The Family Business Survey 2018 focuses on the importance of values and purpose to the growth of family businesses in Malaysia. Generally, they display optimism about their future growth, and 81% of Malaysian family businesses feel their values and purpose have contributed to an increase in revenue and profitability. Family businesses are also defining success not only in terms of financial wealth, but are identifying less tangible elements like environmental sustainability and the upholding of core values as long term business goals.
The ‘values effect’ can be seen across family businesses globally, with 84% of family businesses displaying robust growth (more than 10% growth) sharing a clear sense of agreed values and purpose as a company.
Are family businesses equipped to make the most of their growth potential? How are they adapting to achieve their personal and business goals going forward?
Key takeaways
- Your values and purpose drive your competitive advantage
- Get your next generation to contribute ideas on the impact of digital disruption
- Build your succession plan to include ideas that have worked, and new ideas that will help you grow
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