INTHEBLACK June/July 2024 - Magazine - Page 8
FAST FOCUS
Words Susan Muldowney
NUMBER
CRUNCH
TOP 5 CHALLENGES FOR AUSTRALIAN
FAMILY BUSINESSES
81%
Family enterprises account for about 70 per cent of all Australian businesses
and employ about half of the country’s workforce. Recent research from
accounting consultancy Grant Thornton Australia shows this pillar of the
economy faces a number of challenges. Here are the top five.
86%
Recruitment, retention
and upskilling
70% 72%
Development
and launch
of new products
Succession
planning
of global
companies include
ESG metrics in
their executive
incentive plans.
91%
Source: Global Report on
ESG Metrics in Incentive
Plans 2023, WTW
Improving cash flow
69%
Expansion
into new
markets
95%
of accounting
practices in
Singapore now
provide at least
one advisory
service.
Read the report
8 INTHEBLACK June/July 2024
Source: State of the
Industry Singapore 2023,
Xero
