Traditional values as the basis
At both the private and commercial levels, in combination with cohesion, the values of stability and security are now playing a key role. The competitive advantage of faster-higher-further appears to be slowing from within. Companies, especially family businesses, have pretty much always been guided by these values as their philosophy, which means they have often had the reputation of being sluggish, old-fashioned and resistant to change. The cliché “we’ve always done things that way” probably hits the nail on the head.
According to KMU Forschung (SME survey) Austria (2020), in the narrower sense (not including one-person businesses) Austria is home to 157,000 family businesses, which provide jobs for 1.8 million employees and generate some 414 billion euros in sales revenue. It has also been found that family businesses are similar to non-family businesses in terms of their level of digitalization. 97% use digital applications and 13% have a very high level of digitalization.
The majority of family businesses, regardless of their size, think in terms of generations rather than annual quarters. Profits are reinvested, and the focus is on sustainable management. Employee loyalty to the company and the further development of the company’s employees are top priorities. This is also the case because finding skilled workers can be challenging. These businesses often provide jobs outside urban areas. The entrepreneurial risk can also incorporate the search for continuity which is inherent in tradition.
The courage to develop
The new generation is catching up: managers and employees who grew up with the old values and are now being forced to face the changes of our times. At a time of crisis, stable and secure foundations are particularly essential. Strategy and leadership keep the company on a sustainable path. Those who focus on innovative and resource-saving planning, however, require a new direction for their business strategy.
Our advice is based on traditional values such as security and stability, cohesion and sustainable business. In the winds of change, however, everyone needs the courage to develop. We combine innovative thinking with implementation-based action.
And in this role, we are your partners!