Family Business Strategy
The strategy is the heart of business success. For the family business, it involves not only business strategy but also to deal with the challenges it faces from ownership and family perspective. Some of them being:
- Separating family and business issues while developing a strategic plan
- Buy-in from all family members to follow guidelines
- Developing common goals among family members
- Periodically review the business strategy for course correction.
For a family business to survive through generations, it needs a strategic plan to keep it grounded to succeed. It is a commonly developed vision for the future which identifies:
- Important issues to be addressed
- Sets goals
- Develop leadership
- Develops action plans
- Implementation plans
Components of a Family Business Strategy Plan?
It is a well-thought-out activity that specifies the process the family business will follow for continued success. It includes points like:
- Defining the customer and market segments
- Strategies for retaining as well as getting new customers
- Norms for delivering requisite customer service
- Identifying and onboarding the right talent for the successful execution of the plan
- Practicing financial prudence to retain profitability
- Being relevant to the ever-changing market demands
- Periodically structured reviewing for understanding the effectiveness of current business tactics and guidelines for determining if procedures should be altered
Do you know “What is your family business strategy?”
Is the simple, yet important question. If you do not have a clear answer, it means you need a work on the family’s vision for the future of the business and a plan for determining how the business will get there.
A strategic plan is not just a document created and discussed in an annual meeting. It needs active actions. Successful family businesses encourage and promote the business strategy and actively adjust it when needed. Execution of the strategy is the key to success, which needs active handholding of the people working in the business at the top positions. Developing a business strategy is complex and challenging, but it is essential for the continued success of any family business.
Does Your Family Business Need Help?
With extensive hands-on experience in assisting family businesses, we understand the challenges families face as they work together to build a thriving family business generation after generation. Through orientation programs, one to one and group meetings, workshops, public talks, mentoring, coaching, family retreats, and private family business consulting services, we help family business owners chart their way through family business issues of all shapes and sizes.
Get In Touch
Sandesh Vasant Mestry
Family Business Consultant and Mentor
101, New Chandralok CHS, Ground Floor, Near, Veer Savarkar Marg, Tembhi Naka,
Thane West, Maharashtra 400601