A lot is said about innovation and in terms of all businesses it can be argued that innovation is key.
In family businesses, more so than ever, innovation is at the heart of successful family firms, those that recognise that heritage and history help to define who they are as a business but that they are no guarantee of a future too. Recent research has shown that family firms are more innovative than their non-family counterparts too and it is the innovation that helps these firms to remain current and relevant to the world in which we live today.
Innovation can come in many shapes and forms, new products and services, new ways of meeting customer needs, embracing social media and creating a position as a thought leader in a chosen sector, becoming a market place disruptor and more besides.
Family firms do not always shout about what they are up to but are an incredibly diverse set of businesses, the engine room of economies around the world, entrepreneurial and innovative and it is great to see a family firm that recognises this and continues to evolve as a business too.
Innovation is at the heart of many family firms who continue to push boundaries and look for ways to create sustainable businesses going forward too.
In truth, almost all businesses begin life as family businesses, but only a select few are capable of stepping up to the challenges that this form of ownership presents and prospering. It takes a serious and committed effort from all involved. To make a family business a success you need a strong ethos, an established balance and a desire to continually innovate and challenge the marketplace. As a third-generation family-owned business – one that is fast approaching its 70th birthday – I’m very proud to say were not only still going strong, but getting stronger.