UK family businesses are experiencing higher levels of growth than we saw in our 2016 survey and like their global counterparts remain ambitious. Most continue to focus on performance improvement; relying on existing markets, products and services. Just under half are also bringing in external expertise.
Our survey respondents expect in the next two years:
While the majority currently use bank lending and internal sources they are also considering alternative sources of funding:
Protecting the family business is a priority, but what families want from their legacy is evolving.
The majority have a clear sense of purpose and agreed company values. These are seen to impact in areas of staff retention/recruitment, business reputation, profitability and competitiveness.
Many of our survey respondents are concerned by external factors such as Brexit and general economic conditions. However, in other areas like innovation and access to skills they feel more able to influence outcomes. Areas like recruitment, retention and reward of talent is a priority going forward along with profitability and innovation.
Survey respondents thought it likely that in the next two years:
Survey respondents important personal and business goals over the next two years include:
Similar to the global average, 53% plan significant steps in digital capabilities in the next two years.
Survey respondents identified the following digital challenges in the next two years:
More than half have the next generation working in the business and a similar number intend to pass on management and/or ownership.
Grappling with succession, survey respondents told us:
A diverse workforce creates more opportunities within any organisation and the tone is set from the top. 48% of our survey respondents had the personal / business goal for the next two years to promote diversity.
Asked about gender diversity within their business, our survey respondents told us on average: