One thing that we say time and time again is that 'history and heritage are lovely and are part of the family business DNA but they are no guarantee of future success."
In fact, innovation in any business is a key driver to ensure that the business remains relevant and current and it is important that the future plans and strategies are firmly on the family business agenda and evolve over time.
Innovation is crucial to the success of the family firm.
Keeping the Family Business Innovative Strategic Planning “either be at the table, or be on the menu” Turning a family farm into an amusement park, a funeral home that doubles as a wedding chapel, or a furniture store that has an IMAX theater. Even the most ordinary businesses can be innovative. To keep the business growing past the initial wave of success you have to try new things. You have to remain entrepreneurial and keep innovating. Staying still is no longer an option. It’s especially challenging in a family business where the founder is the idea person and the younger generation has to inherit these skills.