When one looks at family business strategy the most important thing that can put it in context are, values and vision. In order to truly understand how a certain company functions you have to look at these two points.
A personal process
Constructing a family business strategy is the result of a number of factors, but what most business owners will focus on is their own opinions and beliefs. Though it may sound as an unfair description most people are motivated by what they believe to be true, thus in essence their bias, preconceptions or prejudice.
It may strike you as far-fetched, but if one looks at the way the strengths or weaknesses are being evaluated at any given time they will notice that what someone wants is obviously going to be a priority. As such, we come to the conclusion that nothing is by chance if you know a person well enough. Thus, knowing who the de facto CEO of any company is will give you a clear perspective into their family business strategy. This is an interesting difference when comparing a multinational corporation to a family owned business.
The End Result
Everything that matters in the end when coming in contact with a family business strategy is whether or not it’s reliable. The end result is that if the owners of the company value their opinion more than what needs to be done, the business will most likely go under. Someone who isn’t open to suggestions or clings to antiquated notions shouldn’t be in a leadership position. All these things have an added effect. If no one is paying attention to what is happening in the marketplace, there will not be anything to be done when the competition wins. There will always be winning strategies that come into conflict with what the family business strategy commands. Having values and a vision are not things to be looked down upon, especially in a world that is constantly on the lookout for the next hit proposition.
Still, customer satisfaction is what needs to be the number one priority for any company regardless of the fact that it may differ from the business’s vision. Without customer loyalty or sales, there isn’t an enterprise that will survive. Going bankrupt is the last thing anyone wants to see happen to their business, but being stubborn in a constantly evolving environment will guarantee it.