Most family business strategies, including thoughtful visions to highly-detailed plans, account for operating in an increasingly fast-paced, complex world. But even the best plans can derail because of market shifts, leadership changes, disruptions in supply chains. The strategy simply can’t keep up. What can families do to keep up?
They can start by shifting from static—or traditional—strategic planning to adaptive planning.
For decades, traditional planning was the go-to for family businesses. It’s ideal for stable environments with fairly predictable outcomes. But our world today is no longer predictable. At its core, adaptive strategic planning understands that plans must evolve. It’s flexible. Think of it in terms of “Where are we headed?” (adaptive) versus “What’s the exact route we’re going to take?” (traditional).
This may feel uncomfortable—or even unconventional. But Torsten Pieper, Claudia Binz Astrachan, Francesco Chirico, and Annika Ehlers argue that family businesses are uniquely suited for adaptive strategic planning. Learn more in this article.
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