Europe’s family-run businesses at odds over digital future

Many of Europe’s family businesses are facing a challenge in identifying the right digital solutions for their industry sectors. Photo: iStock

Europe’s small family businesses could be at risk of falling behind competitors as the economy becomes more digital, research from Mastercard last year has found.

Convincing family members to modernise and finding the right digital solutions are key challenges faced by the sector. SMEs as a collective account for 99% of all European enterprises, with the majority family-run, according to the European Parliament, particularly micro-businesses with less than 10 employees.