Family businesses are the backbone of Australia’s economy, holding a remarkable position in our nation’s entrepreneurial landscape contributing half a trillion dollars (RSM Australia).
The Grant Thorton Australia 2023 Family Business Survey identifies that family businesses account for around 70 per cent of all Australian businesses and employ approximately half of the country’s workforce. In our region, with a literal translation, that would mean Toowoomba has an estimated 11,794 family businesses. I am one of those potential 11,794.
The research goes onto say, the top five challenges relate to cash flow, recruiting, retaining, and upskilling family members, succession planning, development and launching new products, and expanding into new markets. With the key priority being succession planning. Is that your family business experience?
Others like Foster Capital have explored the benefits of a family business. They argue they are more stable, better capitalised, take greater risks and obtain strong commitments from family members employed. True or False?
Delloitte, make it clear family dynamics can be tricky. From feelings of love, strength, and support to tension, drama and conflict. Harmony, they say, is achievable by nurturing both sides of the family dynamic.
The Family Business Dynamic
Families can be, ummm are complicated. This additional emotional layer as spouse or brother as well boss or manager needs solid respectful boundaries and that is before consideration is given to what every good business needs like solid goals, great strategy, excellent customer service, etcetera.
I am curious about what makes a family business successful or not, the best structures to put in place, types of external influence and input sought.
Do you run a family business? Let us know what is good or great about it or not so good or great about it by emailing admin@toowoombachamber.com.au.
Need more information on family businesses, check out RSM Australia, The Great Australian Dream, How to grow a successful family business on the resource page of our website toowoombachamber.com.au
