Strategy – according to the business dictionary – is ‘a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem’. Simple really – and something that makes us all feel safer and happier once it has been agreed.  Yet sometimes, the word itself invokes a feeling of overwhelm, of ‘too hard – let’s leave that till later’. That’s why it’s a good idea to book in a date with FBA and bite the bullet on the Strategy thing!

 Strategic planning in family businesses is unique because of the role that business and family values play. The purpose of family and business strategic planning is not to produce a document called ‘strategic plan’. It is to undertake a process of gathering critical information, thinking about it strategically, discussing it with key stakeholders, and reaching conclusions that become the basis for family and business direction and action for longer-term family business success and continuity.

On 21 October you will have the chance to participate in the FBA course Developing Your Family Business Strategy presented by James Beck – a man with great knowledge and experience in this area of family business. Even if you have done a similar course previously, strategy is always something the needs to be reviewed regularly, so book your seat before you forget!

Our first Show & Tell event was held at Plasdene Glass-Pak as part of National Family Business Day and was proclaimed a success by all who attended. The Pearson family were generous hosts and we learned about some of the things they deal with on a daily basis and the challenges of merging an acquired business which has a different culture.
It was great that the NSW Minister for Small Business – John Barilaro MP – acknowledged National Family Business Day with a media release. We are fortunate that our Minister has experience – John Barilaro ran his own family small business in Queanbeyan for 20 years manufacturing energy efficient doors and windows.  In time, we might be able to obtain the recognition at state level that has just been achieved nationally with new legislation to appoint a Small Business and Family Enterprise Ombudsman.

Until next month

Wendy Foster
NSW and ACT Manager