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Embracing Innovation

Embracing Innovation

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Our annual Barometer shows Europe’s family businesses are confident about the future but must become more agile, innovate faster and attract top talent to remain competitive and continue to grow. Now in its seventh edition, the survey received more than 1,500 responses from family business owners in 26 countries across Europe and reveals that family businesses continue to build on the momentum of past strong economic growth.

Europe’s family businesses are planning for growth. Almost one quarter (23 percent) plan to expand and diversify their products to drive future growth and more than half (54 percent) plan to expand into new markets. One of the key strategies for growth is embracing innovation. Respondents are capitalizing on past growth and reinvesting profits into the business. The majority (86 percent) are investing in the core business, 83 percent are investing in innovation and technology, and 81 percent are investing in recruitment and training. This is also a direct response to the top two challenges facing respondents: the skills shortage (53 percent) and the rising cost of labor (36 percent).

Read [PDF 2.2MB] the final report to gain access to the full analysis of the results and trends identified from the business families that completed the report.

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