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A majority of Australian family businesses are optimistic regarding their future growth prospects, according to a survey undertaken by KPMG and Family Business Australia.
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KPMG details future growth prospects for family businesses
29 October 2015
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According to the bi-annual Family Business Survey for 2015, 78 per cent of respondents reported having a positive outlook for their future growth and success.
The survey also revealed that family businesses are increasingly open to embracing disruptive technologies in an attempt to further the success of their business.
Bill Noye, head of KPMG Australia’s family business practice, noted that this focus on innovation, diversity and entrepreneurship keeps family businesses “abreast of the times”.
“Embracing disruptive technologies and keeping up with rapid change, together with entrepreneurship, the willingness to take risks, delegate authority and proactively seek new ideas and opportunities are all important attributes for developing a sustainable competitive advantage which technology can help to harness,” Mr Noye said.
While more than half of respondents reported that technological change was creating a positive impact on their business, 20 per cent indicated that technology has also increased the costs involved in business operations, as well as increasing competition.
Contrasted with the 2013 research, a focus on product and service quality proved to be the top business objective for family business, while sales growth has overtaken productivity in terms of a major priority.
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The survey also outlined some key characteristics of “high performing family businesses”. Companies that maintain an entrepreneurial culture and diversity amongst the leadership team, coupled with a CEO who is between 51-60, are better placed for success, it noted.
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