KPMG Private Enterprise and the STEP Project Global Consortium release analysis of family business responses to the COVID-19 crisis
A new report from the STEP Project Global Consortium and KPMG Private Enterprise has demonstrated how the unique structure of family businesses has empowered them to respond to the impact of COVID-19. The study found that the involvement of the family and their long-term mindset has enabled them to demonstrate resilience in the pandemic, placing them in a key role to lead the economic recovery.
The report, titled Mastering a comeback: How family businesses are triumphing over COVID-19, includes insights from nearly 2,500 family businesses and more than 500 non-family businesses. It uncovers three core strategies used by family businesses to address the immediate impact of COVID-19:
"In Thailand, we see a lot of family businesses leading the way to help the society and community they work in during the pandemic," said Sasithorn Pongadisak, Head of Private Enterprise, KPMG in Thailand. "A lot of efforts have been put into giving back to the society and working with the community to get through times of hardship together as family businesses tend to have strong ties to the community. Not only does this benefit society as a whole, but it also helps strengthen brand loyalty and build further on the relationship that businesses have with the society they operate in."
Find out more about the report here: https://home.kpmg/th/en/home/insights/2021/02/global-family-business-report-covid-19-edition.html