Family business report: Scaling Up: How mid-market family businesses break through growth barriers
The challenges to growing and scaling family businesses
Summary
To overcome barriers to accessing talent, family firms are seeking greater support and stronger partnerships with local schools, colleges and universities to build a robust talent pipeline. They want to create clearer pathways into employment at all levels – from entry-level roles and apprenticeships to mid-career transitions and senior leadership positions. Many are also looking to bring in skills developed in other expanding businesses to strengthen their leadership teams. Retention and succession remain key priorities.
Mid-market and scaling family firms continue to face challenges to growth, particularly in accessing new markets and securing the talent and skills they need. The wider macroeconomic environment is also influencing their growth plans. Rising business costs are dampening ambition and ongoing instability is making firms more cautious about the extent to which they can recruit, innovate or invest. Despite this, most mid-market and scaling family businesses still expect to grow their headcount and / or turnover, and many believe they are outperforming their peers across the wider economy. Family businesses are not only local economic powerhouses with a strong presence in the mid- market and scaling community; they also have a significant global footprint and a clear appetite to expand further, export more and establish additional overseas operations. They remain highly innovative and collaborative, continuing to invest in these activities.
To break down barriers to entering new markets, these firms want more opportunities to engage with key decision-makers , expand their brand presence through trade shows and “meet the buyer” events, and gain better intelligence on market opportunities. They also highlight the need for more proactive local trade hubs , support in finding the right talent to enter new markets, and improved understanding of and access to export finance products.
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