Challenges and strategic obstacles that limit the development of family businesses in the northern West Bank and Developing a framework for strategic planning for family businesses
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Date
2024-02-12
Authors
Shatha Salah
Raghad Sallam
Tala Darawsheh
Hala Helou
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Abstract
Abstract
This research looks at the strategic issues and roadblocks preventing family businesses in the northern West Bank from growing. Family businesses are defined as companies entirely owned by a single family. Their board of directors typically comprises two or more family members who wield decisive and monopolistic control over management and decision-making. Such enterprises make up a substantial portion, ranging from 85% to 95%, of the businesses in Palestine. This study aims primarily to reach a clear vision of the reality of family businesses in the northern West Bank from a strategic point of view and then build a framework strategic that will help Palestinian family businesses control internal organization, sustainability, and development
This study's quantitative research makes use of the descriptive-analytical method. Information was obtained from 68 family-run businesses that were included in a stratified, randomly selected sample. Participants reported the data using a self-report questionnaire. The data will next be analyzed using the Statistical Package for the Social Sciences (SPSS).
One of the most significant findings is the absence of comprehensive strategic planning in family businesses. Formalized business, marketing, production, and research and development plans are lacking. Additionally, informal boards of directors and decision-making are in the hands of one or a few individuals. As a result, a lot of businesses only use experience. The study recommends that family businesses pay increased attention to utilizing expertise and seeking the assistance of external consultants in building strategic plans.