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PwC’s 2023 Africa Family Business Survey comes at a time of great change. The optimism of a post-COVID world has been tested by several factors, not least the geopolitical turmoil related to the war in Ukraine and its effects on economies around the world. We live in a world of uncertainty and declining trust levels. For this reason, we focused our survey on trust.
As family business owners, you understand that your success and your advantage over the competition is, first and foremost, built on trust. What you told us in the 2023 survey is that you need to be trusted not only by your customers but also by your employees, family members, and the general public. The survey results show that the stakeholder groups you need to be trusted by have expanded and there is a need to prioritise the fundamental elements for building trust with all stakeholder groups.
Your responses confirm that more than ever before, there is a greater focus on trust. The good news is that trust can be built systematically. In this report, we not only present the results of the survey; we also describe what constitutes the new formula for building trust. We welcome the opportunity to discuss with you the new trust formula and the three foundational groups that you need to have on your side—your customers, your employees, and your family members.
We will explain how to bridge that trust gap that you have identified, and how to prioritise what matters most to all your stakeholders.
Our message to you, on account of the results from the 2023 survey, is: transform to build trust. Doing so will strengthen the transgenerational resilience of your family business.