The results of the second edition of the African family business barometer, conducted by KPMG Private Enterprise in Africa, have been incorporated into this report to highlight both the similarities and differences between business families based in Europe and Africa.
Our annual Barometer, a joint-partnership between KPMG Private Enterprise and European Family Businesses (EFB), 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. The results of the second African barometer survey have been incorporated in this report and provide some interesting results.
Africa’s family businesses are confident about the future and planning for profitable growth. One of the key strategies for growth is embracing innovation. Respondents are capitalizing on past growth and reinvesting profits into the business. The majority (90 percent) are investing in the core business, 85 percent are investing in training their workforce and 81 percent are investing in innovation and technology. This is also a direct response to the top challenge facing respondents: declining profitability.
Several highlights emerged throughout the reports analysis, including:
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