Surviving the disruption
Family businesses are not only worried about the economic impact on their business, but also the digital one.
This year Mazars has once again sponsored Family Business United’s, Family Business Survey. Unsurprisingly, the economic climate and the issues surrounding Brexit are some of the biggest concerns facing family businesses in 2019.
Closely linked to economic issues are profitability and sustainability with 90% highlighting the importance of protecting their business and ensuring its growth in the future. This drive to be more profitable and grow can be linked to other challenges highlighted, including development overseas. Concerns about this are up 18% from last year, as well as the need for greater access to finance which has increased by almost 10%.
A surprise addition to the top concerns for family businesses in 2019 is Marketing/PR and Social Media. Last year, almost half of those surveyed were reluctant to embrace digital with 28% believing it was the responsibility of the next generation. This year, however, over 76% of those surveyed, now have a plan in place to manage and maximise their digital strategy. Interestingly, 85% now favour Facebook as one of their main communication channels for promoting their brand and driving leads for their business.
Other concerns raised include:
• Regulation, Red Tape & Legislation (38%)
• Brand Reputation & Risk (32%)
• Innovation, Technology & The Internet (31%)
• Improving Customer Engagement (30%)
• Cyber Security (29%)
• Succession/Identifying & Developing Future Leaders (28%)