From survival mode to action mode
Why family businesses need to act now to ensure a better tomorrow for them and PNG
of surveyed businesses are expecting to grow in 2022
say there is an opportunity for them to lead the way on sustainable business practices
say their digital capabilities are strong
now have a documented vision and purpose statement
The resilience of PNG family businesses gained through many decades of working in the “Land of the Unexpected” through previous peaks and troughs left them well placed to adapt quickly to the 2020 crisis, and although they are cautious about the next few years, they are well-placed to succeed.
But action is needed to help them meet the aspirations of the next generation and other stakeholders in relation to sustainability, digital and governance. If they can accomplish these, their power to fuel the post–2020 recovery grows even more important because of their financial impact.
Our final conclusions focus on the three key areas in which immediate actions will help secure a lasting formula for success for the generations to come: sustainability, digital and family governance.
If family businesses can accomplish these actions, their power to fuel the post–2020 recovery grows even more important because of their financial impact. To retain their licence to operate, they will need to revisit their purpose and use the trust they have gained to create measurable non-financial impact.
Managing Partner, PwC Papua New Guinea
Tel: +675 321 1500 | 305 3100
Principal, PwC Papua New Guinea
Tel: +675 472 2644 | 7100 9535
Director, PwC Papua New Guinea
Tel: +675 7549 2716