It's clear when listening to the brilliant speakers at the Great British Family Business 2017 event, that family businesses face many challenges that corporates do not.
Below are some key points where I think Family businesses are leading the charge:
Trust plays an enormous part - While leaders like to hold the reigns on all parts of the business, family businesses know that it's not sustainable. Instead they bring in brilliant employees to the business and trust them to aid and deliver company growth and live by the company's values.
Things don't always go your way - Within a corporate, while fires, floods or even deaths may be unfortunate, they don't generally put a hold on the business. But for family businesses, these moments can pose a real threat. If business leaders, factories or profit are suddenly taken away, there is a real threat that family businesses will not recover. What has struck me, hearing the stories today from the likes of Lance Forman, is that family businesses can be extremely resilient. They embrace flexibility and are willing to take risks.
Be proud of your heritage but be willing to adapt and diversify - James Keen from Hypnos Beds shared some real insight here. It is important that family business can maintain that quality, traditional reputation whilst fully embracing how tech and social media can not only make processes easier but can showcase that heritage in a positive way.
Head over to the Family Business United website to find out more!
Thanks for having us.
Join us in London at The British Library Conference Centre on March 23, 2017 for a great family business event. Planning is well under way for the 2017 Flagship National Conference with topics covering governance, succession, the next generation and running a family business in the digital age.