Today is National Family Business Day (18 September), and like many areas right now – the family business sector is struggling.
The Covid-19 pandemic has had a huge impact on local, and family businesses, which is why the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell is encouraging everyone to buy local.
“National Family Business Day is usually a day to celebrate, but 2020 is a year like no other,” says Ms Carnell.
“Time are incredibly tough and so many family businesses that were viable this time last year are now facing enormous challenges after a devastating bushfire season followed by a global pandemic.
“Family businesses in Victoria continue to struggle with ongoing heavy restrictions.”
Ms Carnell provides advice on how you can help out your local community.
“The best way you can support family businesses is to spend locally – whether that’s at a mum-and-dad owned brick and mortar store such as the town butcher or by shopping online via social media campaigns such as ‘Click for Vic’, ‘Buy from the Bush’, ‘Empty Esky’, ‘Spend With Them’ and ‘Stay with Them’- to name a few.
“Family businesses are the lifeblood of our communities and key contributors to our economy – accounting for up to 70% of Australian businesses and employing as much as half of the workforce.
Ms Carnell and her office will be working with Family Business Australia to produce a guide to succession planning.
“Succession planning is a key issue for family businesses and this guide will provide a step-by-step process to ensure the next generation are ready to take the reins when the time is right,” says Ms Carnell.
Concluding on the significance family businesses have, she says, “Their survival is critical to our broader economic recovery”.