COVID-19 has presented the world with a difficult situation which has place resilience at the forefront. As businesses grapple to responded to rapid changes and uncertainty around the new reality, innovation is key to ensuring survival and success. How can family businesses ensure they are nurturing a culture of innovation?
Family businesses need to ask themselves if they’re actively encouraging extraordinary thinking. Harnessing employees’ natural creativity is a proven method to lay the groundwork for growth.
Miles Davies, Managing Director, Family Enterprise Practice
A massive 96 percent of UK family business leaders recently said that becoming more innovative was of great importance to them (European Family Business Barometer 2019). This is unsurprising given that innovation enables businesses to gain and maintain competitive advantage, motivates workforces and creates a virtuous circle where everybody benefits.
However, wanting to be forward-thinking and consciously nurturing innovation are two different things. At KPMG, when we’re asked to help family businesses achieve the latter, we ask some pertinent questions.