Understanding family businesses is key to their success

Friday 2 November | Categories: Workplace and Employment Policy

The Chamber of Commerce and Industry Queensland (CCIQ) has recently provided feedback to the Inquiry into the Operation of Family Business in Australia.

The main element of feedback CCIQ provided was the need for more in depth research into the impact of family businesses on the state and national economies.

CCIQ General Manager of Advocacy, Nick Behrens said, "We know a great deal about small and medium businesses, the role they play in helping create opportunity, prosperity and wealth for our communities, however there is a need to further investigate the role of family owned businesses."

"After all they are equally the social and economic fabric of our country.

"In our submission to the Parliamentary Joint Committee on Corporations and Financial Services, CCIQ has stressed that through greater depth and understanding of this important subset of the SME community, it will be possible to build stronger policies and sustainable foundations to help support the growth of family owned and operated businesses.

"At a high level, we know that family businesses share many of the characteristics, challenges and successes that many small and medium enterprises encounter including economic management and compliance costs on businesses.

"However, family businesses are often unique in their structure, approach and product offerings and build cultures that are not only alternative to the mainstream corporate sector, but are rarely encountered outside of a family business.

"Obtaining insights in this area will be essential to helping all levels of government support the growth and future prosperity of Australian family businesses."

CCIQ looks forward to working further with the Inquiry into the Operation of Family Business in Australia and helping to create research, understanding and beneficial policies to aid and support the growth of family businesses within Queensland and Australia.