There is a common myth that family businesses tend not to innovate, are risk averse and poorly managed. Andrew Mostyn director of the Craig Mostyn Group and WA Chairman of FBA explains in a recent article to the contrary how family businesses can not only survive but also thrive in challenging times as they have a competitive advantage over their non-family rivals in pursuing innovation. He reflects that “the nature of family business supports longer-term development and innovation, sacrificing short-term profit for the longer-term gains”.
He details that the importance of innovation as well as the process from inception to implementation will be a theme at the upcoming WA State Conference on June 4. “The conference is an opportunity to engage with family business peers and expert advisers to explore how family businesses develop strategies to stay ahead and build a strong legacy for future generations” he says.