According to recent research, despite having fewer resources, family businesses outperformed other companies “in every region and sector” this year.
The research, which was carried out by Credit Suisse, showed that the future's of family-owned companies, in general, were impacted slightly less by COVID-19 compared non-family-owned companies.
As a family-run business ourselves, we were particularly interested in the research findings and have to agree with a lot of the main points it raised. We’ve highlighted these below.
Strength in solidarity
In family-run businesses, there is often more solidarity between management and employees.
Management will often feel a high level of responsibility for their staff and, as a result, will create a more positive and nurturing work environment. In turn, this leads to staff who feel more empowered and motivated to work flexibly to meet the needs of the business.
Adaptability in uncertain times
Family firms have stepped up in 2020, making dramatic changes to their business models to adapt to these uncertain times.
Having fewer layers of management and more engaged employees means that they are able to make decisions quickly and effectively.
A company’s people are its greatest power
If this research shows anything, it’s that a company’s greatest asset is its people. Strong relationships between management and employees lead to empowered staff who are more inclined to feel personally invested in a company’s success.
In uncertain times, family-owned companies have benefited from being able to take clear, decisive action, unhindered by having to run decisions past several layers of management.
Communication is key
So many firms have had to adjust to working remotely during the COVID crisis, sometimes without having the necessary infrastructure in place.
At Town & Country Communications, our number one priority is keeping companies connected – both to their customers, and their staff. We pride ourselves in providing phone systems that make remote working easy, helping businesses adapt and thrive during times of change.
We are the South’s leading communications experts, specialising in installing reliable phone systems that make remote working easy. To learn more about how we can help your business, get in touch with our friendly team today on 01202 514444.