Family businesses provide some of the richest, most fertile learning grounds from which all types and sizes of organisations can draw relevant insight.
Accounting for a quarter of the UK’s gross domestic product, family firms employ nearly 12 million people and contribute £125 billion to the UK government in tax revenues. Nearly half (47%) of all UK companies are family businesses including our own, QuoLux. With more than half the companies on the leadership development programmes that we run comprising family businesses, it’s evident that there’s much we can learn from each other.
This is why we are so proud to sponsor the Family Business of the Year category in the BristolLive & Bristol Post Business Awards 2019.
In the run up to the Awards on 26 June, we’ll be sharing some of the issues, insights and experiences of family firms taking part on LEAD, our 10-month programme designed for leaders of SMEs keen to build their businesses through enhancing their leadership.
Over the next few weeks in the Bristol Post’s business pages we’ll explore these themes:
Generational culture change
Employee engagement is a key driver of productivity in any organisation. When a new generation of leader takes the helm there’s often a shift in culture, which may be evolution or revolution. Clearly-held values, communicated and understood by all, form the foundation of an organisational culture that engages the workforce.
As companies grow it’s inevitable for some level of bureaucracy to set in. It’s necessary for leaders to understand the importance of releasing ‘total’ control and adapting to the complexities of diversification and growth.
The non-family dynamic
Recognising when to bring in the expertise of non-family members can be a crucial turning point. How can leaders bring ‘outsiders’ into the embrace of a family business?
Relationships within family businesses can be tested at times. We’ll look at four key principles for good governance and managing conflict.
A recent survey shows that 33% of family businesses see succession as a key challenge. Implementing the right strategy and developing the leadership skills of rising middle managers can prepare the ground for successful succession.
To see videos from other like-minded leaders and discover whether LEAD might be your next strategic step for growth, visit www.quolux.co.uk
QuoLux sponsors the Family Business of the Year category in the BristolLive & Bristol Post Business Awards.
This blog was first published in the Bristol Post Column, June 2019