The four stages of the planning for prosperity process are:
- Researched business structure map
- Family Consultation
- Plans for Prosperity
- Implement Plans and Review
Who is involved?
The family members are the highest priority. They are central to the planning process. Each enterprise will have various stakeholders who will be part of the planning process and ongoing management team (ie the accountants, lawyers, bankers, professional advisors, marketing specialist, financial planners, insurers and other paid professionals).
The benefits of a family centred approach
For a family to have ownership of a plan and implement it, they must be the ones who have made the decisions for the plan.
It is necessary to cover all areas of business resources in the planning process. This means taking into account the financial, human, physical and environmental aspects of the business. The aim is to ensure that the human and emotional needs of each individual member of the family are considered in the planning process.
Have you considered the resource allocations of your business?
| Resources | Utilisation | Service Provider |
|---|---|---|
| Financial | ? | Accountant, Bank, Markets, Insurer, Lawyer |
| Human | ? | ? |
| Physical | ? | Production, Advisors, Research, Development |
| Environmental | ? | Land Care, NRM |
Talking about these areas will help clarify the actions required in the plan being developed.
The Outcomes
The rural population is declining at 2% per annum, and this is most unhealthy for any rural community or rural business.
A Planning for Prosperity process will create opportunity in rural areas and slow the migration of both financial and human capital to the coastal fringe.
Assistance is available for family businesses to plan for prosperity, as it is difficult for many family to deal with planning alone.
Planning for prosperity is a sensitive, mentored process that assists family businesses to grow and prosper.
| Copyright © 2009 | All Rights
Reserved. Barbara Denton email: me@barbaradenton.com.au |
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