Family Business Advantage

by John L. Ward

Professor Morgan Witzel of Exeter Business School wrote a fascinating critique of “scientific management” in the FT (July 18, 2011, p 11). In it he argued that “the passion for metrics” meant too little attention to difficult to measure, yet invaluable, elements of success:

Culture
Customer loyalty
Creativity
Vision
Personal commitment
Ethical behavior

It seems to me these areas are just where family businesses excel and establish long-term competitive advantages – another example of “unconventional” family business strategy.

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