The Arabian Center of Family Businesses Organizes a Workshop on Strategic Planning for Family Businesses
On 28 June 2014, the Arabian Center of Family Businesses (Awuael currently) organized a workshop entitled "Strategic Planning for Family Businesses" in collaboration with Asharqiya Chamber in Jubail.
The workshop, conducted by Dr. Sami Alwuhaibi, founder of Awuael Holding and Assistant Professor of Strategic Management and Family Business at King Fahd University of Petroleum and Minerals, aimed to raise the awareness of the importance of strategic planning for family businesses by discussing the concept of family business, strategic management and strategic planning steps for businesses and business families.
The workshop aimed at raising awareness of the importance of strategic planning for family businesses, developing leadership skills and strategic planning for participants through the practical application of some planning tools, the role of effective strategic planning in looking ahead, improving the competitiveness of family businesses and their role in supporting economic development.
The workshop discussed four main axes. The third axis focuses on the concept of family business. The second axis focuses on the concept of strategic planning. The third axis deals with the analysis of the external environment of work. The fourth axis focuses on encouraging family participation, and the last two focuses include studying and discussing two cases, one centered on work and the other on family.
During the workshop, Dr. Alwuhaibi stressed the need to encourage the participation of individuals in the business family in the decision-making processes of the future of the business and their families. He reviewed the steps of strategic planning and analysis of the external environment of businesses and families, as well as reviewing the actual role of managers of these companies in the senior management, middle and operational levels. The workshop also focused on the importance of building a family culture for future planning as a guarantee for the survival and sustainability of family businesses.
Dr. Alwuhaibi defined planning, saying that it is about specific thinking skills that help people develop a strategy to achieve their goals, which is to think about how to implement the task even before its start.
He also reviewed the planning steps for a single task which are collecting information, implementing standards, setting the project objective, equipment, and time schedule.
Dr. Alwuhaibi also addressed the stages of personal strategic planning, which are balanced scorecard, SWOT analysis, selection of initiatives and performance indicators, implementation plan, follow-up the implementation and review the plan.
He discussed the Balanced Scorecard and said that it is one of the most important tools used for large companies in which we consider the institution from four sides: learning, growth, operations, client, and financial side.
He addressed the SWOT and said that at this stage, strengths, weaknesses, opportunities and threats are identified for each of the four previous areas: strengths, weaknesses, opportunities and threats.
Dr. Alwuhaibi also addressed the development of strategic objectives or initiatives using the SMART method to formulate objectives (specific, measurable, achievable, realistic, and time-bound).
Examples and activity were discussed to use SWOT analysis in developing strategic objectives and performance indicators.
At the end of the workshop, a group of commemorative photographs of Dr. Sami Alwuhaibi were held with the audience, who praised the topic of the workshop and the integration of its interlocutors and its role in raising awareness of the importance of strategic planning for family businesses.