intelligent
// PREDICTIVE INTELLIGENCE //
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 .
AMILY-OWNED BUSINESSES ,
F
OR FOBs , have a wellrespected and sought-after 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 wellplaced 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
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FAMILY-OWNED BUSINESSES ARE THEREFORE WELL-PLACED TO HANDLE DISRUPTION .
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