Values: The base (Foundation) of a successful family business

It´s true that the inquiry revealed that the family businesses are in(under) development, in fact with growth levels that we´ve not seen before.  We expect that in for 84% of the inquired companies the growth could be quickly and sustainable. The same fits with the previous article also analyzed in Domingo’s Salvador Blog – CEO Survey 2018 – which showed that they were very confident about the growth perspectives over the next 12 months. Although, there is a feeling of fear for the next 2 months that it is observed in lots of family businesses, because they project a set of challenges to face. Among the top 5 challenges were: With 66% - innovation search to be in front; With 60% - have access to the right skills; With 44% - digitalization;   It may be seen that currently there are companies that feel more vulnerable to digital innovation (30%) that the time to our 2016 survey (25%). Curiously the study and the survey results show that the 1stgeneration of family enterprises exceed the subsequent generations on the ability to achieve the success. However those that reach, it is denoted that the values are extremely present in the diary operations. In the same way, it is understood that the companies with a high growth comply with the strategic plan well outlined and budgeted.   84% of companies with a high growth have well agreed and defined values; 63% of companies with a high growth pretend realize significative advances in digital capabilities; 55% of companies with a high growth had a good strategic plan, well-structured and formalized The medium-term strategic plan – over a period of 3/5 years – it is usually one of the most important missing pieces in the puzzle for the family companies.