Families in business matter

FAMILY-OWNED businesses play a vital role in the global economy, an undisputed and internationally recognised fact.

This is even more so in regional and rural areas where consumers rely on knowing and trusting a brand and business — not just for the product, but for the people.

A family business also transmits its values to the company: ethics, commitment and loyalty, among others. 

Sometimes, the family name also serves as the brand, drawing a direct line between family and corporate values.

Family businesses focus on resilience more than performance which can lead to outperforming bigger companies in times of hardship. 

Local communities wouldn’t be what they are without our families in business. 

Here are 10 reasons why families in business play such an important role:

• 1. They drive and sustain employment
• 2. They don’t follow or fall for economic fads
• 3. Financial prudence
• 4. They apply their own family values to their business practices
• 5. They have a long-term vision
• 6. Families in business have deep roots in their communities and an environmental commitment 
• 7. A willingness to grow and evolve
• 8. Innovation 
• 9. Agile and discreet decision making 
• 10. Resilience in the business and family spheres