PNG Family Business Survey 2019

Embracing change: Driving growth by taking a fresh approach to running your family business

Family businesses in PNG have big plans - from increasing profitability and boosting digital capabilities to professionalising the business and creating an impact to the community. 

These goals are similar to the goals of larger, more established, corporate businesses, which, in most cases, are also the competitors of local family businesses. These corporates are quick to adapt to the changing business environment, especially in the digital space.

On the other hand, in most cases, family businesses in PNG are still operating the way they have for many years. To remain competitive, our findings suggest that family businesses have much to gain from embracing change.

They stand to benefit from further growth opportunities that could arise from doing things differently in areas such as digital capabilities, professionalisation of the business, and values and purpose. 

This report explores these areas and provides recommendations on what family businesses leaders can do to take a fresh approach to running their business. 

Themes

68% expect to grow in the next two years, but only 22% have a costed, formalised and documented strategic plan 

 

The majority of them find it challenging to access talent and to drive innovation

PNG family firms want to keep the business within the family, yet only 13% have a formalised succession plan

65% have a clear sense of business values and purpose, but only 29% have documented them

Contact us

Jonathan Seeto

Managing Partner, PwC Papua New Guinea

Tel: +675 321 1500 | 305 3100

Stephen Beach

Principal, PwC Papua New Guinea

Tel: +675 472 2644

Michael Collins

Director, PwC Papua New Guinea

Tel: +675 321 1500 | 7549 2716

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