Family businesses in PNG have big plans - from increasing profitability and boosting digital capabilities to professionalising the business and creating an impact to the community.
These goals are similar to the goals of larger, more established, corporate businesses, which, in most cases, are also the competitors of local family businesses. These corporates are quick to adapt to the changing business environment, especially in the digital space.
On the other hand, in most cases, family businesses in PNG are still operating the way they have for many years. To remain competitive, our findings suggest that family businesses have much to gain from embracing change.
They stand to benefit from further growth opportunities that could arise from doing things differently in areas such as digital capabilities, professionalisation of the business, and values and purpose.
This report explores these areas and provides recommendations on what family businesses leaders can do to take a fresh approach to running their business.
Themes
68% expect to grow in the next two years, but only 22% have a costed, formalised and documented strategic plan
The majority of them find it challenging to access talent and to drive innovation
PNG family firms want to keep the business within the family, yet only 13% have a formalised succession plan
65% have a clear sense of business values and purpose, but only 29% have documented them
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