Assessing the present is a critical step for exceptional families who aim to sustain long-term success. By focusing on current challenges, supporting family members, and celebrating achievements, families can ensure they remain aligned with their long-term goals. The Family Council Canvas, our strategic tool designed for Family Offices, includes essential questions that help families assess their present, identify areas for immediate improvement, and maintain a commitment to shared objectives.

Tackling Immediate Projects

Exceptional families understand that addressing current issues and priorities is essential for maintaining momentum. Whether it’s a business expansion, family succession planning, or resolving internal conflicts, timely intervention ensures that the family stays on course.

Research by Leenders and Waarts (2003) emphasises that families with a strong business orientation naturally gravitate toward addressing projects that enhance their competitiveness, while those with a more family-oriented focus might prioritise internal cohesion. Recognising this balance is key to ensuring that all projects receive the attention they require.

Best Practices:

  • Prioritise Projects: Identify and categorise ongoing projects by their urgency, and allocate the necessary resources.
  • Ensure Coordination: Assign project leaders to keep all members informed and on track.
  • Schedule Check-ins: Regularly review project statuses and address any bottlenecks.

Identifying Unmet Potential

Exceptional families explore untapped potential and consider areas that may have been overlooked. Families with a strong commitment to continuous improvement regularly assess where they may be falling short. According to Leenders and Waarts (2003), family businesses often need to shift their focus as they evolve, identifying areas where they can innovate or take on new initiatives. Regular self-assessment helps families spot gaps in their current strategy and address them before they become larger issues.

Best Practices:

  • Routine Reflection: Set aside time during family council meetings to discuss unmet opportunities.
  • Encourage Innovation: Provide a platform for family members to propose new ideas or areas for business growth.
  • Implement Feedback Systems: Create mechanisms for gathering input from family members and external stakeholders to identify potential blind spots.

Supporting Each Other in Achieving Shared Goals

Supporting one another is essential for maintaining a cohesive family strategy. Exceptional families understand that achieving shared goals requires not just individual effort but collective support. According to the stewardship theory discussed by Kowala and Šebestová (2021), families that embrace a stewardship mindset are more likely to foster trust and mutual support, enhancing their long-term commitment to shared objectives.

Best Practices:

  • Build a Peer Support System: Encourage family members to mentor and support each other.
  • Regular Accountability Meetings: Hold periodic check-ins to track progress on family and business goals.
  • Celebrate Collaboration: Recognise and reward successful team efforts to reinforce the importance of working together.

Avoiding Complacency and Celebrating Success

Celebrating success not only boosts morale but also highlights the family’s strengths, encouraging ongoing improvement. Leenders and Waarts (2003) caution against complacency, noting that successful family businesses must remain vigilant and avoid the trap of becoming too comfortable. Families should regularly review their strategies to ensure they’re adapting to new challenges and maintaining a proactive, growth-oriented mindset.

Best Practices:

  • Public Recognition: Hold family events or meetings to celebrate milestones.
  • Document Achievements: Keep a record of accomplishments and use them as inspiration for future success.
  • Encourage a Growth Mindset: Promote a culture of continuous learning and improvement, where past successes serve as stepping stones to greater achievements.

Conclusion

Assessing the present is about more than just managing ongoing projects—it’s about promoting collaboration, exploring untapped potential, and avoiding complacency. Exceptional families know that continuous improvement is vital for long-term success. By leveraging the Family Council Canvas, families can address current challenges, support each other, and ensure that they remain aligned with their shared vision for the future.

References:

  • Leenders, M., & Waarts, E. (2003). Competitiveness and Evolution of Family Businesses: The Role of Family and Business Orientation. European Management Journal, 21(6), 686-697. Available at: https://doi.org/10.1016/j.emj.2003.09.012.
  • Kowala, R., & Šebestová, J.D. (2021). Using Stewardship and Agency Theory to Explore Key Performance Indicators of Family Businesses. Scientiae Oeconomia, 4(1), pp.1-15. Available at: https://doi.org/10.23762/FSO_VOL9_NO4_1.