Can Family Businesses Survive the New Normal?

Abstract

During these extraordinary times, organizations across the country are doing their best to mitigate the impact of COVID-19. Irrespective of size, businesses in every sector are trying to think out of the box, enforcing new practices and protocols to ensure a gainful and healthy environment for their employees. And, the pervading fact is that the scenario is going to remain put for a long time to come. So, the question that springs up is – Will business be able to cope with these changed norms. Family businesses normally practice set rules that govern their business, they have methods that are unique to their entity. The decision-making process involves an elaborate set of functionaries. So, will it be easy for these businesses to introduce changes at every step, adapt to the new normal and smoothly transition with new rules and regulations. Well, this could be a challenge for some family businesses and the decision-making could be delayed amidst varied opinions and thought processes.