Geert-Jan
Krol
Partner, IT Advisory, Crowe Peak (Netherlands)
“The COVID-19 pandemic has been a major wake-up call for business leaders to embed technology in the strategy of companies. We have seen ‘going digital’ take a quantum ...
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Alejandro Olvera
Lorenzo
IT Advisory Associate Partner,
Crowe Mexico
“Since the beginning of time, those who have possessed the most reliable information are the ones that have had all the advantages to succeed in this game called life. This new ...
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“The COVID-19 pandemic has been a major wake-up call for business leaders to embed technology in the strategy of companies. We have seen ‘going digital’ take a quantum leap as a result of the pandemic. For example, digitization of business processes and customer interaction has accelerated drastically, and many technological changes could be implemented much faster than thought possible before the pandemic. Also, the mindset of business leaders on the strategic impact of technology has changed as a result of the coronavirus crisis. Because businesses had to show resilience and the ability to adapt to this major disruptive event, they are more aware that agility is a requirement to remain competitive now and in the future. Embracing change may help companies to be better prepared and more resilient to future disruptive events, for example by adopting new technology
and fostering a culture of innovation. Technology, agility and innovation are key factors to achieve future goals.”
Partner, IT Advisory, Crowe Peak (Netherlands)
Geert-Jan Krol
IT Advisory Associate Partner, Crowe Mexico
Alejandro Olvera Lorenzo
“Since the beginning of time, those who have possessed the most reliable information are the ones that have had all the advantages to succeed in this game called life. This new pandemic has shown us that, more than ever, we have to be prepared for whatever is coming next in almost all aspects of our lives. For the first time, most humans realize now that our personal, medical, banking and business information is out there, at hand for everybody to share, and that it’s important to keep it safe. Artificial intelligence, cloud computing, home office, resilience, risk awareness and many other concepts are now part of our common language. Small business owners especially are now aware of everything they didn’t previously consider to implement their strategies based on robust and secured technology infrastructures. They are now paying a higher price for what they should have taken into consideration in the first place. More than ever, information and its secureness is one of the most valuable foundations for businesses success. To make our businesses survive and grow, we need to be ready to keep up with the technology-driven world we now live in. Here at Crowe in Latin America, we are contributing with our ‘grain of sand’ by learning and teaching others about information security awareness and how to be trusted by customers and vendors by keeping it safe. Technology is now essential to our lives.”
Viewpoints from Crowe
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There are 5.2 million family-owned businesses in the UK, making up 86.2 percent of the total, according to IFB...
National Head of Private Clients, Crowe UK
Geert-Jan
Krol
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In France, family businesses range from solo-entrepreneur to groups worth billions of US dollars. Overall, they sailed...
Partner ACA, International Tax Liaison Partner, Crowe Global
Alejandro Olvera Lorenzo
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There are 5.2 million family-owned businesses in the UK, making up 86.2 percent of the total, according to IFB Research Foundation from 2021. The majority of family businesses in the UK have fewer than 10 employees. Diversity is also notably less in family businesses, which according to BEIS saw only 5.6 percent identifying a minority ethnic group leader as opposed to 10.2 percent in non-family counterparts. Although this lack of diversity and regional focus would not tend to be an issue with first-generation businesses operating in popular UK sectors, introducing non-family members to provide critical thinking is an important challenge for organizations as they grow. For the family business with longevity, legacy remains important, and having consistent values is vital. We have helped families to develop a family charter to set boundaries and rules of operation, both in terms of how the family behaves, but also in terms of how they interact with non-family members in the business. The impact of COVID-19 on family businesses is far from certain. The pandemic has hit sectors that have a high proportion of family business operators – for example retail and hospitality – and although government support has helped keep many going, a day of reckoning comes as debts start to become payable. Interest rates remain low, however, and the economy is recovering well, so one would hope that our nation of family businesses, now and into the future, will go from strength to strength. You can read more on Crowe UK’s insight into family-owned businesses here.
In France, family businesses range from solo-entrepreneur to groups worth billions of US dollars. Overall, they sailed through the crises triggered by the pandemic with no or little damage, some of them even taking advantages of new opportunities. What sets them apart in the business world could be summarised in three words: focus; tradition; and agility. Focus: they do business for themselves, so their vision is not impaired by shareholders’ concerns. Corporate identity is strong, each employee can be seen as a building block to success and feels empowered and motivated to reach this common goal, driving efficiency and commitment. Tradition: the transmission of a business from generation to generation makes it implicitly legitimate and trustworthy. In a society that seeks meanings, such heritage is very powerful. Agility: those that are successful keep away from “doing things the way it was always done” and use their family heritage to federate around their vision so that, when facing disruption, they can rethink business strategy and implement the necessary changes at record speed and with the support of all their stakeholders.
Viewpoints from Crowe
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Alejandro Olvera Lorenzo
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Geert-Jan
Krol