To remain strong and financially successful, family businesses must understand and recognize the importance of strategic planning. It’s crucial to always be willing to change and develop new strategies for their business. Rather than sticking to the old ways or how it’s always been done, no matter how long the family business has been around, it is essential to embrace rather than dismiss the changes in technology, the hiring process, new age marketing, and generational challenges.

This article was originally published on BarryKornfeld.com