By 2026, Fortune 500 companies are expected to maintain their status for an average of only 14 years. That’s half than what was expected 50 years ago. So, why the sudden drop? There are a few explanations: global economic factors, competition, consumer preferences. This changing landscape doesn’t only affect Fortune 500 companies; it also affects enterprising families. How does an enterprising family “future proof” their business?
As Tandem Partners explains, “future proofing” your business means taking strategic action to ensure your business’s relevancy and stability in the face of future change and challenges. One way to “future proof” your business is to embrace technological change. Some may resist change. It might feel like you’re turning on your family business’s history if you embrace technological advances. However, you can maintain your family’s legacy and values while also embracing change to remain competitive and relevant. One does not have to exist without the other. What are some additional actions you can take to “future proof” your family business?
Check out all six strategic actions to prepare your family business for the future by reading Tandem Partners’ “Six Strategies to Future Proof Your Business.” Remember: A business’s continuity and sustainability relies on its ability to adapt and evolve while also preserving its history and values.
Read about the six strategic actions to prepare your family business for the future here.
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