Small Businesses

Happy Business Man

A new survey of family firms indicates that the majority of them feel confident that their businesses will bounce back strongly from the COVID-19 crisis – with less than 50% expecting a drop in sales.

This survey was carried out by PricewaterhouseCoopers, and it spoke to a total of 2,801 family firms around the world. The results suggest that they have coped quite well with the effects of the pandemic, with under half of them (46%) telling the survey that they were anticipating a drop in their sales during this year.

When it comes to their ability to recover and grow their businesses throughout this year, 64% of those family firms that took part told the survey that they felt confident about achieving this. That figure rose to an impressive 86% when it came to their optimism about growing their businesses during 2022. Working with a family business accountant from Doncaster or any other part of the country can help them to develop successful strategies for business growth.

The survey shows that helping employees to work from home has been the main way that family businesses have coped during the pandemic – as 80% of them told PricewaterhouseCoopers that they had switched to homeworking where possible. However, the survey did also reveal some possible areas for concern.

Notably, when it comes to adapting to a more digital post-COVID future, 62% said that they did not consider their digital operations to be strong enough, while 19% said it was something they were working on.

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