Why strategic mapping? A vision without a plan is just a pipedream!
It’s true that planning alone will not insure success. Why do sixty-seven to ninety-seven percent of companies with plans report failing to successfully implement those plans? According to Forbes, overly complicated plans and lack of accountability are two of the overarching reasons.
We have expertise in strategy consulting and believe the difference between the theory of a successful family business and its reality is the ability for your people to execute a strategic plan that provides uncomplicated context to your vision with the means to make informed changes as conditions on the ground change and we learn things. Strategic planning for the family business addresses two of those reported failings.
PathFinder Group uses Strategy Map to do this. It is the most effective framework for clarifying that Vision and Mission. It establishes clear causal links between the outcomes you want (objectives) and things you have to do (tactics) to achieve them. Its companion is a Balanced Scorecard. Think of a Balanced Scorecard as a transparent feedback mechanism, not unlike a compass, that provides accountability. You set out on a heading only to find your path blocked or your assumptions flawed. What do you do? With the right metrics you can reset your course with confidence and mitigate the risk of flying blind on untested assumptions.
Together these two tools provide an uncomplicated proven method for reducing risk and vastly improve the probability of your business prospering for generations to come.
Every family business should:
Have a clear vision and mission.
Identify critical objectives.
Understand cause and effect relationships between set objectives and tactics.
Have the ability to measure tactics to understand whether objectives are being met.
If your family owned business is not doing these things, your vision may not be achievable.