The Humaidi family’s efforts in Kuwait show the power of family collaboration
Family businesses are some of the best known and most successful brands in the world. When done right, these businesses can have long-lasting and lasting positive results that can be difficult to emulate in a non-family setting. This may be due to the power to tap into the strength of family unity. This job, however, is not without pitfalls and often requires adherence to certain fundamental principles in order to be successful. We looked at Humaidi Family Kuwait’s efforts to get a better idea of how a family can thrive in a business context. The collaborative work of the family in the creation of Kuwaiti European Holding is a prime example in this space.
Humaidi Family Kuwait and Elsewhere
Before we dive into the fundamentals of family business dynamics, let’s first take a look at both the Humaidi family’s work in Kuwait and international work. The family became well known, in part thanks to their marked ability to develop real estate projects that then became flourishing tourist attractions. This was recently accomplished with the completion of the first phase of construction of its aquatic complex in Egypt. The resort, located at the edge of the Red Sea, helps to generate renewed interest in the region and to introduce travelers from all over the world to a place that is both historic and capable of providing modern comforts.
This ability to balance timeless attractions with modern amenities has become a hallmark of the family throughout their development efforts. Much of this has come from a deep belief in providing world travelers with the ability to access some of the most unique and interesting places in the world while maintaining their preferences for their current lifestyle. In the case of the new resort, this manifested itself in a nice mix of indoor and outdoor spaces that accommodate large groups as well as intimate gatherings. The resort also provides a starting point to the surrounding area, allowing easy access to nature trips and local restaurants and traders.
Play on each other’s strengths
When we consider the success of the Humaidi family in Kuwait and across the world, one of the key characteristics that stands out is how the family harnesses the strengths of each member. This is a key element that can be widely applicable to family businesses of many different types. Each person in a family will naturally have different skills in different areas of activity. While one person may be more inclined to imagine the overall effects of a trade action, another may be better equipped to handle the details of such a decision.
Spending 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 they can maximize those strengths to the extent possible. This can, in the end, result in a stronger business with individuals in roles in which they can truly excel.
Communication at the heart of the Humaidi family in Kuwait
Well-executed communication is of crucial importance in any business venture – missteps here can have a ripple effect throughout the business and can be responsible for inefficiencies and lost opportunities. This consideration is no less critical in the context of a family business and, in fact, may even be more important. This increased importance may come from additional contexts that link a family together. In other types of businesses, business participants may not relate to each other outside of work. In a family business, however, the people who run the business are linked in other ways. It may mean that they bring pre-established standards of communication to their work.
To minimize communication issues that can have negative business ramifications, it may be important to establish communication standards in a family that are specific to their work. These standards may involve a particular hierarchy for business communication, confined channels for this type of communication, or even models for how this communication can take place. The details here may not be as important as whether a family has intentionally thought about how they will communicate internally during business operations.
Intentional interactions outside the company
A final topic to consider in this area is how a family interacts outside of deals because it can be easy for a family’s business endeavors to color their interactions in daily life. This can be a slippery slope for families who may find that quality time has too often been replaced by discussions about what to do and what to do next. Not only does this decrease this quality time, but it can also prevent a person from significantly taking time off work.
To avoid this, it can be helpful to set standards for the amount of work done outside of the office itself. To some extent, working outside the office can be inevitable, especially when family members are the responsibles to run the business. Problems can arise that require urgent attention, and potentially important ideas can arise without notice. With that in mind, however, it’s always helpful to minimize these types of interactions outside of the workplace. It can help individual family members re-energize when they are not at work and also return to the business with renewed abilities after being away from work.
While it can sometimes be difficult to balance the work involved in 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 run the business. Looking at the efforts of the Humaidi family in Kuwait and around the world can be instructive in this regard. The success of the family with Kuwaiti European Holding can be partially attributed 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 in a family business.