Apart from inadequate innovation and research, the poll indicates that family-owned firms are not fully embracing the ongoing trend of corporate digitalization in the area, as just 46% of them claim to have good digital skills.
Over the next two years, family-owned firms in the region have high growth aspirations; seventy-five percent of them anticipate growth, as seen in the news publication, the East African.
“There is great optimism even in the face of significant challenges and disruption, which speaks to the resilience of these family businesses and their owners, stakeholders and communities,” the survey says.
The poll indicates that family companies in the area are overcoming financial difficulties, with 64% of them reporting growth and only 13% reporting a decline in sales.
This represents a substantial change from the 46% who said they saw growth and the 31% who said sales decreased in 2021, mostly due to the Covid-19 epidemic.
The study, which was done between October 2022 and January 2023 when the globe had finally begun to recover from the effects of COVID-19 and felt more optimistic about the future, covers Kenya, Tanzania, Uganda, Rwanda, and Ethiopia.
Follow us on Facebook : https://web.facebook.com/wacnews
To receive the latest news on your phone using the Telegram application, click here: https://t.me/+KMdLTc0qS6ZkMGI0
Send us a message by Whatsapp : Whatsapp +44 7476844931