These insightful comments echo throughout the family business sector. Each family business works to reinforce the foundations of its corporate brand; underpinned by the origins of the family business, the reputation of the firm is carefully developed and shaped over time. Good stewardship leads to employees being more motivated, with retention increasing as they align withthe underlying sense of mission and values of their organisation.
Developing trust with consumers
Consumers are also savvy and want to know about the organisations behind the products and services they buy; convincing them for example that the business has sustainable and responsible sourcing policies can be a powerful differentiator in favour of the family business corporate brand. UK family business company brands such as C&J Clark, Wates and Bibby Line Group are examples of organisations where a strong corporate culture underpins successful business practices developing trust with their customer base.
In 2011 part of the IFB’s work will be to find out more about how these and other family firms have found a winning formula.
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