Question

How the thinking and principles behind system dynamics and how these can be applied within a family business in order to establish efficiency, strategic alignment, creation of new revenue streams/products& services as well as overall improvements in performance (revenue, market share, etc.)?

To address the question above- you may choose to analyze how a family business could innovative around its offering; experience and configuration

Answer 1

Hey, i will try to explain the concepts as clear and brief as possible for your better understanding, so please read carefully.

I personally think family business has so much to get succeeded in the present competitive market conditions. Because they are the type of businesses that are being run from ages by all the generations of one family. So i think family business have many competitive advantages and offering with their experience and configuration of business skills when compared to other companies or businesses.

In family planning, all interested members of the family get together to develop a mission statement that describes why they are committed to the business. In allowing family members to share their goals, needs, priorities, strengths, weaknesses, and ability to contribute, family planning helps create a unified vision of the company that will guide future dealings.

If you want anything else or any clarification please let me know in the comments, thank you!