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What is the key thing a family business can learn from COVID19?

What is the key thing a family business can learn from COVID19?
I have recently been trawling through articles about the Great Depression in the 1930s to see what if any comparison could be made with our current situation and the lessons that were learned then we could apply now.

I am not saying we are in the same predicament but we are undoubtedly going to be in for some very challenging times and we need to learn from history even if our politicians sometimes dont.

There are many articles particularly from academics who point to fiscal differences between then and now. How we learned from the thirties stood us well in 2008 which meant we had to protect the banking system which didn’t happen in the Great Depression. Much was mentioned about the various theories of the greatest minds. No one mentioned the unmentionable that war changed the economic climate (particularly in the USA) positively in some ways.

However, I couldn’t find the one key and clear message that is coming to us loud and clear from this current situation we find ourselves in: People!

More than ever I think we all sense that this is all about people, those who are losing their loved ones, the front line workers risking their lives to save others, acts of genuine compassion and activity such as Captain Tom (knee’ Sir Tom!).

In family businesses we are all looking to support the family within our business, our next of kin, our greater family of those that work for and with us and of course other family businesses.

The Family Business Practice was built in part of that reason – to serve its members and we are certainly trying our best to do so right now with twenty events alone this month.

What are you doing right now to support your greater family within the business? Perhaps you could let us know what is working – we would love to hear from you.

Until next time…