Arguably, the best strategy template for family business. Used by my family business clients, it features open ended questions for each section, designed to get the thinking juices going about the possibilities vs. being focused on the problems.

1. Arguably, The Best Strategy
Template For Family Business!
Who ever said strategy needed to be complicated?
I believe a solid template will provide a road map for building your company's wealth,
while aligning your people to a common vision.
Look for a logical flow, starting with the end in mind and working its way to the present,
with tactics that you will execute in market. And don't forget before you wrap-up, identify
the metrics to which the leaders will measure themselves by. Without them, how will
you know when you get there?
The strategy template my family business clients use contain open ended questions for
each section, designed to get the thinking juices going about the possibilities vs. being
focused on the problems.
Here we go...
Best In The World
What can your business be the best in the world at?
Businesses that create wealth are ones that think long-term and in a way that enables
them to be #1 or #2 in their category (however you define the category).
Start by thinking big picture and articulate on paper what best-in-class looks like.
The End In Mind
What does the business look like when you are ready to exit?
This may be the toughest question of them all, because you're being asked to define the
business when you are leaving the company - yes saying goodbye!
A fast way to destroy business wealth is to stay beyond your welcome, that is beyond
the point you are adding incremental value.
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2. Challenge yourself to define what great will look like, and then pre-plan your exit.
Through the sale process (either to the next generation of family or externally), you will
realize the value of the business and be able to re-invest elsewhere.
Vision
What is your 15 year vision for the business?
A clearly articulated vision is as much for you as it is for your employees. It is a focal
point for people to work towards, while being a stake in the ground to measure progress
against.
Mission
How does the business provide value to its customer?
Here we have a very simple statement that defines how the company adds value to the
customer. The greater the value equation, the more money you can charge for the
product or service.
Values
What beliefs does the company value, so much so that the employees will embrace and
uphold on their own?
Values are core beliefs and behaviours the company will uphold while it creates value
for the client. An off-shoot of this is the brand's character: how the employees will act.
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3. Business Foundation
On what foundation is/should the business be built on: operational excellence,
technology superiority, or customer intimacy?
Like when building a house, there are cement footings that form the foundation, to
which everything else is built upon, the same applies to building a business.
Whichever you choose - operational excellence (think Wal-Mart), technology superiority
(think Bombardier), or customer intimacy (think Apple) - ensure that all other decisions
made are directly linked back to this foundation.
Read a separate blog post on business foundation: Your Two Strategic Decisions
Critical For Family Business Growth
Strategy Canvas
What product/service features are offered to the customer that are of high perceived
value, and how different are these from the competitions?
Here we are getting into the first details of how the business will occupy a unique space.
Evaluate on a high, medium, and low basis how the company rates on the key purchase
decision criteria of the customer.
Then compare your company's results to that of the competitors to determine if your
business is carving out a unique proposition.
To learn more about this process, I recommend reading Blue Ocean Strategy by W.
Chan Kim and Renee Mauborgne
Competitive Advantages
What are the 2 or 3 things the company will do better than it's competitors, the areas
that will receive the right amount of resources (time, energy, and money) to win?
Building off the unique points found in the strategy canvas, articulate the very focussed,
very few things the company will do better than it's competitors. Then put your
resources against these few areas to ensure the business does become the best.
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4. Target Audience
Who must the business win with to succeed?
Think of target audience in terms of primary and secondary. The primary is where the
business puts all it's effort, while the secondary are the nice-to-have clients that choose
to buy on their own volition.
Business Categories
What categories can the business be #1 or #2 in?
Being #1 or #2 allows the business to ensure its resources are put to work in a highly
effective manner. Think of it in reverse: If you had $1,000,000 to invest, but had to
support 5 categories, each gets $200,000. The outcome will not be as effective as
being focused.
Obstacles
What are the obstacles to achieving the above goals?
Identifying the obstacles is the critical step before actually writing the strategies.
Brainstorm as many barriers to achieving the vision as possible. With these fully
articulated, you now know what 'hills the company must climb'.
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5. Strategies
What are the 3 to 7 strategies that will overcome the majority of the obstacles?
There is no ideal number of strategies, other than to say too many initiatives will limit
productivity, causing the company to miss targets.
The strategies must all ladder-up to an increased level of value to the customer.
Tactics
What are the specific initiatives that will be executed in the market, ensuring the
strategies are accomplished?
For each strategy, clearly articulate the specific initiatives (target 1 to 3), making sure to
identify the initiative's owner, the timing to start and finish the project, and the supporting
budget.
Key Performance Indicators
What 5 metrics - with cash flow a compulsory - will you measure to ensure the business
is on track to deliver on the above goals?
Measuring progress is the way to keep employees focus on the right initiatives, while
giving them an early warning signal if things are not going to plan.
Beyond cash flow, revenue, profit, units sold, throughput, customer satisfaction, time to
market, fill rates, etc... are just a few of the options.
With respect to putting this in practice, I believe strategy is best done in a group
representing each area of the business. Assemble a cross-functional team, appoint a
leader, and as a group work your way through the plan.
Consider the benefit of working on the plan for 2 days straight, then taking a 2 week
break, followed by another 2 days as a group. The break in between does wonders for
crystalizing action plans.
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