THE CHANGING FAMILY BUSINESS WORLD PAUL ANDREWS
As we enter the new decade family businesses have a world of opportunity in front of them but need to take stock and act accordingly. The world is changing so it is important for family business owners/leaders to recognise that things are changing and to consider the impact that these may have on their businesses, this week, this year and in the years that lie ahead. Those that take a long term strategic view, and the emphasis is clearly on strategic, will undoubtedly be better placed to survive and thrive for generations to come. The CEO of tomorrow's family firms will need different skills to the CEO of today and 'yesteryear' and whilst it is an obvious statement to make, time needs to be given to addressing the future skill needs of the next generation of leaders so that they can gain the skills now, and not be playing catch up later on. Obviously the past couple of years have been tricky with economic and political uncertainty in abundance, and to a certain extent this will prevail whilst key macro decisions are being taken and implemented. But there are other changes taking place that should be on the family business radar, if they are not already. Climate change and sustainability, sustainable business goals, globalisation and the rise of the millennial generation continue to fill the media pages and these are just some of the signs of things to come. The High Street is suffering and the retail sector is changing almost daily, Shopping habits continue to evolve and the continued growth of 'home shopping' is seriously affecting many family firms too. 1 UP FRONT
