Family-run pubs could be key to industry growth
Keeping pub and bar operations all in the family could be a key driver of growth.
New research has revealed that keeping pub and bar operations all in the family could be a key driver of growth.
The research, commissioned by Smart Energy GB, found that 82% of family-run businesses owners across the UK believe their multigenerational make-up, and the differing skill set each generation brings, is key to growth.
From over 1,000 family-run business owners, the operational breakdown found that the Gen Z and Millennials in the team are most relied on to contribute social media and digital marketing expertise (49%), tech-savviness (45%) and innovation (44%).
While the most common essential qualities the older generations bring to their businesses includes stability and reliability (48%), industry expertise (47%) and mentoring (44%).
Succession
When it comes to the future, more than eight in 10 (82%) owners believe younger generations will take over the family business. Only 7% of those polled said they foresee their business closing, or being sold outside the family, with more than one in five owners (26%) saying they are already dedicating time to succession planning.
This long-term mindset reflects the pride many family business owners feel in what they’ve built, with 40% saying they are proudest of their reputation, while over a third (36%) highlight keeping the business in the family. Many also call out how their family works as a team (36%) and the role their business plays in their local communities (26%).
The research found that rising costs remain a concern for many. Half of business owners polled cited energy costs as a one of the biggest financial challenges they face.
"We know from our research that business owners are dealing with financial strain, with running costs including energy, high up that list," says Victoria Bacon, a director at Smart Energy GB. "A smart meter measures energy usage in near real-time, which means you only pay for the energy you use and no longer receive estimated bills, which can help a business with managing its cashflow.
"Family businesses clearly see the positives of generations working together and being able to play to everyone’s individual strengths. It’s good to see that the vast majority of owners are optimistic about the future prospects for their businesses."
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