“The challenges of long-term planning in a family business environment,” by Ron Price, Family Business Magazine, September/October 2015
A long-term plan should include a clear statement of the company's mission, vision, values and objectives. What do we want our company to be known for in the marketplace in ten years? How do we want our employees to describe their experience in ten years?
The plan should include an analysis of strengths and weaknesses in the organization's current leadership capacities, strategies, market position, performance, financial standing, legal integrity and governance effectiveness.
Third, the plan should contain an overview of the external threats and opportunities in the marketplace, including societal and marketplace trends, a competitive analysis, a description of the company's brand or reputation, and a review of current and potential strategic partnerships.
Finally, it should include an operating plan, with detailed forecasts. The size and complexity of the business and the challenges it faces will determine how complex the plan should be.
In the more proactive cases, there is a calendar for annual and long-term planning, enabling the team to schedule the work that must be done throughout the year to review current progress and prepare for future planning.
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