According to Family Business Australia, family-owned enterprises comprise 70 per cent of all companies around the country. We are a nation of self-starters, with many well-known businesses growing from small family-run operations.
With such a high number of family businesses across Australia, it is important these enterprises make positive progress towards growth. In fact, according to the Family Business Survey conducted by KPMG Australia and Family Business Australia, many are using technology as a driver of innovation.
More than half of the respondents indicated that disruptive technology was a positive force while 78 per cent are optimistic about their chance of growth moving forward.
Head of KPMG Australia's Family Business Practice, Bill Noye, outlined the advantages of family businesses adopting technology.
"Embracing disruptive technologies and keeping up with rapid change, together with entrepreneurship, the willingness to take risks, delegate authority and proactively seek new ideas and opportunities, are all important attributes for developing a sustainable competitive advantage which technology can help to harness," he said.
Family businesses and technology
While many family-run businesses embrace technology such as teleconferencing, KPMG explained that some are still unsure of the merits of these trends. Around 20 per cent of business leaders said technology was too expensive and creating increased competition within the market.
However, it is important to note that the world is heading towards a technological future and businesses that adopt early are at a clear advantage.
How can family businesses utilise teleconferencing?
As any business expands, being in close communication with clients, customers, stakeholders and other family members is imperative. For a small family enterprise though, finding the funds or time to travel to different cities or countries can be extremely difficult.
By adopting teleconferencing technology, these meetings can be held within minutes of scheduling and family businesses can be more productive. Teleconferences can also be recorded to provide further insight at a later date.
To learn about how teleconferences can benefit your family business, contact the team at Eureka Conferencing today.