Some of the biggest and most successful businesses in the UK are or certainly started out as family businesses. One of the reasons for this is simple, the owners are truly invested as the success or failure of the business has a personal impact for them, their family and generations to come.
Businesses in all sectors have had to adapt to lockdown in different ways but for family businesses it has presented different challenges:
That said family businesses are nothing if not resilient and adaptable. We have seen some businesses introduce innovative adaptations to product lines, service and delivery that may not always enable them to sustain growth, but are certainly helping them keep going throughout the pandemic.
The future is still uncertain and the road ahead is unlikely to be smooth for anyone. During these uncertain times, family businesses should:
The route for your business journey may have changed but the destination can still be the same!
For more information on the issues addressed in this article or to discuss your circumstances, get in touch with Rebecca Durrant or your usual Crowe contact.