say that values and purpose improved the company’s reputation
have no formal strategic plan in place
identified attracting and retaining talent as their top goal
foresee that they will step up their digital capabilities in the next 2 years
The evolving world of work and the speed of technological developments have all had a significant impact on the challenges and opportunities of family businesses. The changing expectations of stakeholders, with the concept of profit with purpose, has also brought about changes in family firms as organisations are held accountable for the impact they have and the role they play in societies, environments and economies. Family businesses must leverage on their values to create a competitive advantage that distinguishes them from other firms and to secure a lasting legacy that is fit for the future.