There is a strong correlation between trust and profitability. This fact is supported by PwC analysis showing that consumer trust is one of the main drivers of performance change, as well as repeated family business surveys that conclude that trust is an important competitive advantage. The good news is that family-owned businesses are more trusted than other businesses overall, scoring 12 percentage points higher on this measure, according to the Edelman Trust Barometer.
Higher levels of trust are likely to be reflected in financial performance if they are sustained and continuously fueled, contributing to the ambitious long-term goals offered by family businesses in Romania. According to the PwC Family Business Survey 2023, 76% of local family businesses expect to grow in the next two years, and more than a quarter of them even expect “rapid and aggressive” growth. The next priorities are increasing customer loyalty (61%), launching new products/services (58%) and expanding into new markets or customer segments (45%).
Read the rest of the article on the PwC Romania blog
The article was signed by Mihai Anita, partner and head of audit at PwC in Romania
Article supported by PwC Romania
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.