EXPERT FORECAST : BANKING AND FINANCE
FAMILY-OWNED BUSINESSES SHOULD BRING IN FINANCE TALENT AND INVEST IN TECHNOLOGY TO LEVEL UP IN 2023
Family-owned businesses ( FOBs ) are built for resilience . However , when these businesses grow to a certain size , the financial cracks can start to show . A lack of standardised processes , integrated systems and directed growth strategies can make it difficult for FOBs to meet their potential . Thomas Sutter , Finance Centre of Excellence , Oracle NetSuite , explains how FOBs need to level up in 2023 , taking control of their finances to navigate the challenging times ahead .
Family-owned businesses , or FOBs , have a well-respected and soughtafter reputation in the corporate world . Thanks to their strong company cultures steeped in history , they inspire confidence , boast high retention rates and win brand loyalty , with 67 % of customers trusting FOBs over all other businesses .
In a turbulent economic period , FOBs are showcasing how they are built with resilience and Business Continuity in mind . They are accustomed to cash-saving and using their resources wisely and tend to show more dedication to their employees ’ well-being – especially important with staff now four times more likely to leave an organisation when they have a well-being challenge that is left unaddressed .
Family-owned businesses are therefore well-placed to handle disruption . However , when these businesses grow to a certain size , the cracks in their financial infrastructure can start to show . A lack of standardised processes , integrated systems and directed growth strategies can make it difficult for FOBs to meet their full potential . As well as these financial challenges , often adapting to growth can be a struggle , with less than half of family businesses stating that they have strong digital capabilities . FOBs need to level up in 2023 , taking control of their finances to navigate the challenging times ahead .
The tipping point for progress
When businesses have been in the family for decades , it can be easy for financial processes to become stagnant . This causes issues when FOBs try to scale up operations , with a lack of robust infrastructure and processes in place to allow for growth . Gaps can start to
FOB leaders know that tech will help the company grow – they just need help selecting the best tools and implementing them effectively . www . intelligentfin . tech
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