Lancashire's family firms are well placed to beat the challenges of the pandemic says BIBAs sponsor
The long-term mindset adopted by family businesses makes them well placed to respond to the challenges of the Covid-19 pandemic, it has been claimed.
Norman Tenray, CEO of OBAS UK Ltd and chairman of Age Concern Lancashire, said research had shown the companies will play a key role in leading the economic recovery.
A study shows three key values – exercising patience, social responsibility and business transformation – meant family businesses had an edge over non-family businesses.
Age Concern Lancashire is sponsoring the Family Business of the Year category at this year’s Be Inspired Business Awards, The BIBAs, which is open for applications until the end of this month.
Suzanne Carr CEO said: “One of the key differentiators of family businesses is how they define success. There are obviously important financial measures, but success in family businesses is also defined by non-financial objectives which sets them apart.
“It means that after taking immediate actions to cushion the shock of the pandemic, families turned their attention to longer-term strategies for sustaining the purpose the family derives from owning and managing the business.
“This means that family firms are often early adopters of technology and those willing to take a more entrepreneurial mindset, and that makes them well place to come out of the pandemic strongly.”
The BIBAs has 19 prizes up for grabs in its 2021 competition, including new categories for Most Resilient Business of the Year and Apprentice of the Year, with a deadline for applications closing on Friday, April 30.
The awards has already received more than 200 applications with each applicant asked to submit a photograph of their workplace which will be shown on the BIBAs’ ceremony night.