Research finds they lack digital tools required for the current changes in the business landscape.
Seven out of ten family businesses still have a weak digital presence, despite the continued rise in reliance on digital platforms by consumers..
In the Global Family Business Survey 2021 by PwC, only 29% of family businesses said they had "strong" digital capabilities. Only 16% of these local family businesses said their digital journey was complete.
38% said that even if their digital capabilities were not strong, improving them was a current priority.
The survey also revealed that the top priority of most family businesses was expanding into new markets and client segments (73%). This was followed by businesses rethinking, changing or adapting their business models (56%) and improving digital capabilities (54%).
Meanwhile, family businesses are optimistic about the potential for growth in the next two years. 64% said they expected growth in 2021. Optimism further skyrocketed to 90% when the survey participants were asked about their growth expectations for 2022.
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