Family businesses are important in terms of the role they play in the global economy.  But why are they successful and what makes them different?  Some of the key reasons that family firms work include:

- Working with family, despite the occasional disagreement, can provide an environment of commonality, goals and aligned strategic vision

- Decisions can be made faster than in non-family counterparts where there may be more layers of bureaucracy

- Common goals due to a more clearly communicated strategy

- Ownership and accountability where one does not want to let the family down

- Trust

- Respect 

- Decisions are often made for the longer term, in terms of investments, hiring, acquisitions etc

- Real values, that are a great marketing differentiator and an associated air of 'caring' (for each other, for customers, for staff, for what they do and the products and services they supply)

Family firms are the backbone of the global economy and have strengths that differentiate them and help them grow.