Strategical management of family business

Abstract

Family businesses have recently become a subject of particular discussion, theoretical and empirical analysis among scientists. It shows they have considerable impact on the worldwide economic development. Family businesses take an active part in all areas of life and human activity. Although they constitute a major part of the sector of micro, small and medium companies, many of them work also among big enterprises. Therefore, the main purpose of this article is explanation of strategical management of family business. It also provides characteristics of family business, explains the essence and elements of strategical management and contains an analysis of managing family business in Poland. In the analysis, the results of research from the report “Future competences in family businesses 2017”. The report is the first report concerning that kind of research conducted by Fundacja Firmy Rodzinne (Family Business Foundation) in cooperation with Pekao Bank. One of the aims of the research was, among others, to identify the differences concerning the strategic fields of management between leaders of family managements and other family companies. The results of scientific research indicate that strategic management in family business requires focusing on many aspects e.g.: workers, managing the company, clients, finances and new technologies.