Time to shout about being a family-owned business
Thanks to the pandemic, community spirit is all the rage and family businesses have never been more relevant, appreciated or fashionable. There are over 5 million family businesses in the UK, and of these, nearly 80% are micro-businesses with no other employees and a further 901,000 employ between one and nine individuals. (IFB Research Foundation 2018.)The flooring industry is flush with ‘family’ businesses. Independent retailers in our sector are bucking the trend both in terms of numbers and performance, while, on the manufacturing side, the likes of Cormar, Brockway, Cavalier and Ulster are still proudly, and very successfully, family-owned and run. Family businesses are good for local economies. They can also, and invariably do, play a pivotal role in their communities in which they are engrained and to which they are genuinely committed. They contribute to local causes, from large scale projects such as helping to rebuild the church roof or funding a new hospital wing to sponsoring local sports teams and charities all of which enhances their reputation and standing. Marketing yourself as a ‘family’ business can deliver competitive advantage – particularly now, at a time when large organisations are losing their popularity and consumers are rooting for the little guy. David is being favoured over Goliath. Now is the perfect time to shout about being family-owned and run.