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:
- 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.
- More than 60% of global GDP is created by family business.
- More than 65% of global employment is generated by family business.
- 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.
- When big corporates are cutting staff numbers in the thousands, family businesses are expanding, employing and creating opportunities for millions of people worldwide.
- Family business is more entrepreneurial and more innovative than big corporates – and are faster at adopting innovation.
- Significant change can be commenced in a single day inside a family business.
- 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.
- They create wealth – which helps a family grow, a business grow and a country grow.
- 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.
- What did you set out to achieve in January 2017?
- Did you reach your goals? If you did, why?
- If you fell short on reaching your goals, get analytical.
- What did you learn about your family business?
- What did you learn about yourself and the role you play in your family business?
- Did you allow this year to be another one where you put the business before your family?
- What changed in your industry this year? What has changed in the past five years.
- Who did you create an impact with this year – and how?
- 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.”