Take a few minutes and have a read of the PWC Family Business Survey, an in-depth look at the trials and triumphs, challenges and successes of family and home-grown businesses that keep our economies ticking.
Decision-making is very different when it’s your own money that’s at stake, and as a result family firms tend to have a long-term commitment to jobs and local communities, which gives a significant but often under-rated stability to national economies.
This survey covers a wide array of subjects and areas of business, from the measure of which family businesses drive new products and ideas, to the role government can and should play a greater role in supporting them.
These businesses are making a substantial but under-valued contribution to stability and growth, and we believe governments could do more to offer the sort of targeted support that would make a significant difference.
The report also draws attention to the support structures available, and where often such support is inadequate for smaller businesses. On that note, ETP - our own grassroots company formed to offer SMEs the type of support in Asia often only available to larger firms – gets a mention.
In other markets there is almost no help for family businesses, and in some cases support systems exist, but are under-used, or inadequately publicised. An obvious conclusion to draw here is that family firms need to take responsibility for ensuring that they do their own homework, and make the maximum use of all the resources that are available. An example would be Enter the Panda, which is an Anglo-Irish company based in Beijing, which helps small firms start doing business in China and Asia Pacific.
Whether you are starting a new business, running a successful company, or struggling in this economic climate, this survey is worth a few minutes of your time to draw some perspective on where family businesses and SMEs fit into the world of business, and what we can all do to improve our bottom lines.
Happy reading, and wishing you and your business all the best in 2013.