Policy implications
It is important that family businesses are recognised as a key part of the UK economic landscape and that they feature in the plans and strategies already being developed by the government and the education and private sectors to ensure that emerging business support offerings are able to connect with key companies that have growth potential. Many family businesses are central parts of the UK’s mid-market and scaling ecosystem, acting as economic anchors within nations, regions and key cities. The Industrial Strategy, Small and Medium-Sized Business Plan and Trade Strategy each provide a helpful framework that could be utilised to support family businesses in their local areas and nationally. It is essential for these links to be better recognised and embedded in the initiatives that the government implements, and that awareness of these initiatives among family firms is increased. Family businesses show a lower level of awareness of government strategies such as the Industrial and Trade Strategies. To foster growth, particularly in regional economies, it is crucial to improve understanding of these strategies among family businesses and highlight how they can effectively leverage them. This must be accompanied by ensuring that local growth plans adequately incorporate the needs of family businesses.
Achieving this growth requires enhanced collaboration between the private and public sectors. The core focus should be on raising awareness of existing initiatives, improving connectivity to available resources, and providing practical solutions to the growth challenges faced by scaling and mid-market family businesses. This includes how services such as the new Business Growth Service can further reflect the nature of these firms, including in the mid-market context. While many potential solutions are already in development or under consideration, the regional impact of these critical firms must be a central consideration during the practical implementation of solutions.
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