(MENAFN- Mid-East.Info) A Global Family Business Report from KPMG Private Enterprise and the STEP Project Global Consortium reveals how family businesses are great ambassadors for sustainability, as they demonstrate how to embed leading practices, create shared value, gain a competitive advantage, and achieve long-term growth.
“A road well-traveled – How family businesses are guiding the sustainability journey”, brings together personal insights from the sustainability experiences of some notable family business leaders combined with sustainability performance data gathered from 2,439 family businesses across 70 countries and territories. The report which uses both qualitative and quantitative research, cites a multi-generational commitment to create value for all stakeholders as one of the underlying reasons enabling many family businesses to excel as sustainability leaders, reflecting an important shift in mindset away from considering sustainability measures as an additional cost of business, but as the essential investment required to secure the future.
The report positions sustainability as a familiar concept within family businesses and an important part of the family's legacy. A claim supported with key analysis across varying jurisdictions and sectors reveals just how embedded sustainability practices have come to be a core element within family values and business models. Investing in sustainability and operating in a sustainable way is not only viewed as the 'right thing to do', but it's also becoming an essential engine and catalyst for company growth.
Harish Gopinath, Partner and Head of KPMG Enterprise in the MESAC region, commented on the report and said“Companies in Bahrain and the region that effectively anticipate and meet the increasing environmental and societal expectations are likely to enhance their reputation, attract and retain talented employees, and find new business opportunities. In Bahrain, sustainability is starting to become a crucial aspect of conducting business, as the country is making significant efforts to transition towards low-carbon solutions and reduce its carbon footprint in line with the Kingdom's Sustainability Goals 2030 (SDGs). Companies that fail to adapt to this shift may face challenges in competing with those that prioritize and embrace sustainability and environmental responsibility as part of their business strategies.”
The report emphasizes some of the key requirements to help businesses unlock improved sustainability performance – the essence of which can serve as a 'blue-print' to guide sustainable and responsible business practices, many lessons of which are applicable across the marketplace.
Tom McGinness, Global Leader, Family Business, KPMG Private Enterprise, says:“I truly believe that family businesses that successfully engage with all their stakeholders on this sustainability journey will not only just survive but in fact prosper. Those that don't step up are likely to be left behind and the choice for companies may be that binary. Family businesses have prospered based on core sustainability principles across several generations, and there are many lessons that everyone can take away from their experience.”
The report concludes that no-one can solve the world's biggest environmental and societal issues alone and considers the time to be apt for companies across the world to tap into the experience and know-how of family businesses, and to do what's right for generations to come by integrating and embracing sustainability strategies as a part of their 'business as usual'.
About the STEP Project Global Consortium:
The STEP Project Global Consortium (SPGC) is a global applied research initiative that explores family and business practices within business families and generates solutions that have immediate application for family business leaders. SPGC aims to be a leading global family business research project with an international reputation. The research insights are specifically drawn to be of relevance to developing new theoretical insights that can offer novel and valuable best practices recommendations to the business stakeholders and the practice community at large. Having a global worldwide orientation, SPGC offers networking opportunities for researchers, family business owners and consultants coming from five continents.
About the KPMG Private Enterprise Global Family Business Network:
As with your family, your business doesn't stand still - it evolves. Family businesses are unique and KPMG Private Enterprise family business advisers understand the dynamics of a successful family business and work with you to provide tailored advice and experienced guidance to help you succeed. To support the unique needs of family businesses, KPMG Private Enterprise coordinates with KPMG firms from around the world that are dedicated to offering relevant information and advice to family–owned companies. KPMG Private Enterprise understands that the nature of a family business is inherently different from a non–family business and requires an approach that considers the family component.
About KPMG Private Enterprise:
Passion, it's what drives entrepreneurs, it's also what inspires KPMG Private Enterprise advisers to help you maximize success. You know KPMG, but you might not know KPMG Private Enterprise. KPMG Private Enterprise advisers in KPMG firms around the world are dedicated to working with you and your business, no matter where you are in your growth journey - whether you're looking to reach new heights, embrace technology, plan for an exit, or manage the transition of wealth or your business to the next generation. Working with KPMG Private Enterprise, you'll gain access to a trusted advisor - a single point of contact who shares your entrepreneurial mindset. Access to KPMG's global resources and alliance network can help you drive your business forward and meet your goals. Your success is KPMG Private Enterprise's legacy.
About KPMG International:
KPMG is a global organization of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services.“KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.