UK family businesses as world class exemplars

http://www.ifb.org.uk/ At the PwC Private Business Awards many of the Britain’s 'hidden champions' were on parade and family firms gave a powerful show of strength by clinching the main award. The awards demonstrated that the UK’s private business sector is not short of world-class exemplars. The firms competing are committed to growing and want to raise their brand profile to attract better talent to help win the race.


UK home appliances brand Dyson was lauded as the Private Business of the Year. The company, which is transitioning into the second generation, has become a market leader by focusing on design and innovation. Dyson recognise they play an important role in the rural Wiltshire community where they are based, and their values have helped keep employee turnover relatively low.

The Family Business Award, presented by the IFB was won by Samworth Brothers which has values that revolve around a constant respect for people, quality and profit. Supported by a commitment to training they have created a performance culture that has driven their success.

And recognising the importance of exemplary leadership Paul Drechsler, Chairman and CEO of another family firm, Wates, was awarded CEO of the Year. Paul is passionate not only about the business, but also the family, people and communities that the business supports and depends on.

Other exemplars awarded include Monsoon, the International Business of the Year, where Peter Simon has led his family business back into private ownership, regaining full control over their destiny. Performance has been outstanding since the company regained independence. Their Accessorize brand has been powering international sales which have grown strongly across 68 countries where they trade.

Ingenious Britain

http://www.ifb.org.uk/
Sir James Dyson’s Ingenious Britain report has given a boost to the debate about the importance of entrepreneurship in rebuilding our nation’s economic strength. It focuses the spotlight away from UK plc and onto the vital role that new business activity and spin-offs have in boosting technological innovation, design and employment.

There is also a broader national debate taking place about what can be done to encourage entrepreneurship in our society, in the widest sense of the word. A new group, Enterprise UK, has been formed, founded by IoD, CBI, FSB and BCC, to collect practical suggestions that any Government could use to promote and support entrepreneurship - the ideas could also be used by businesses, universities, schools and individuals. The Institute for Family Business (IFB) will be sharing its views on this important subject with Enterprise UK.

Entrepreneurship is one of the key driving forces of the family business sector. Indeed business families are prime breeding ground for tomorrow’s entrepreneurs. The Global Entrepreneurship Monitor (GEM) examined a few years ago the background of entrepreneurs starting new business activities, and concluded that family firms are an important source of young entrepreneurs. With 3 million family firms in the UK we have in the heart of our economy a latent talent pool of family business entrepreneurs.

What can we do to unleash the entrepreneurial spirit of our nation’s business families? Sir James Dyson cites education, skills and deregulation as critical success factors. The IFB agrees with this list, but also believes that values are at the heart of the creating foundations for successful entrepreneurship. Determination, courage and hard work are values that parents can instil into the next generation. By fostering these values the nation’s business families are playing a vital role in creating tomorrow’s enterprising Britain.
http://realbusiness.co.uk/leadership/dyson_no_magic_bullets