Family businesses looking to innovate – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Family businesses looking to innovate

A survey of family businesses in Europe by professional services firn KPMG strikes a chord in Bermuda, the company said yesterday.

The KPMG Family Business Barometer study found that small family businesses had a high level of confidence in the future and saw talent and innovation as keys to expansion.

In addition, the survey, the fifth of its kind, said that family businesses were becoming more mature and their leaders were taking steps to ensure their future.

Steve Woodward, head of KPMG Enterprise in Bermuda, said: “The findings of the 5th European Family Business Barometer have many correlations to Bermuda-based family businesses.

“Family businesses are planning for the future and place growth high on the agenda.

“Regardless of the chosen strategy — growing sales, tapping into new opportunities or preparing to transfer the reins of the business — business owners are taking steps to further strengthen their companies.”

The survey found, however, that family businesses feared that they would lose out to bigger firms in attracting and retaining top talent, while political uncertainties also caused concern.

KPMG said both areas were listed as a worry by 37 per cents of respondents in the Euro survey.

The firm added: “The war for talent has been steadily rising for the last three years.

“IN 2013 it was not even among the top five, now reaching top place. A warning sign as difficulty to compete for the best talent places pressure on family businesses and may impede their further growth.”

Steve Woodward of KPMG

You must be Registered or to post comment or to vote.

Published September 22, 2016 at 9:00 am (Updated September 21, 2016 at 10:16 pm)

Family businesses looking to innovate

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon