ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

writing business plan for family business; how to

Updated on June 16, 2011

 

Family business is one form of business that stands the test of time. It survives from generation to generation and creates employment and peace of mind for as many as those that are willing to go by the rule of small and family business. Family businesses survives the test of time because, its business secrets are properly guided from external forces and competitors. All these can only be possible if the family business is properly managed. And to properly manage a family business, you need to have a well articulated and written business plan that help stir the affairs of the family business. A business plan is the blue print that acts as the compass that helps the family business finds its way in the wilderness of business world and its challenges.

Writing of business plan for family business is not what anybody can do for you. You need to do it yourself so as to preserve the privacy of the family business. And that is why this hub is written to let you know the basic ingredients of a bankable and operational business plan that is needed to successfully run a family business.

I have written a hub on bankable and operational business plan and will therefore go straight into the intricacies of writing a business plan for family business plan.

STEPS TO WRITING A BUSINESS PLAN

 

Carryout the SWOT analysis of your family business; every entity be it big or small has their own strengths, weaknesses, opportunities and threats. The mere fact that small family businesses operates in an environment, they interact with these businesses on a daily basis and care needs to be taken to factor these variables into the business plan of a small family business. Stakeholders in a family business need to know their strength and opportunities and work hard to get the best out of them while at the same time taking steps to reduce the negative effects of weaknesses and threats. Family business plans must embed strategies to handle the variables of SWOT. Some people call this ‘self knowledge analyses.

Carryout market analysis; market research and marketing research are two ingredients that cannot be found wanting in any business plan of family business. Good market analysis will help the writer/ developer of the business plan add appropriate strategies that will help surmount the perceived mountains and obstacles that needs to be crossed before achieving a target marketing landmark.

Recognize the reason for writing the business plan for the family business; family business is not one of those professional paths that people follow just to make sure that there is food on the table. Family business is a way of life and must be viewed that way. Questions about the mission of the initiator of the family business must be asked. From these questions, a mission statement will be drawn, and thereafter, business plan written with the sole aim of meeting the objectives of the family business.

Align your family business’s need with your findings; aligning your family business’s need with the reality on ground will help you identify resources that will be needed to meet your objective(s) in your small family business. Whatever that is revealed from this exercise should be included in your business plan.

Effort should be put into identifying what motivates every member of the management team of a small business and attempt made to factor them into the business plan of the family business. Make the business plan challenging enough to motivate all and sundry.

 

Now that you know the basics of writing business plan for family business, the next thing that is left is for you to take action that will bring all that you have learnt to fruition. And don’t forget to invite me to your success party.

Comments

    0 of 8192 characters used
    Post Comment

    • chinweike profile imageAUTHOR

      Chinweike 

      8 years ago from Glasgow, UK

      Yes, you need a business plan for your blogs if you really take them as your business. It is not only bricks businesses that needs business plan.

      Thanks Cashmere for investing your time in this hub and commenting on it.

      Cheers!

    • cashmere profile image

      cashmere 

      8 years ago from India

      Great hub. Yes I think I need to sit down and write a business plan for my new blog as well. It will help me stay focused on what I really want to do.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)