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Family businesses focus on sustainability to drive competitive edge 2012-10-09 - No Comments

Recent research reveals that 72% of the family businesses in the UK have elaborated a sustainable strategy and that 79% have implemented sustainable business strategies. The ‘Sustainable Value Creation’ report, authored by M Institute and published by the Institute for Family Business (IFB), focuses on different aspects in business management that are supposed to create long-term value for family businesses. The report thus identifies four key points in order to achieve this objective:

•    Operating efficiency is a sustainable virtue
•    Sustainability attracts and retains the best people
•    Public forums and government actions are driving sustainability
•    Sustainability requires balancing short and long term objectives


On average, family businesses attach most importance to issues related to the environment. The findings of the report show that 40% of family-run businesses furthermore anticipate that having a sustainable strategy gives them a competitive advantage. This perception is backed by the notion of 30%, citing that engaging in sustainability has a positive impact on their local community relations.

Evaluating the findings of the survey, Mark Hastings, Director General for the Institute for Family Business stated that family businesses are already ahead of their competitors in understanding the benefits that a sustainable strategy can bring to their businesses.

 

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