Greek family businesses try to get over the difficulties that the Covid-19 pandemic has created by setting priorities similar to their global peers. Such priorities are the diversification and expansion of their activities, the digitalization and introduction of new technologies, the evolving and new business thinking, sustainability and focus on the local community.
All the above are mentioned at the PwC’s Family Business Survey 2020 and the Greek report that was published in March 2021. One of the most interesting issues that the survey points out is that Greek family businesses are more optimistic about growth for 2021 and 2022 than their global peers.
More specifically, 33% of the Greek businesses expect to grow quickly and aggressive in 2022, while 62% expect a steady growth during 2022. At the same time, 21% of the businesses globally expect to grow quickly and aggressive in 2022, while 65% make plans for steady growth during 2022.
For 64% of the Greek businesses, the first main source for finance in the future is bank lending/credit lines and the second the operating cash flow. Strategic investors/family offices will rely on, in the future 40% of the Greek businesses and at internal resources 33% of the Greek businesses.
The majority of the businesses globally (64%) will rely on, in the future at bank lending/credit lines while 64% of the businesses globally answered that their main source for finance in the future will be the operating cash flow. At the same time, 40% of the businesses globally will search for sources of finance in the future at Strategic investors/family offices and 33% will rely on internal resources. Furthermore, 31% of Greek family businesses had a need for additional capital in 2020 (compared to 21% globally).
For 79% of Greek family businesses, a key priority over the next two years is expansion/diversification which means implementing new services, collaborating with new markets and aim at mergers and acquisitions.
The same priorities set 82% of businesses globally. New technologies, digital capabilities, innovation and R&D are the key priorities that set 74% of the Greek family businesses over the next two years. At the same time, 82% of the businesses globally will pay more attention to new technologies over the next two years.
During the pandemic, Greek family businesses tended to support more than the global average their staff and their local community. For example, 89% of Greek businesses enabled staff to work from home, 79% retained as many staff as possible and 59% provided emotional/mental health support to staff.
Globally, 80% of businesses enabled staff to work from home, 71% retained as many staff as possible and 45% provided emotional/mental health support to staff. Furthermore, 50% of Greek businesses took action to support the local community and 36% provided financial support or loans to staff. Globally, 39% of businesses took action to support the local community and 22% provided financial support or loans to staff.
Greek family businesses benefited from intensified communication and strong company values during the pandemic crisis. Covid intensified communication between different generations of family members for 43% of Greek businesses and 46% of businesses globally. Communication between family members about the family business increased during Covid for 50% of Greek businesses and 53% of businesses globally.