Due to the fast changing conditions in the business environment such as consumer behaviour, emerging technologies, and fierce competition, family businesses are adopting strategic plans, and adapting to those conditions to ensure the continuation of the firm. Ninety-six percent said they have a strategic plan for the next three to five years and 86% of those are likely to develop a strategic plan to stay in the game. But only 25% of them said their business plan is formalised, documented and communicated. And when compared to their APEC counterparts, almost half of the respondents (43%), said they have costed, formalised and documented plans.
For the key challenges Thai family businesses are facing, the results align with their APEC counterparts. Domestic competition, accessing the right skills and capabilities, and the economic environment are key challenges faced by Thai family businesses. While, the need to innovate to keep ahead, accessing the right skills and capabilities, and the economic environment are major challenges for APEC executives.
Finding the right skills and talents is a long-standing challenge. The skills that firms need most have developed, but ways of building and developing the talents who have those skills have not. Therefore, the decision makers need to pay close attention to this issue, making their talents a strategic priority of the business. Companies who focus on building and sustaining skills have a tendency to achieve better sustainability results.
Contact us
Sinsiri Thangsombat
Entrepreneurial and Private Business Leader, Assurance Partner, PwC Thailand
Tel: +66 (0) 2844 1000
