Business Plan And Small Family Businesses

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Business Plan and small family businesses

According to what has been learned and from my point of view, I consider that they are not incompatible, but on the contrary they are combatable, the planning itself is something that should be applied in most things and more when we are talking about what is abusiness.

Many times it is a bit complicated to be able to agree with people and more if these are from our own family, which is why what will allow things to work in a more efficient, professional and suitable way in a family business, will bethe business plan that implements from the beginning as well as establishing the different views of each person in order to reach a mutual agreement.

There are many of the reasons why a family business fails, which is why from the beginning they must agree, because part of the failures are due to the lack of a common goal because everyone will be looking for their own goal, communicationPoor, nepotism, rivalry, emotional conflicts, unprofessional organization, lack of vision, not knowing how.

Given these points of why many family businesses fail, in order to prevent this from happening, it is best to develop the business plan where the operational objectives of the company can be established, the budgets based on the objectives that areThey decided to pursue, detailed plans, forecasts financial projections, marketing plan. And clearly also define in advance the roles of each one, which can separate what family businesses are, create a family protocol, carry out a succession plan, define their values and establish the strategic vision of the future according to themission.

And finally I consider that a very important factor for what is the business plan and the family business, so that this is carried out successfully and that these are combatable, it is very necessary that a balance between them is found since, if, ifThe business plan is more important than the family’s loyalty to what the company decreases as well as communication with the family is affected, and vice versa if given if given to the familyMore importance to the family plan than business and optimal decision may not be taken as they should be for the benefit of the company. 

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