Family businesses are often ‘hidden champions’. They are innovative, creative and have outstanding people on board. This helps them to keep re-inventing themselves. The challenge is to adjust the business model to new trends and economic or industry developments, stay innovative, attract talent and grow revenues.
Typical questions to ask yourself
- Is the business model still up to date? When will it be necessary to make changes/adjustments?
- What are the areas with growth potential?
- Do you intend to expand abroad?
- Do you have a business strategy for a digital world?
- How can you ensure the company’s long-term innovative strength?
- Are your products & services competitive; are they efficiently developed?
- What are your products’ lifecycles?
- Is the pricing for your products and services up to date? Has it allowed for increasing costs of raw materials or people costs?
- What is your response to manager/employee shortages?
How we can help
- Challenge the company’s strategy/business model:
- Concentration vs. diversification
- International expansion
- Product/service innovation
- Digital transformation
- Support with internationalisation. What is the right structure from a tax, liability law and co-determination rights perspective?
- Develop pricing strategies – analyse the costs, the brand, leverage the company’s USPs
- Talent management, e.g. identifying key p