Family Business Strategic Plan

5 Ways to Keep Your Family Business Innovative

“One of the first things we lose as our companies grow is our innovative and entrepreneurial thinking – here’s how to gain it back”

As our businesses grow we struggle with the balance between being too hands-on and too far removed from the operations of the business. We’re encouraged to delegate and develop employees, which tends to draw us further away from the hands-on more entrepreneurial tasks of the business. In it’s extreme form, delegation can feel like we are just “managing managers”. Conversely, being too-hands on, pulls us away from thinking strategically, because we’re too caught up in the day-to-day routine tasks of running the business.

In our family business our parents encouraged us to reach out for new ideas by continuing to learn and meet with people outside of our industry. How do you “keep entrepreneurial” even as your business grows more corporate and formal? More…

3 Habits of Highly Successful Family Businesses – #2 Strategic Planning

Why is it that so few family businesses make it into future generations? Lack of planning.

These are some random takeaways from our personal experience in putting together a strategic plan for our family business. It isn’t meant to be a comprehensive guide (this topic is well covered using other resources), but rather about the issues that a family business experiences when creating a strategic plan for the first time. More…