Abstract:
A family business benefits from strong commitment, shared values, and long-term vision, which help create stability and quick decision-making. However, it may also face internal challenges such as family conflicts, informal management structures, and difficulties with succession planning. Despite these weaknesses, family businesses have many opportunities, including expanding into new markets, professionalising their operations, and leveraging their trusted reputation to attract customers. At the same time, they must remain aware of external threats, such as increasing competition, economic fluctuations, generational differences, and rapid industry changes. By understanding these strengths, weaknesses, opportunities, and threats, a family business can position itself for sustainable growth and continuity.
