The untapped power of family business

Keeping it in the family

Keeping it in the family

Last week, Deb Croucher presented at the Family Business Australia (FBA) Insights conference in Sydney.

FBA has often been referred to as ‘the best kept secret in Australia’. They provide educational opportunities specifically for the family business space and run programs and events that bring together resources to build stronger families and sustainable businesses.

Friday was a wonderful event with over 200 family businesses represented.

Brilliant Digital is a second-generation family business and it was a huge privilege to share with our community how to leverage the family business advantage in the digital age.

It was a fantastic opportunity to co-present with our friend and client Alan Lipman from Romar. Romar is another second-generation Australian family business showing the world how it’s done. Alan kindly shared the stage with us to discuss how working with Brilliant Digital has helped take his business global.

Australians prefer to buy from family businesses

Australians prefer to buy from family businesses

It is a little-known fact that family businesses form the backbone of the Australian economy, accounting for 70% of all businesses in Australia.

There are over 1.4 million Australian family businesses operating in our country, and over 60% of trading companies in Australia are – you guessed it – family businesses.

The other interesting fact is that Australians prefer to buy from family businesses.

We trust family businesses. Research shows that Australians would rather give their money to an Australian family business than a large corporate conglomerate.

We love the idea of ‘family’, ‘the quiet achievers’ and ‘having a go’ and we consistently show our support with our financial choices.

Family businesses also tend to have staff who are more willing to go the extra mile to make a client happy as they are more invested in the success of the company.

The future is bright

The future is bright

The future is also looking bright for family business.

“The millennials are now starting to become net income producers,” says Fundstrat Global Managing Partner Thomas Lee.

“And over the next 10 years, for instance, millennials will account for 90 percent of all the increased spending… They are pretty much the only source of growth for this economy.”

Millennials simply refuse to buy from faceless businesses that don’t care.

They want a relationship with the owners of the products or services they buy and this dictates their spending more than mere price.  Millennials will always research online before they even think about approaching a business…

…so, if your online presence doesn’t measure up, or they can’t get a feel for your business, they won’t buy from you. Family businesses can leverage this to increase trust in their brand.

Love and money - a potent brew

Love and money - a potent brew

So, why don’t we all start family businesses? Primarily because love and money combine to make an extremely potent brew.

The upside of a family business is unlimited, but the cost, if you are unaware of the traps and pitfalls, can be very high indeed.

Feelings often run deep in families and there is a level of shared history and expectation that doesn’t exist in traditional employment. No one knows your flaws like your family, and no one knows better how to push your buttons – they’ve had a lifetime of practice!

Disagreements over business decisions can deepen into family rifts and lead to both business and family breakdown, potentially lasting generations. This is where FBA comes in. Its members enjoy support and advice as well as special events and education programs. FBA provides the opportunity to engage with the family business community and learn how to strengthen their families and avoid those hazards unique to family businesses.

Brilliant Digital is a frequent speaker at such events. The digital tsunami is upon us. Most successful businesses can see that they will need to address this sooner rather than later, but are often unsure where to start.

Often they’ve tried their hand at digital marketing themselves and been frustrated by lacklustre results.

Brilliant Digital understands this and can teach businesses how to surf the digital wave successfully while leveraging the family business advantage.

If you’d like a hand in getting your business digitally ready, we’d love to help.

Click here to contact Brilliant Digital.

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