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Monday, May 27, 2019

Family businesses must maximise advantages, strong values - ITREALMS.

Family businesses should seek to maximise the competitive advantage that comes from their strong values-led culture, according to the Nigerian report of PwC’s 2018 Family Business Survey launched on the 22 May 2019, in Lagos, reports ITREALMS. 

The Family Business Survey is a global market survey among key decision makers in family businesses within a number of PwC's key territories. The goal of the survey is to get an understanding of what family businesses are thinking on the key issues of the day.

This year’s report with the theme “Building a lasting competitive advantage through your values and purpose in a digital age” saw family business leaders globally reporting robust health, with levels of growth at their highest level since 2007.

Regionally businesses in the Middle East and Africa were the most optimistic, with 28% expecting aggressive growth. They are followed by those in Asia Pacific (24%), Eastern Europe (17%), North America (16%), Central/South America (12%) and Western Europe (11%).

Growth among Nigerian family businesses over the last 12 months is lower than the global average with only 53% reporting growth in the last 12 months against 69% globally. However, 87% expect to grow over the next two years with 40% saying growth will be quick and aggressive against 16% globally.

The top three challenges cited by Nigerian family businesses as militating the personal and business goals are economic environment (70%), corruption (67%) and regulation (57%). 

Corruption which PwC estimates could cost up to 37% of Nigeria’s GDP by 2030 if unchecked, is associated with lower investment, higher prices as well as barriers of entry for businesses.

Nenye Dom/Editor

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