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Family owned businesses ready to implement growth strategies

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Many small businesses throughout the United States are run by families, and they aren't ready to let the current economic situation bring them down, according to PricewaterhouseCoopers' latest Global Family Business Survey.

The data revealed 68 percent of family owned firms believe market conditions will be their biggest concern in the upcoming year - a decrease of 20 percentage points from a similar report that was published two years ago. These figures showcase that family businesses are ready for growth, with the survey demonstrating 82 percent of respondents believe their firms are poised for growth in the upcoming years. 

"We’ve noticed an attitudinal shift among many U.S. family businesses in the past two years," said Alfred Peguero, PwC’s US Family Offices Services leader. "They've gone from warily eyeing their next big bet to actively seeking business growth opportunities."

Family owned firms must work toward growth
There are many factors that can slow down family companies, showcasing the importance of being protected with small business insurance policies. However, the survey showed many are ready to step up to the plate and exercise growth strategies. Forty-seven percent of such firms are venturing abroad, selling goods and services outside their customary domestic markets, while 54 percent are evaluating strategies for doing business overseas in the future. 

"Companies recognize now more than ever the need to out-innovate their competitors and seek new avenues of growth in order to thrive in a fast-evolving business landscape," said Peguero. "Fortunately, family businesses inherently have the entrepreneurship that is needed to keep pace in the global economy."

Innovating for the future key to success
Fox Business noted the importance of mobile devices and new technology to improve productivity at the business, and that is something many family owned businesses worried about and are looking to invest in down the road. The research revealed 39 percent of them say that the need for new technology will be a substantial challenge within the upcoming five years. Many firms are also looking into succession planning for when older family members are ready to pass down the business.

"Future leaders of family businesses will need to be prepared to pursue opportunities in faster-growing markets, develop new products and explore alternative business models to stay relevant and ahead of competitors, both domestic and global," said Peguero.

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