On the one hand, Canadian family businesses generally understand the benefits of the digital age and believe their strategy will adapt to this new world. On the other hand, digital disruption is not the non-issue that many perceive. It’s a legitimate concern among family businesses—one that’s front and centre on the agenda at board meetings. Yet, it’s an issue that leaves many businesses vulnerable as they feel unprepared for a data breach or cyber attack.
Nearly two-thirds of Canadian family businesses grasp the tangible benefits of adapting their business to a more digital world, putting them a bit ahead of the curve of their global counterparts. However, with the recruitment of talent being cited as a major issue, getting the right people on board to help drive the adoption of digital may prove challenging.
Recruiting talent and market conditions are the two most frequently mentioned issues facing family businesses in Canada
The good news is the vast majority of respondents don’t feel threatened by digital disruption. Curiously, the boards of Canadian family businesses spend a lot more time discussing this issue compared to global averages, so clearly it's an issue that's on their radar.
Almost 80% of Canadian businesses report feeling either “not very” or “not at all” vulnerable to digital disruption
This leads us to believe that the threat of digital disruption is just as present in family owned firms as publicly owned firms and may even be understated by owners—an observation commonly noted among non-family CEO’s who are being brought in as firms seek to professionalize their businesses. Our Next Generation survey also found that 37% struggle to get the business to understand the importance of a clear digital strategy and 29% felt their family business was slower to implement technology advances. There’s clearly a disconnect in thinking between the current generation of CEO’s and the next.
Digital opportunities workshop
We can help you align your overall business goals with the digital world, while defining the proper order of digital priorities, so you can keep growing.
Risk assurance: Managing digital risk
Whether it's data quality, IT project governance, information security, ERP control implementation or IT risk and governance, our team of advisors can help you develop a customized and integrated action plan and solution to deal with the risks the digital world poses to your family business.