5 things every family business should do – part 4: add family to your branding
Category : Practice Updates
by David Harland CPA
Running a family firm can be grinding. Sometimes it is too easy to get caught up working in the business instead of on the business.
A new fiscal year presents family business owners with an annual opportunity to take time to sit with key stakeholders and think about the issues surrounding their business.
Over the next five weeks we will discuss the issues you may like to consider in your business.
Part 4 – Add family to your branding
A 2015 global survey of family businesses by Ernst & Young found that 76 per cent of those surveyed explicitly refer to themselves as a family in their business branding.
Other research has shown that family businesses that embrace their identity benefit from customer perceptions of trustworthiness, community orientation, social responsibility and a long-term perspective.
Consider how well your current branding and marketing materials identify you as a family business and whether you could be making the connection more explicit.
Family business identity can be especially important in markets where primary competitors are corporations or non-local businesses. Take a look at your target audience and competition and think about whether staking out an identity as a family business will make a positive difference.
Source: CPA Australia