Stakeholders Harp on Sustainability, Building Family Businesses of Future
A Next-gen session organized by PwC’s in Lagos has revealed how the experiences of the next generation of business executives and leaders of family businesses can serve as an invaluable resource for other family-owned businesses.
Speaking at the session, “Today and Beyond: The Next Generation Challenges Family Business Status Quo,” the Head of Corporate Services at Honeywell Group, Tomi Otudeko shared how joining the family business brought the stakes into close focus and improved her work ethic further, “I understand that I am not just fighting for my family; I am fighting for employees with families. I am fighting for the community that I am in. it’s important to me and It is not just a job! “
Otudeko further gave some insights on how family businesses can attract excellent investors and ensure long-term impact while focusing on sustainability in line with Environmental,
Social, and Governance (ESG) criteria. She went on to explain what the ESG framework is and how Honeywell Group is using it to enhance its position in the investment community.
The Head of School, Ikoyi Campus, Greensprings School, OluRanti Bankole mentioned that there were integral lessons to be learned from the current generation’s leadership such as the power of good communication.
According to her, “Communication is the most important lesson I’ve learned from my mother. I’ve learned how to articulate my ideals and ideas in a more concise and effective manner.”
She went on to explain how this important ability has helped her improve her business operations and greatly strengthened her ability to add value to the business.
In terms of identifying what counts and what may appear to be a pain point for next-generation business leaders, Managing Partner, VYBROS Invest BV, Guy Vande Vyvere believe that, “We all have great ideas and are eager to put them into action.
“However, what good are our great ideas as ‘next-geners’ if they are not well executed? Yes, the goal is to execute all of our incredible ideas; however, rather than having ten great ideas with a 50per cent-win rate, nextgeneration business executives should focus on executing these ideas one at a time and ensuring that there is one brilliant idea that achieves a 100per cent-win rate every time.”