In this video, Eric Flamholtz discusses how to develop plan objectives. Once you've completed the family SWOT analysis and defined the values, mission, and vision, you are ready to set concrete objectives to improve your family businesses health.
- Objectives are what the family wants to accomplish…in each family-related area of the business.…And objectives are important,…because they are relatively specific…and give focus for desired improvements.…There are three steps to create objectives.…The first step is to review the SWOT analysis.…Than, as a family, discuss what is required to be improved.…And finally, develop written objectives.…Let's talk about each of these steps.…We'll start with reviewing the SWOT analysis.…After you've completed it,…the SWOT analysis will show your family…where there are problems or opportunities for improvement.…
For example, your SWOT analysis may indicate…that treatment of non-family members…is related as unhealthy.…Now, that's better than being toxic,…but guess what, that's a target area for improvement.…Your goal is to accumulate all the areas for improvement,…so that you can move into the next step,…which is to discuss the problem areas.…If your family business scores low…on how it treats non-family members,…then you need be begin discussing…
- Recognize the two kinds of family business issues.
- Define values in terms of a family business.
- Identify the six key areas of family dynamics.
- Summarize how to manage a business when the business leader and the family leader is not the same person.
- Recall the steps for creating values for a family business.
- Examine the importance of family business plan objectives.