Polish family businesses are experiencing remarkable success with 88 percent of respondents reporting growth in the last fiscal year, according to the Family Business Survey by global advisory company PwC.
In contrast, only 5 percent of family-run companies reported a decline in sales.
The results indicate a significant improvement compared to 2021 when 70 percent of Polish businesses showed growth and 10 percent reported a decline. This data, however, was largely skewed by the long-lasting effects of the Covid-19 pandemic.
The survey also highlighted that Polish family businesses prioritize customer satisfaction and growth as their main goals, while objectives related to diversity and inclusion remain less prevalent.
Looking ahead, the priorities for Polish family businesses in the next two years include expanding into new markets or customer segments; increasing investments in innovation, research and development; and introducing new products and services.
The report emphasized that 93 percent of Polish family businesses claim to have a clearly defined business objective, surpassing the global average of 79 percent. However, it also highlighted that many of them have yet to take the necessary actions to ensure the successful achievement of these objectives.
While gaining the trust of customers, employees, and family members is crucial for most Polish family businesses, the survey revealed that only 50 percent of enterprises believe they have the complete trust of their customers, and just 36 percent of respondents believe that employees trust them.
Trust when it comes to suppliers is perceived as less significant, while the importance of trust among family members is generally regarded as high.
The PwC Family Business Survey is a global study that surveyed 2,043 entrepreneurs representing family businesses from 82 countries, with 110 participants from Central and Eastern Europe, including 40 from Poland. The survey, conducted from Oct. 20, 2022, to Jan. 22, 2023, offers valuable insight into the current state and future expectations of family businesses worldwide.