As the government examines ways to improve performance of private sector businesses, business schools will be deployed to offer training to leaders of family business. Master’s in Business Administration courses have traditionally been popular with career minded individuals who are eager to work their way up the ranks of multinational companies. The Department of Business will collaborate with business schools to improve content aimed at family businesses.

As the government focused on mid-sized businesses, many of which are family businesses, research discovered that family businesses are typically not as strong as businesses run by professionals. The business minister, Mark Prisk said that the highest performers at the business schools would be placed into mid-sized businesses.

During an interview with Your Business, Mr Prisk emphasised that he didn’t think businesses should be advised by the government on how to operate. He said that the government were supporting an environment of trade and allowing companies to plough profits back into their businesses. To this end he demonstrated the reduction in Corporation Tax which would take place in April 2012 to 25 percent.

In conclusion, the Business Department has decided that the government support the large multinationals and the smallest businesses, which leaves the medium sized companies without adequate support. Improving management skills is essential, according to Mark Prisk who said:

“It is a really important part of strengthening those mid-sized businesses, who have fantastic potential but who at times underperformed.”

Prisk believes there are a number of businesses which are family owned that are high performers, and the government and industry has to strive for improvement each year.

Want to learn more?

Subscribe to our newsletter to get accounting tips like this right to your inbox