Making the Parallel Family and Business Planning Process Work

Abstract

All organizations need planning to survive, grow, and sustain themselves. Businesses are forced to plan by competitive pressures, customers, suppliers, taxes, banks, joint ventures, or acquisitions. Businesses can plan reactively by making changes based on competition, adaptively by making changes based on the market or environment, or strategically by anticipating competitive and environmental forces. All businesses have some form of planning whether it is formally documented and implemented, or informal and reactive on a day-to-day basis. Planning is recognized as an important driver of business success.