Knowledge & Opinions
07 Jun 2018

'Having the right people in the business’ is biggest challenge to Family Businesses according to new report

MSI's Northern UK accounting member Armstrong Watson, Accountants, Business & Financial Advisers have published their 3rd annual 'Family Business Insight Report', delving into the current issues dominating the agenda for UK Family firms. Armstrong Watson have been supporting, advising and protecting family businesses for over 150 years and it is essential to us that we continue to understand the issues that matter to our clients.

To help us identify the challenges and opportunities faced by today’s family businesses, Armstrong Watson surveyed more than 500 business owners across the UK, and have analysed and explored the results to bring you its third Family Business Insight Report. Following a record response of over 500 family businesses predominantly located across the North of England and Scotland, the report provides vital insight into the most important topics and concerns worrying, hindering and providing aspiration to family managed firms. The family business survey report covers four key areas:
  1. People Management
  2. Digitalisation
  3. Innovation and Growth, and
  4. Planning to Let Go.
Whilst some of the results may reaffirm current thinking, there are also many surprises, one being the biggest challenge facing growing businesses is not funding - as might be expected - but instead having the right people in the business, with 35% of respondents listing this as their ‘biggest challenge’. Other highlights include attitudes to new statutory schemes and legislation, with GDPR, Making Tax Digital and auto enrolment all showing interesting responses. Paul Dickson, Chief Executive, Armstrong Watson said, “Family Businesses are the lifeblood of our communities and the results provide us with a unique look into the inner workings of arguably the most important sector within our economy. “Last year our firm celebrated 150 years of supporting and advising clients and, just as our firm has evolved during this time, we recognize that it is essential to understand how family businesses develop during their lifecycle too. The family business survey allows us to do this.” To discover how your business compares to others across the country, register for your free copy of the Family Business Insight 2018

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