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While COVID-19 devastated many organizations, family businesses have resisted amid COVID-19 and are poised to lead the post-pandemic recovery, according to PwC’s 2021 Family Business Survey. 80% of family businesses, the most common form of business organization in any world economy, made staff work from home and 25% reorganized production to meet demand related to pandemic.
Only a third of family businesses had to cut dividends, and 20% needed access to additional capital as reported by PwC. Such resilience also broadens the positive outlook for the future, as 80% of family businesses plan to diversify or expand into new products or markets, and 86% believe they will return to pre-pandemic growth rates by the end of 2022.
Rhys Li, the founder of Rhys Li Coaching an Amsterdam-based entrepreneur, MBA, CPA, trainer, consultant, strategic partner in change management, and business coach, commented on how family businesses proved robust and adaptable amid the pandemic: “Only 30% of all family-owned businesses make the transition into the second generation. Often the problem is the mismatch between the business’s goals, wants, and needs and individual family members. Family businesses need a real mindset change if they want to grow with the winds of change caused by the pandemic.”
“COVID-19 taught family businesses many lessons about preparedness, agility, and adaptation. This is business resiliency! As globalization and digital transformation disrupt business, how family businesses retain or hold a purpose can make a real difference,” Rhys Li added.
“I have a multicultural background and extensive experience in the finance, consumer products, technology, telecommunications, and energy industries. I did coaching with employees of companies such as Deloitte, EY, Roche and Rabobank. I use my know-how to help small organizations excel to the next level, especially family businesses. I leverage my 20 years of experience to craft my proprietary coaching method based on encouragement, organization, risk reduction and leadership. I help businesses and individuals alike find or sustain a purpose, improve processes, implement strategic systems, and increase efficiency while reducing risk,” Risk Management Coach Rhys Li said.
Contact Info:
Name: Rhys Li
Email: Send Email
Organization: Rhys Li Coaching
Website: https://www.rhysli.co
Release ID: 89079262
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