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Building competitive advantage through values and purpose
Agile, innovative and forward looking. The UK family businesses interviewed for our 9th PwC Family Business Survey have big plans. Nearly two thirds wish to leave a legacy and, for a similar number, it's broader than a financial goal. They put the future of their business first.
Recognising that there's still work to be done in professionalising the business, around half of our respondents are having to look outside the family and the business for skills. A similar number are investing in their digital capabilities and looking at new ways to drive growth. Purpose and values are increasingly important. They provide a guiding set of principles that have a lasting impact when supported by strategic planning and the right skills.
But that's not the whole picture. People, innovation and growth still challenge family businesses. Well placed to take advantage of the hard earned loyalty they inspire, some have yet to turn this into a winning strategy. More than ever, family businesses need people who can help them focus on digitalisation and innovation; areas where there are well publicised skills gaps.
It's time for family businesses to dig deep.