Shortly before the 9th KPMG Family Business Forum in Greece, internationally renowned Salvatore Tomaselli, Expert in Family Business Governance and Strategy and Professor of Business Administration and Family Business, University of Palermo spoke to BusinessNews.gr.
With a central message “Strong tomorrow – Strong foundations”, the 9th KPMG Family Business Forum in Greece – the conference institution in the field of family businesses – will take place on Tuesday, April 23 at Electra Palace Athens and at the same time in a digital environment. He comes to present in a hybrid environment the advantages of family businesses, the challenges they face, the role played by the vision and values of the family, cooperation with executives outside the family, as well as how to prepare the new generation and much more.
The internationally renowned Salvatore TomaselliExpert in Family Business Governance and Strategy and Professor of Business Administration and Family Business, University of Palermo, will present for the first time to a Greek audience the “hot” topic “Strategic Strabism: Balancing Short and Long Term Perspectives in Multicrisis Scenarios”analyzing the tools that enable family businesses to manage current and future challenges.
Could you let us know the topic of your speech on the 9th Family Business Forum from KMPG in Greece and explain to us in detail the concept of “Strategic Strabismus”?
At the 9th Family Business Forum from KMPG in Greece in Greece, my keynote address will focus on the development of the concept of “Strategic Strabismus”, which is an essential strategic approach for family businesses in today’s HyperVUCA environment. In short, “Strategic Strabismus” defines the critical importance of focusing on a business challenge while at the same time considering the future inside and outside the business circle. In the last ten years, crises of different kinds, from health to geopolitics and digital connectivity, have broadened the issues on which managers focus. Unfortunately, this leads to a seemingly unavoidable short-sightedness: tragic near-term and massive events obscure important distant ones in terms of politics, society, economics, as well as technology and law. Family businesses, with an inherent overlap of private life and business, are affected by seemingly distant events because they are closer to reality. Ignoring today’s countertrends and looming frameworks will limit their ability to react to or take advantage of tomorrow’s changing conditions. The ‘strategic strabismus’ approach will provide resilience that allows family businesses to thrive in times of turmoil and uncertainty but also – and this is more important – to follow a systemic logic: one eye on urgent events today and the other to scans the radar screen and monitors opportunities and risks. In this way, it will help to ensure the integrity of the family business, preserving their heritage and commercial vitality, while recognizing that only a detailed critical discovery about the overall business ecosystem can maintain this balance.
What would you advise family businesses in Greece at this time about the country and its economy?
As there are signs of recovery in the Greek economy, it seems that there is a possibility for family businesses to emerge as important factors in the new era. However, strategies are needed that are sensitive to the unique economic and cultural environment of Greece.
Capitalizing on the economic recovery. Emerging sectors such as biotechnology, renewable energy, technology present ripe business prospects for family businesses. Ensure significant family integration in these sectors by introducing risk management systems to protect companies from adverse global economic conditions. Family businesses in Greece should equally diversify their investments and closely monitor monetary policy to weather any crisis.
Utilization of Greek culture. The global attraction exerted by Greek culture remains a factor of differentiation. Leveraging Greek culture in services and products from the food industry to fashion can broaden the USP. Family businesses in Greece should also adopt the principle of “hospitality” (pihloxexia) in customer service to retain customers in the long term.
Digital Transformation. Undoubtedly, digital marketing is not a matter of choice, but rather a necessity. The literature shows that e-commerce has taken off, even more, after the Covid-19 lockdowns. Greek family businesses should invest in digital dynamism and collaborate with startups to upgrade traditional operations for the global market.
Cultivation of modern heirlooms. Modernization is key to the generational business approach. Business advice lately in Greece should include the development of youth as modern business professionals. Family businesses should include mandatory mentoring of the new generation, corporate leadership, following global trends and leveraging strong local industries such as agri-food and specialty manufacturing. This is the only way they will be able to have a “glocal” attitude.
Sustainability and Community Engagement. A defining parameter for brands today is social responsibility. Young and more discerning consumers prefer brands that support clean and good business initiatives. Family businesses can upgrade their social responsibility programs and improve their sustainability performance to boost sales and reputation.
By adopting these tailored strategies, Greek family businesses can ride the current wave of the changing economic environment and work together to maintain prosperity while maintaining the purpose that exists at their core.
