Is Innovation The Key For Family Businesses?

Is Innovation The Key For Family Businesses?
Since lockdown, in March of this year, many businesses have faced the same question… Stick or twist? Stick with what we have or innovate into something else....

At the best of times, it is a question we often consider. However, in the new norm, it has become a key decision very much dependent upon the marketplace we have served to date and how we feel it will fair in the coming months and years.

If you are in the hospitality or events industry there have been very few chances to run with business traditionally, so it has been a case of hunker down, hope or in many cases close up shop. However, there are a few notable exceptions where individuals have grasped the nettle and used innovation to take them forward – for instance, the provision of studios for virtual events etc.
Other markets have seen marked growth, the major supermarkets have all reported increased trade and profits even set against costs for tooling up for alternative methods of delivery etc.

Online shopping has been a huge winner. If anything it has broken down the barriers for many buyers who have realised they probably don’t need to take the time and effort to visit a traditional shopping mall when they can simply buy from their comfy chair at home.

For the Family Business Practice, we made the choice early to innovate and take everything online, for the foreseeable future at least. In many ways, we had little choice and we will see in the coming months and years if we made the right decision.

And that is really the point: we decided!

There are still many businesses who are not making a conscious decision of any sort, they are making no decisions and that of course means in doing so they are making a decision to do nothing!
 
In business not deciding is always at best dangerous especially when it is comfortable not to do anything…

My experience is that making uncomfortable decisions in business is prerequisite for a successful business. Sometimes we must make hard choices.

Perhaps you are having a challenge to decide what to do now?

To help, why not visit the Family Busines Practice? There are over one hundred and fifty businesses who have knowledge, experience, and the education to perhaps help you.

You know where we are....

Until the next time,

Peter.
 
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