Family-run businesses take a hit if not managed properly: PWC
With South Africa's poor economic growth, family businesses say cost containment is one of the challenges they see going forward.
That's just one of the findings by global auditing firm, PWC, following a survey on family-run businesses.
Andries Brink, who is responsible for PWC's Entrepreneurial and Private businesses in Africa, says the latest findings are a deviation from research findings released two years ago which found that respondents were very bullish and optimistic about future growth over the next three to five years.
"It's not pessimism, it remains optimistic but I think it's more realistic and that top line growth will be very moderate and you know, to maintain profitability levels the containment of costs will be a key focus area. And I think that just reflects the general economic situation within which they operate in," he said.
Brink says the latest PWC research was conducted in more than 40 countries with 2 800 interviews conducted, of which 130 respondents were from South Africa.