The Next Level of Sustainability for Family Businesses.
Family Businesses make up almost two-thirds of all businesses globally according to research. This makes family businesses a key contributor to the global economy and employs a large portion of the global population.
It is my firm belief that family businesses globally have a huge opportunity to scale up despite the pandemic we are facing globally.
The purpose of this article is to highlight a common pattern of challenges family businesses face and what they need to do to recalibrate moving forward applying some simple governance practices in order to have accountability, clarity, and the ability to scale up with ease.
Here are some of the key challenges’ family businesses face:
This seems to be a key challenge many family businesses face. They stagnate and have difficulty focusing on the critical growth-driven aspects of their business. They are bogged down to the day-to-day operations and are short term...