Failing Family Businesses Urged to Become More Professional

With three quarters of all businesses in the world classed as family businesses, it is clear that there is a need for the entrepreneurs behind them to receive solid advice

Perth, Australia - September 11, 2017 /PressCable/ —

With three quarters of all businesses in the world classed as family businesses, it is clear that there is a need for the entrepreneurs behind them to receive solid advice. These companies produce up to 90% of the global GDP each year and form the backbone of the global economy, but too many of them are struggling to make ends meet.

The need for specialist business advice aimed at family firms is especially true given that only 30% of these family businesses survive to the second generation. Around 12% of them make it to the third generation and just 3% of them make it through to the fourth generation and beyond.

Craig Ridley, Founder of YourBusinessCoachingClub, identified a lack of professional strategies and approaches as being a key factor in the failure of many of these enterprises. Mr Ridley said that, “Just because a family business is popular or even well-loved in the community doesn’t automatically mean that it will be successful in the long term.”

Given the tough market conditions currently and the amount of business failures that are being registered just now, it is no wonder that many people are now looking for a way of making their family’s company more robust for the future. Mr Ridley went on to say that, “Professionalizing a family business doesn’t have to mean a huge change to their way of working or their ideals. It doesn’t have to be massively expensive or time-consuming either.”

Instead, he pointed out on his website how easy it can be to change the way of working to something that is more aligned to the professional model used by successful companies that have stood the test of time.

The more family businesses that move towards a professional, sustainable way of working the brighter the future is likely to be for the overall global economy.

YourBusinessCoachingClub is a powerful online business coaching club that aims to help entrepreneurs to make better decisions in all aspects of their strategies and processes. Members benefit from round the clock access to over 60 business coaching modules that have been created by drawing on more than 30 years of experience in different industries. Find out more about YourBusinessCoachingClub here.

Contact Info:
Name: Craig Ridley
Organization: PGW Solutions Pty Ltd
Address: GPO Box R1254, Perth, Western Australia 6844

For more information, please visit https://yourbusinesscoachingclub.com/

Source: PressCable

Release ID: 238172