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."

This presentation provides the guiding principles and framework for Family Businesses to ride above its struggle to achieve its strategic goals. The 10 Steps to Strategic Planning is the key to the missing piece.

1. It's about the “what,” not the "how."
2. Stand in the future and look back.
3. Stand in the present and look around.
4. Invite input.
5. Be prepared for change.
6. Set a timescale.
7. Assign responsibilities.
8. Translate the strategic plan into a business plan.
9. Measure, monitor, and adapt.
10. Communicate, communicate, communicate.

Surviving in this volatile business environment will enable Family Business to past on its legacy to future generations and sustain growth.

This deck also includes slide templates for you to use in your own business presentations.

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