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Preserving Distinct Personality

Preserving Distinct Personality

Family businesses are unique and it’s important to preserve what makes them distinct. They’ve faced challenges during recent years and many have weathered the recession well. This is testimony to the work ethos and personal investment of the family and management teams.

So what next? Although there is a confidence returning to the market, the challenges don’t disappear; they change.

Family businesses will have to adapt without losing the distinctiveness that made them what they are.

The challenges...

Resource. Management issues such as the battle for talent, procurement processes and squeezed margins require significant, dedicated time and resource.

Investment. Limited access to capital could inhibit plans for the future and influence decisions regarding further investment, especially at a time when most are trying to anticipate the impact of the YES/NO conundrum.

Technology. Embracing and establishing an online customer loyalty programme, growth and brand recognition requires direct and meaningful interaction with your market.

...but with challenges come opportunities.

Long-term. Family businesses tend to be private companies and can focus on the future rather than being at the mercy of analysts and a slave to a share price.

Culture. The inherent culture of a family business is a huge benefit and can be deployed to gain a genuine competitive advantage as it connects the business with its customers.

Relationship. Maximising customer loyalty in an energetic and youthful way invigorates the business while cementing the B2B relations of your supply chain.

With all the decisions facing a family business, and in order to reap the rewards of the hard graft through the recession, one thing is certain. They must never lose the unique personality, characteristics and products at the core of their success.

Burness Paull understands the significant role family businesses play in the Scottish economy and we recognise the distinctions and qualities needed to make a family business successful. To celebrate these attributes, we are delighted to continue to support the Herald Scottish Family Business Awards 2014 by sponsoring the International Growth category.

I’m looking forward to finding out more about the entrants and would like to take this opportunity to encourage you to look at the various award categories and consider entering. Let’s celebrate the success of Scotland’s family businesses.

Grant Stevenson
Partner

LChalmers