Family Business Growth: Charting Your Course | Compass Point Skip to main content



Here we are…already at the end of the year somehow. Is your family business on track with its strategic plan for the upcoming year or is a plan not yet in place?

One of the biggest barriers to family business growth is the lack of a written strategic plan. Why written? Because research shows when you write down your goals, you are 42% more likely to achieve the desired results. Who doesn’t want those odds on their side?

Larger organizations make the investment of time, energy, and a focused team effort to formulate a strategic plan. Committing to writing out a strategic plan annually is how you get your team focused on a small set of clearly articulated outcomes and the actions to produce the desired results. Smart entrepreneurs know and do the same.

Running a business without a strategic plan is like sitting in a sailboat in the ocean with no destination in mind. No map. No compass. You are literally saying “Any wind will do.” When we run our businesses like this, the outcomes are generally not what we seek.

The KEY to a successful strategic plan is a practical, implementable framework developed by the whole team. When done well, it creates clarity, confidence, and direction for the business. Accountability is built in and the owner begins to feel a sense of shared responsibility amongst the team.

We help you create a One Page Strategic Plan that provides a logical framework of critical points that charts the course to drive growth:

  • Core Values
  • Core Purpose
  • Core Competencies
  • Core Customer
  • Brand Promise
  • Business Sandbox
  • BHAG
  • Key 3-Year Thrusts
  • Annual Priorities
  • Quarterly Rocks

A SWOT analysis provides further insight and alignment – creating new ways to see old problems, surfacing new ideas, and aligning the team. It also forces the team to communicate about choices regarding the direction of the company.

Next, identify your BHAG (Big Hairy Audacious Goal). This informs the top five key thrusts (or capabilities) the organization must focus on over the next three years to move toward the BHAG.

From here, break down the 3-year key thrusts into Annual Priorities, “What we are going to do this year?” Then, drill down Annual Priorities into Quarterly Rocks, “What are we going to do this quarter, and who is accountable?

This is how things get done – moving from planning to execution. Without action, you are aimlessly adrift.

Do you know the biggest benefit of strategic planning? THE PROCESS ITSELF! When a team works together to think through future challenges and develops strategies to break through those barriers, the resulting Strategic Plan can be a real catalyst for growth.

The direction of a family business – present and future – needs the right compass. Start charting your course and then take the actions necessary to set sail to the desired destination of success.

Chart Your Course

Tom Garrity profile picture
Tom Garrity

Tom has family business in his DNA. His entire career was forged in family-owned companies. This extensive experience in business development, key leadership roles, and practical financial analysis fueled Tom’s quest to help owners build successful businesses while maintaining a strong family unit.

You may also like…

A family working together in family business


Becoming a Family Business: This Firm Lives What They Teach

You may know the man in the photo as Tom Garrity, Founder of Compass Point, a family business consulting firm in Southeastern PA, headquartered in the Lehigh Valley; I know him as my inspiration, mentor, confidante, tennis partner, and best of all – my dad. This blog marks...

Read More
The Culture Code review


Cracking The Culture Code for Business and Leadership Strategy

Discover how business and leadership intersect in Daniel Coyle's "The Culture Code," offering insights into building successful organizations. I recently asked the LinkedIn community what book most closely aligns with your leadership identity...

Read More
on the left side of the image is an older man with his eyes closed, head in hand, with a stressed expression on his face. To the right of him are 3 short blank lines (as if letters need to be filled in) and then a capital T, indicating the topic he doesn't want to talk about; Exiting the Business.


The 4-Letter Word Owners Can’t Afford NOT to Talk About: EXIT

I’ve had my share of family business owners who avoid discussing this four-letter word to the point of pure denial, quickly ending the conversation when this word bubbles up. The word? E-X-I-T. It sounds so final. The brutal truth is that 100% of owners exit the business, yet only 50% – just 1 out of 2 owners – will do it on their terms...

Read More

Where Family Businesses Come to Grow & Learn

At Compass Point, we make it easy to get insights, training, tools, and articles straight to your inbox and help family business owners and their team continue to grow, learn, and lead.