Strategy is not just something penned onto paper once a year and put on a shelf. It is a mindset. Strategic planning can happen annually in a formal setting, of course, but it can also happen continually as the need arises. Family business leaders must develop strategies for competitive maneuvers, taxes, staffing, product development and so on. However, the best strategic plan is not simply the one that has the most pages. It is the one that is the most actionable, the one that truly provides guidance to help your managers and entire strategic team move forward in a meaningful way each and every day.
In this section, we provide articles that guide the family business in strategic plan development and continual strategic thinking.
Advisors can help clients better secure their family business by asking them to address four key areas: legal structure, governance structure, policies and processes. Many traditional professional advisors and trustees are familiar with legal structure, but it is critical to address all four areas to help clients build a solid business foundation for the future.
Here we will touch on ten key issues that family businesses often encounter and should do their best to address proactively, before they turn into acute problems.
There is an old adage that says, “Failure to plan is planning to fail.” Many family business researchers agree that one of the main reasons for failed family business successions is a lack of effective decision — and a lack of proper planning. The vast majority of family businesses fail to plan effectively.
How well do you know your own family and your business? You might be surprised at how much there is to know, from relationships and strategy to succession and beyond. Read on to discover more… about discovering more.
Strategic planning is more than just drafting an annual document. Read more to learn how strategic thinking is something your family business can engage in every day.
Developing successful strategies to combat your competition can mean the difference between success and failure for your business. This article can help you learn more about how to think like your competition.
There’s a lot of preparation in creating a thoughtful, targeted strategic plan. Read more to find out what legwork you need to undertake to be prepared.
Strategy is most effective when it transcends the generations. This article can help explain the importance of thinking about strategy as a long-term thought process – from one generation to the next.
A strategic plan without a human resources component may not be very strategic at all. This article can help explain the importance of integrating human resources into your overall strategy.
Drafting a mission statement is one of the most fundamental and yet most important things you can do for the strategy of your business. This article can help get you started on creating a mission statement that is truly meaningful and relevant.
Charitable giving can assist a good cause, but when done right, it can also provide tax benefits for your family business. This article explains ways to do something good for charity and your business.