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Edition 100 – Why Family Business?

Welcome to the 100th issue of Growth. It has been almost two years of putting together a weekly newsletter on family business and I hope you have enjoyed reading it as much as I have enjoyed writing it.

I’m asked by many people why l like to work with family business. Here are my reasons:

  1. It is the most dynamic business environment, bar none. It is fast changing, always challenging and the most intimate business relationship anyone can ever be a part of.
  2. More than 60% of global GDP is created by family business.
  3. More than 65% of global employment is generated by family business.
  4. Family businesses are players in their local communities. From support for sporting clubs and charities to employing local people, family business embraces the communities they are a part of.
  5. When big corporates are cutting staff numbers in the thousands, family businesses are expanding, employing and creating opportunities for millions of people worldwide.
  6. Family business is more entrepreneurial and more innovative than big corporates – and are faster at adopting innovation.
  7. Significant change can be commenced in a single day inside a family business.
  8. Family businesses are significant taxpayers and thus contributors to the economy. Very few of them have tricky, offshore tax structures to hide profits and create market dominance.
  9. They create wealth – which helps a family grow, a business grow and a country grow.
  10. There are no barriers to entry. Provided you have an idea, some entrepreneurial spirit and a bit of courage, anyone can go into business and make a success for themselves and their family.

As we head into the Christmas break, use this time to reflect on your year in family business.

  1. What did you set out to achieve in January 2017?
  2. Did you reach your goals? If you did, why?
  3. If you fell short on reaching your goals, get analytical.
  4. What did you learn about your family business?
  5. What did you learn about yourself and the role you play in your family business?
  6. Did you allow this year to be another one where you put the business before your family?
  7. What changed in your industry this year? What has changed in the past five years.
  8. Who did you create an impact with this year – and how?
  9. And finally, the question you can only ask yourself if it will still make a difference in your business today – what would you have done differently?

From my family to yours, may you all enjoy a very Merry Christmas, time with your families and a 2018 that presents great opportunity, good health and a reinvigorated sense of purpose in your lives.

This Week’s Tip

“Take the time off over Christmas to think back at what you achieved in 2017 –  and think forward to what you want to achieve in 2018.”