Family businesses have long term ambitions and are rightly proud of their ability to take the long view. They also excel at the day-to-day management of their businesses.
But what our Survey findings have highlighted is that the challenge for family businesses lies in the medium term - the need to have a strategic plan that links where the family is, to where it wants to be. The ‘missing middle’.
This strategic plan is the road map to those longer term ambitions. It needs to address issues like succession, the next generation and the efficacy of the board. It should be used to identify skills gaps and where outside professional talent might be needed to grow the business.
And it’s something which should be reviewed regularly, both within a family context as well as a family business context, as circumstances change and the corporate strategy evolves.