5 reasons family businesses have a competitive edge

Family businesses have a unique charm and a strong foundation that often give them an edge over their competitors. In recognition of BDC Small Business Week (TM) taking place from October 20 to 26, 2024, here are five reasons you should support a family business in your area.

1. Long-term vision

Family businesses are motivated by a desire to create a legacy for future generations. This long-term perspective encourages strategic planning and sustainable growth, enabling them to withstand economic challenges. Their commitment to posterity ensures you can rely on the businesses being around for the long haul.

2. Trust and loyalty

With a focus on familial bonds, trust and loyalty are integrated into every aspect of the business. Employees are often valued as extended family, leading to improved morale, reduced turnover and enhanced productivity.

3. Strong culture and values

Strong values embedded within the family’s ethos guide the business ethically and socially. This sense of purpose resonates with customers, fostering brand loyalty. Therefore, you can feel good about supporting a business that prioritizes integrity and community values.

4. Flexibility in ownership

Family businesses have the flexibility to customize ownership structures to fit their unique circumstances, allowing smooth transitions between generations and promoting continuity. This stability means you can count on continued quality and service over time.

5. Community engagement

Many family businesses are deeply rooted in their communities and proactively contribute to local growth and well-being. This community engagement builds trust and goodwill, further enhancing their competitive position.

This year, you can observe BDC Small Business WeekTM by supporting your local family businesses to ensure they thrive and inspire in your community’s ever-evolving business landscape. Visit bdc.ca for more information.