A great book to read for families in business

I have just finished reading for the second time a book titled Strategic Planning for the Family Business by Randel Carlock and John Ward.

Last year research by KMPG and FBA in Australia indicated that only 26% of family companies have a formal business strategy in place. This book is a great insight into the issue of intergrating the needs of the family with the need to ensure the business is the vehicle that generates the resourses to meet the family expectations.

Many business owners sometimes become confused with business planning and strategic planning. This book will help make sense of the the whole issue of strategic planning.

My concept of strategy is that it is the tactics you are going to use to get to where you want to be in the future.

For example, I have just started a new boutique business consulting company with two collegues ( http://www.symphony3.com.au/ ) and when determining our internal operational strategy, we have decided that the admin will be done online. That is a clear strategic decision made to eliminate the need for physical facilities. In fact we will look to outsourcing secretarial work online.

Also its import to be clear that strategic planning is worthless unless there is first a strategic vision ( John Naisbit )

The book is available online at amazon.com