra effort to regulate their feelings and aim for constructive communication. Even in regular times, successful communication is not always easy, and during a crisis, it becomes even more challenging. It is important to acknowledge that communication has two fundamental aspects: expressing oneself and actively listening to others. Let us explore these two components. Listening to Yourself When it comes to family relationships, we often make the [...]
Balancing Familiarity & Business Goals
Many business owners struggle with conflict and unrealistic expectations among their leaders, employees, and families. To prevent this, it's crucial to create an attractive work culture that promotes bonding and understanding beyond just driving revenue. This can be achieved through company events, cultural practices, and getting to know each other on a personal level. Culture can play a double-edged role in businesses, and without a family business perspective, it can quickly become a weakness. The key to avoiding this is to implement a family or corporate governance strategy, which sets clear expectations for employees, leaders, and families in areas [...]
Preparing Your Franchise Business for the Future: Tips from Advisors
Establishing a franchise business necessitates a clear set of objectives and a vision of what you want to achieve. This will not only help you remain focused and motivated but also direct your judgments and actions, allowing you to capitalize on every opportunity. Nonetheless, having a contingency plan for the future is just as crucial. This is where a collaborative group of consultants, such as a succession planner, attorney, and CPA, can be incredibly valuable. Define Your Goals and Vision The first stage in preparing your business for the future is to define your objectives and vision. Ask yourself: [...]
Competing with the Big Players: Professionalizing Family-Owned Auto Dealerships
The Importance of Professionalism in Family-Owned Auto Dealerships In the current corporate landscape, family-owned enterprises are facing challenges as they vie for success against bigger conglomerates and nationally recognized brands. In the automotive industry, where consolidation is prevalent, family-owned dealerships are under significant strain to keep pace with their larger counterparts and stay relevant. One viable solution for family-owned dealerships to gain a competitive advantage is to adopt a more professional approach to running their business. The Role of Culture in Family-Owned Auto Dealerships Successful family-owned dealerships or auto groups often neglect formalities that can lead to problems such [...]
