According to the IFB, the UK has 4.8 million family businesses, which is 88% of the total in the country. They form the backbone of the economy and, back in 2016, they paid out an estimated £149 billion in tax. But why are there so many across the UK?
In the age of huge corporations, it’s important to look at why some types of enterprise are so successful. Especially as family businesses tend to outperform other similar companies in the market. When we study this model, we can learn vital lessons about business more generally.
The UK is a place that takes pride in its heritage and – as we will see – the British public have a higher opinion of family businesses. This goes a long way toward suggesting why family-owned businesses make up such a large proportion of the total in the UK.
FlyForm – a UK-based Elite ServiceNow partner headquartered in Cardiff – and CEO Philip Davies have been shortlisted as one Wales’ four regional finalists in the category of Disruptor of the Year.
Selected from a long list of applications from across Wales, this award recognises four purpose-driven pioneers of change who look outside the box and are guided by their entrepreneurial visions to make a positive impact on society.
Founded in late 2015, FlyForm is a digital consultancy firm, led by co-founders Arron Davies (COO) and Philip Davies (CEO) – one of WalesOnline’s “2019’s 35-under-35” inductees. Since its early days, the company has quickly expanded to work with clients across the UK and experienced compounded annual growth rate of 261%. Earlier this year, the company received an investment from Lloyds Bank to fuel growth target of £1 billion by 2030. The company’s current clients span a variety of sectors, including
Dow Jones & Co., the parent company of The Wall Street Journal, MarketWatch.com and Barron’s, reported fourth-quarter revenues declined $16 million, or 4 percent, to $382 million, according to the earnings press release from parent News Corp.
The decline was primarily due to a drop in advertising revenues, which were impacted by COVID-19, partially offset by growth in circulation and subscription revenues.
Digital revenues at Dow Jones in the quarter continued to rise and represented 71 percent of total revenues compared to 63 percent in the same quarter of the prior year.
Circulation and subscription revenues increased $16 million, or 6 percent, driven by a 2 percent increase in circulation revenues, reflecting strong growth in digital-only subscriptions for Dow Jones’ consumer products.
Digital circulation revenues accounted for 61 percent of circulation revenues for the quarter. During the quarter, total subscriptions to Dow Jones’ consumer products reached approximately 3.8 million, a