Why Family Businesses Are Growing Faster Than Their Peers
Growing global confidence provides a positive backdrop to the EY Growth Barometer 2018 survey results, and family businesses reflect this growing optimism. EY is YPO’s Global Learning Advisor.
Growth prospects for all major economies are finally swinging upward in 2018, with International Monetary Fund (IMF) forecasts currently at 3.9 percent for the year. This rare synchronization of growth across the globe is boosting middle-market C-suite growth ambitions, led by companies based in Asia-Pacific. Family businesses don’t just reflect these ambitions; they amplify them.
As last year, EY finds that family-owned businesses are growing faster and creating more jobs than their peers. This year, EY also finds that family businesses are more likely to have a woman at the helm, just as diversity emerges as a clear recruitment priority across the whole of the middle market.
Family-owned businesses are focused on overseas markets to power expansion, looking at external alliances to accelerate innovation.
In a major shift from 2017, the race to embrace intelligent automation and machine learning (artificial intelligence (AI)) is an urgent priority, as family businesses look to transform processes, improve customer experience and create new business models.
Find out more about the growth of family businesses in EY’s new report which cover topics such as strategies for growth, strengthening internal talent, challenges to growth, embracing business change and innovation.