Introduction:

Family businesses are the backbone of Australian economy, and Sydney is no exception. With over 70% of all businesses in Australia being family-owned, it’s clear that there are countless benefits to keeping it in the family. From the close-knit team and shared values, to the flexibility and control over operations, a family business is an excellent option for those looking to start or grow a business in Sydney.

The Benefits of a Family Business:

1. Shared Values:

One of the main advantages of a family business is the shared values and vision that comes from being in the same family. Because family members often share the same upbringing and life experiences, they are more likely to have a similar outlook on life, business, and the world in general. This means that family businesses are often more aligned in their goals, values, and strategy, which can lead to a stronger, more united team.

For example, at our family business in Sydney, we all value honesty, integrity, and hard work. These shared values translate into our business practices, from the way we treat our customers to the products we offer.

2. Flexibility:

Another advantage of a family business is the flexibility it provides. Because family members are often more invested in the business than employees, they are more likely to be willing to put in extra time or effort when the business requires it. This can be especially valuable during challenging times or when the business is experiencing rapid growth.

For example, when our family business in Sydney was just starting out, we all pitched in to help with everything from sales to bookkeeping. This flexibility allowed us to grow the business without having to hire additional staff, which helped us keep costs low and maintain control over operations.

3. Control:

Last but not least, a family business provides the advantage of control over operations. Because family members are often the owners, managers, and key decision-makers, they have more control over how the business is run, the products and services offered, and the direction of the company. This can be especially valuable in industries where there is significant competition or when making quick decisions is important.

For example, at our family business in Sydney, we have been able to pivot quickly and adapt to changing market conditions because we have the ability to make decisions quickly and without the need for approval from outside parties.

Conclusion:

Starting and growing a family business in Sydney can be a rewarding and fulfilling experience. From the shared values and flexibility to the control over operations, there are countless advantages to keeping it in the family. If you’re considering starting or expanding a business in Sydney, we encourage you to think about how you can leverage the benefits of a family business to help you succeed.