In these unpredictable times, how can family businesses stay competitive, weather rapid changes, and ultimately, remain resilient in the long-term?
In a rapidly changing financial environment, traditional family businesses face many of the same challenges as other companies. The advance of digitalisation, disruption, and the effect of an increasingly turbulent global world economy all put pressure on businesses which are also juggling hierarchy issues and inter-family relationships.
With the right plan of action in place, family businesses can turn innate strengths into competitive advantages. By implementing strategies which bolster communication, determine ownership roles and define personal development, the uniqueness of a family business can come to represent great resilience.