The biggest challenges for family businesses – 6m 16
Looking at the current environment and crisis management aside, Natalie, Paul and Mairi discuss the biggest challenges for UK family businesses and decide whether communication plays a fundamental factor in business survival during the Covid-19 pandemic.
Succession Planning and future plans – 10m 54
Succession planning is a hot topic, and over the last 6 months, generational transitions, Brexit and Covid-19 has forced a lot of businesses to reconsider plans for the future.
The next generation – 13m 6
When is the right time to have the conversation about what’s next for the business? And how do you know who the right people are to take the business forward?
Balancing personal needs and avoiding family conflict – 17m 11
Honesty is the best policy. When having your conversation for what’s right for the business, understand who has the most interest, who has ambition and strive and understand what roles are suited to each employee.
Family values and governance - 20m 50
Family business values can sometimes be unwritten but are expressed through the culture and work carried out. Over the last 6 months, businesses have become more transparent in communicating the values as remote working became the norm.
It’s important to acknowledge the level of commitment from employees and build protocols for the future hence governance. Governance is vital for any business as it addresses both ambition and challenges and is the case of the right people at the right time, discussing the right issue and capitalising on it.
Opportunities and key trends – 28m 50
Opportunities are out there. Finding new markets, new products or embracing digital allows various routes to market.
Businesses will have the aim of emerging from Covid-19 with their brand intact and operating based on their values. To move forward, understand what went well, what went wrong, what do your employees and customers need? Test your quality, effectiveness and inclusion as your business comes up to speed.
Top tips for planning – 36m 34
Natalie, Paul and Mairi conclude the episode with what businesses can focus on as they begin to move into the next stage of planning.
Contact Details:
In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn.
To view the Family Business Survey 2019, click here
To request a copy of the Family Business survey when it is released, click here