“Our long-term strategy is to build strong and sustainable brands. This requires significant investment over a significant period of time. If we were quoted, the market would demand a return on capital investment over a much shorter timeframe. Being unquoted allows us to make utterly unique decisions. This is a key advantage of being unquoted.”
Peter Gordon - William Grant & Sons Ltd
Family businesses are well placed to compete but need to challenge themselves to make sure they stay ahead of their competitors.
A third of UK family businesses believe their core market will worsen over the next year, meaning they’ll need to grow market share rather than expand in their market.
Finding and recruiting talented people was named by 46% of family businesses as one of their top three internal issues, which suggests many of them are looking ahead to how they’ll compete and expand in the future.
Competitive salaries are the most important retention tools for 88% of family businesses, while 27% said they were using deferred bonus schemes. And they believe this incentive plan works - 83% say that their plans have a positive effect on senior management by encouraging loyalty.