[Whitepaper] Family Business: Strategic Planning at its Core

11/16/2019 Family Business: Strategic Planning at its Core | flevy.com/blog
https://flevy.com/blog/family-business-strategic-planning-at-its-core/ 1/12
evyblog
Flevy Blog is an online business magazine
covering Business Strategies, Business
Theories, & Business Stories.
MANAGEMENT &LEADERSHIP STRATEGY,MARKETING,SALES OPERATIONS&SUPPLYCHAIN ORGANIZATION&CHANGE IT/MIS Other
Family Business: Strategic Planning at its Core
Contributed by Joseph Robinson on May 13, 2019 in Strategy, Marketing, & Sales
Family Business: Strategic
Planning
24-slide PowerPoint presentation
Family Business: Effective
Succession Planning
Family Business:
Professionalization
Family Business: Governance
Family Businesses need to change and develop new strategies if they are to remain healthy and financially viable. The dynamic external
environment, driven by increasing competitive markets, make it difficult for companies to maintain the status quo.
Key issues stay constant year-on-year relative to particular qualities of the family firm and the strengths and challenges inherent in this
model. However, there is a definite sense of evolution. In 2012, the dominant themes were skills, scale, and succession. By 2014, this has
evolved to focus on the need to professionalize. There is now a need to sharpen up processes and institute robust governance.
To date, the shift is more fundamental. It has shifted from the short term and the tactical to the medium term and the strategic. The challenge
is in the middle: having a strategic plan that links where the business is now to the long term and where it could be. This is what we call the
“Missing Middle.”

Strategic Planning: Bridging the Gap to Future Growth
A robust Strategic Planning process within Family Business can help these organizations
bridge the gap to future growth. In the strategic level, Strategic Planning can determine
whether the business has the appropriate capital structure. It can also determine whether
there is access to funding that the business needs to take advantage of future opportunities.
On the tactical side, it can determine whether the business can free up capital for investment.
It can also determine if funding is on the right terms and source is secured. In short,
Strategic Planning can lead Family Businesses to enhance its capability to finance growth.
The 10 Steps to Strategic Planning

1. It’s about the “what” not the “how.”
A Strategic Planning process starts with a shared vision of objectives. We must be able to decide the direction of the firm and set business
goals over the medium term.
2. Stand in the future and look back.
In planning, we need to be absolutely clear about what the future looks like.
3. Stand in the present and look around.
Take a hard look at the business as it is right now. Are your ambitions realistic? What do we need to change?
4. Invite input.
The Strategic Planning process is never a one-man show. We need to involve people from across the organization and trusted advisers
outside.
5. Be prepared for change.
Preparing for change is synonymous to Strategic Planning. Change is inevitable in Strategic Planning.
6. Set a timescale.
A good Strategic Plan must be developed like an itinerary – with its milestones and final destination.
7. Assign responsibilities.
Significantly, CEOs and the Board play a vital role in Strategic Planning as they take ultimate ownership of the plan and support it.
8. Translate the strategic plan into a business plan.
Strategic Plans must be operational, monitored, and communicated. A robust Strategic Plan is action-directed.
9. Measure, monitor, and adapt.
Implementing the Strategic Plan is not sufficient. It must be measured, monitored, and adapted to current situations or conditions.
10. Communicate, communicate, communicate.
Strategic Plans become more effective when there is shared commitment, energy, and a common sense of direction. We can achieve this if
we communicate, communicate, and communicate.
When undertaking Strategic Planning, it is essential that we have a good grasp of where we are, what we are, and how we are going to do it.
The 10 Steps to Strategic Planning can be our company’s stepping stone towards a clearly written and result-directed Strategic Plan.
Interested in gaining more understanding of these 10 Steps to Strategic Planning in a Family Business? You can learn more and download an
editable PowerPoint about 10 Steps to Strategic Planning here on the Flevy documents marketplace.

Post to Facebook
Add to LinkedIn
Post to Twitter
Are you a management consultant?
You can download this and hundreds of other consulting frameworks and consulting training guides from the FlevyPro library.
Readers Are Also Interested in These Resources
Family Business: Strategic
Planning
Family Business: Effective
Succession Planning
Family Business:
Professionalization
Family Business: Governance
Family Business: Third
Generations Tensions
Family Business: 5 Dimensions
of Activity
About Joseph Robinson
Joseph Robinson is the Vice President of Strategy at Flevy. Flevy is the marketplace for best practices in business management. Learn how
the Fortune 100 and global consulting firms do it. Improve the growth and efficiency of your organization by leveraging Flevy's library of best
practice methodologies and templates. The documents at Flevy (https://flevy.com) are of the same caliber as those produced by top-tier
management consulting firms, like McKinsey, BCG, Bain, and Accenture. Most were developed by seasoned executives and consultants with
20+ years of experience. Flevy covers 200+ management topics, ranging from Digital Transformation to Growth Strategy to Lean Management. You can
peruse a full list of management topics available on Flevy here. Prior to Flevy, Joseph worked as an Associate at BCG and holds an MBA from the Sloan
School of Management at MIT. You can connect with Joseph on LinkedIn here.
View all posts by Joseph Robinson →

4 Business Metrics Everyone Needs To Know
1 comment • 4 years ago
Avatar
Stephen Alagaratnam — Excellent pick of metrics! may I add
Product/Service Quality?
Supply Chain Excellence begins with Understanding the
Supply Chain
Avatar
Biying Downs — My opinion of Supply Chain Excellence is
“4C”, that it is in the correct time, at the correct quality, to the
correct
The Art of Managing Change, in Personal and Business
Life
Avatar
Hayk Antonyan — Thank you.
Want to Train Your Staff on Lean and Organizational
Excellence?
Avatar
Steven Bonacorsi — We are discussing Training Your Staff on
Lean and Organizational Excellence on the LinkedIn Lean Six
Sigma Group https://www.linkedin.com/gr...
ALSO ON FLEVY BLOG
0 Comments Flevy Blog Login1
t Tweet f Share Sort by Best
LOG IN WITH
OR SIGN UP WITH DISQUS
Name
Start the discussion…
?
Be the first to comment.
Subscribe✉ Add Disqus to your siteAdd DisqusAddd Disqus' Privacy PolicyPrivacy PolicyPrivacy🔒
Recommend

FEATURED DOCUMENTS
Financial Ratios (Comparables) Analysis
Evaluating Financial Ratios (or Financial Comparables) is a crucial method for evaluating the financial and competitive health of a company relative to its competitive peers. This document
provides an overview to Financial Analysis, as well as deep dive into 20 widely used Financial Ratios. [Read More]
Retail Bank Business Capability Model
1-page PDF document
A business capability model for a Retail Bank. To be used as a core document for Enterprise Architects and EA work. Also very valuable to Business Architects and Business Architecture
projects/programmes. [Read More]
POPULAR DOCUMENTS ON FLEVY
Digital Transformation Strategy
Complete Business Frameworks Reference Guide
ITIL 4 Foundation - PPT + ITIL 4 Poster (New)
Get Your Cloud Strategy Right
170-page PDF document

ITIL 4 Poster (ITIL 4 - 2019, ITIL 4 SVS) - New
2-page PDF document
Mergers & Acquisitions Strategic Analysis Toolkit
Excel workbook
Pharma Marketing Plan 2.0
1000+ Consulting Diagrams, Templates, Graphics & Icons
875+ High Impact Presentation Templates
Complete Guide to Value Creation
POPULAR ARTICLES

Introduction to Strategy Development and Strategy Execution
Note from the Editor: This article is an excerpt from the presentation, Introduction To Strategy Development and Strategy Execution, which is available as ...
4 Effective Ways to Manage Resources More Efficiently
All workplaces are an integration of numerous departments working together as one to ensure the business runs smoothly. Almost every sector is reliant on o...
The 8 Most Critical Levers to Managing and Sustaining Change
Most Transformation initiatives fail to achieve their anticipated objectives. Change Management is all about engaging and rallying people at all levels ...
Avoid the Mistake of Taking Inventory Accuracy for Granted
Inaccurate inventory leads to loss of sales, poor customer experience, and may indicate a more drastic issue of retail theft. Inventory Records Accuracy (...
Top 4 Time Wasters Identified and Ways to Increase Productivity
Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to incr...
The “Hard” Side of Change
When discussing Change Management, most Change professionals focus on the "soft" factors that influence the success of a change program. These include ele...
Do You Have What It Takes to Be an Effective Leader?
Leadership is the single most important human capital issue that organizations face. In fact, in today’s 21st century business, leadership has become a vit...

COMPLIMENTARY BUSINESS TRAINING GUIDES
What is Business Strategy without How can we anticipate & manage
Embed View on Twitter
Tweets by @flevydocs
4h
[Free Download] 10 Benefits of Implementing an #Organizational #Excellence Model
flevy.com/download/tweet… #consulting
Flevy.com
@flevydocs
Flevy.com
@flevydocs

proper Execution?
Many companies develop robust strategies, but
struggle with operationalizing their strategies into
implementable steps. This presentation from flevy
introduces 12 powerful business frameworks
spanning both Strategy Development and Strategy
Execution. [Learn more]
BIG Organizational Change?
This 48-page whitepaper, authored by consultancy
Envisioning, provides the frameworks, tools, and
insights needed to manage serious Change—
under the backdrop of the business lifecycle. These
lifecycle stages are each marked by distinct
attributes, challenges, and behaviors. [Learn more]
Want to save hours on your future
presentations?
We've developed a very comprehensive collection
of Strategy & Transformation PowerPoint templates
for you to use in your own business presentations,
spanning topics from Growth Strategy to Brand
Development to Innovation to Customer
Experience to Strategic Management. [Learn more]
Do you work in Operational
Excellence or Lean Six Sigma?
We have compiled a collection of 10 Lean Six
Sigma templates (Excel) and Operational
Excellence guides (PowerPoint) by a multitude of
LSS experts. These tools cover topics including 8
Disciplines (8D), 5 Why's, 7 Wastes, Value Stream
Mapping (VSM), and DMAIC. [Learn more]
RECENT ARTICLES BY CORPORATE FUNCTION
MANAGEMENT &
LEADERSHIP
Finding Corporate
Philanthropy a Challenge? Let
This Primer Guide You
How to Achieve GREATER
VALUE in M&A? Do the
Fundamentals of Post-merger
Integration
OK, the Merger's Done. How
Do We Secure the Promised
Revenue Synergies?
Why PLUS Decision Making
Model is Essential to Ethical
STRATEGY,
MARKETING, SALES
Customer-centric Culture: An
Imperative in Today’s Age of
the Customer
How to Design a Breakthrough
Customer Experience?
How Do We Maximize Impact
of Customer Experience on
Value Creation?
The 6 Core Capabilities of a
Customer-centric
Organization: Your
OPERATIONS &
SUPPLY CHAIN
Making it Right the First Time:
The Road to Operating Model
Transformation
Business Process
Reengineering (BPR): Are We
Succeeding or Failing?
How Do We Maximize Impact
of Customer Experience on
Value Creation?
Just Too Many Processes?
Gain Back your
ORGANIZATION,
CHANGE, HR
Advancing Digital
Transformation in the Highest
Form: The Next-gen Operating
Model
Making it Right the First Time:
The Road to Operating Model
Transformation
Having Productivity Issues?
Learn the Basics of Workplace
Productivity
The Age of Digital
Transformation Is
INFORMATION
TECHNOLOGY
Where Will We Feel the
Greatest Impact of Robotic
Process Automation (RPA)?
When Data is Not Enough:
The Need to Understand
Purpose-driven Analytics
The Age of Digital
Transformation Is
Unstoppable: Why the Need
for Workforce Digitization
The 6 Core Capabilities of a
Customer-centric
CORPORATE
COMMUNICATIONS
When Sustaining Stakeholder
Interest Is Essential: The
Importance of Corporate
Social Responsibility (CSR)
Sources of Value
You're Building a Customer-
centric Organization, So
Where's the Customer
Department?
What's the Best Way to
Manage and Communicate
with Virtual Teams?

About Flevy.com / Terms / Privacy Policy
Organizations
Conducting PMI? Here Are the
Critical 8 Decision Levers to
Evaluate
Ammunition to Winning a
Highly Demanding Customer
In this Digital Age, Are You
Ready for Digital Reinvention?
Competitiveness through
Global Process Optimization
How to Achieve GREATER
VALUE in M&A? Do the
Fundamentals of Post-merger
Integration
Unstoppable: Why the Need
for Workforce Digitization
In this Digital Age, Are You
Ready for Digital Reinvention?
Organization: Your
Ammunition to Winning a
Highly Demanding Customer
Why Knowledge Management
Strategy Is Important for
Business Sustainability
Can Business Communication
Be Thought of As a Science?
4 Ways to Improve Customer
Communication
The Flevy Business Blog (http://flevy.com/blog) is a leading source of information on business strategies, business
theories, and business stories. Most articles have been contributed for management consultants and industry executives
with over 20 years of experience. If you would like to contribute an article, please email our editor David Tang at
dave@flevy.com.
Flevy (http://flevy.com) is the marketplace for premium business documents, such as management frameworks, presentation
templates, and financial models. Our documents are of the same caliber produced by top tier consulting firms, like McKinsey,
Bain, Accenture, BCG, and Deloitte. Learn more about Flevy here.
Connect with Flevy:
© 2019. Flevy LLC. All Rights Reserved.

[Whitepaper] Family Business: Strategic Planning at its Core

Recomendados

Recomendados

Mais conteúdo relacionado

Mais de Flevy.com Best Practices

Mais de Flevy.com Best Practices (20)

Último

Último (20)

[Whitepaper] Family Business: Strategic Planning at its Core