Family Business
Issue No. 26 - December/January 2005/06
Keeping it in the family
According to the peak organisation representing them, family businesses represent almost 80% of all businesses, contributing over $3.4 trillion to the nation’s economy annually.
Family Business Australia takes the view that strong family influences in a business give it a competitive edge due to the principals’ dedication.
After all, the business reputation depends on the principal’s good name, and vice versa.
Trevor Bowden, of electrical retailer, Keith Bowden Electrical, has said family businesses enjoy a level of trust among consumers who seek integrity and staying power.
“Professional business principles and strongly developed family values are the essential ingredients for a successful, service-oriented retail business, such as ours,” he says.
The Family Business Association in South Australia provides members with a great network of people and resources assembled to assist South Australian family businesses become and remain effective and profitable.
“We have a range of functions held throughout the year. These are extremely popular with members and their guests,” says FABSA president, Steven Marshall.
“We also have FBA Forums where groups of family businesses meet to exchange ideas and share experiences of family business.
“We have an annual conference which is a great opportunity to hear from some superb speakers and mix with like minded families.”
He is pleased with the South Australian government’s willingness to work with FBA to promote effective family businesses in this state.
“The Government has been great. They recognize that the family business sector is different from the small business sector (although there is obviously some overlap),” Steven says.
“The Government recognizes the importance of a growing and prosperous family business sector to the economic sustainability of our state.”
Part of that importance is patience
