PwC is running an yearly survey to highlight the contribution family businesses make to economies and communities around the world. This year, 1,952 family businesses took part in this survey from over 30 countries, including, for the first time, Australia, China/Hong Kong and India. From Singapore to South America, the results look at the unique challenges that family businesses face regardless of where they are in the world. The respondents could not have been more varied in size, industry and location, yet there was marked similarity in their approach to business and in what they considered to be distinctive characteristics of businesses like theirs.
Here are some key findings:
- 65% have grown sales in the past year (compared to only less than half in 2010)
- Almost 60% say attracting the right skills/talent will be a key challenge in five years’ time
- 64% think the general economic situation will be their key challenge in five years’ time
- Over 60% see the need to continually innovate as the key internal challenge in five years’ time
- A quarter of our respondents’ sales are currently international; this will rise to 30% in five years’ time
How do your challenges, strengths and resilience compare to those of your peers across the world? What are your plans, if any, for expansion — and succession — in the coming years? What do you see the role of government being?
PwC has an online tool available for you to benchmark your business across a range of crucial, family-firm-relevant metrics.