For immediate release, 25 March, 2010: For more on press registration for the conference open session contact Bob Tolliday, IFB Communications Manager tel: 020 7233 7497
Members of the press are invited to attend the opening session of the conference, starting at 1pm Thursday, 10 June, which includes the speech by Richard Lambert, and the opening address by IFB Chairman and former Chairman of Wates Group, Andrew Wates.
RICHARD Lambert, CBI director-general, will warn of a greater threat of regulation for business if it doesn’t rebuild trust with its stakeholders, when he speaks at the Institute for Family Business (IFB) national conference in June.
The conference Trust: A source of competitive advantage, from Thursday, 10 June, to Friday, 11 June, at the Royal Garden Hotel, London, looks at how trust can be built and how the family business model is well suited to developing a high level of trust among employees, customers and other stakeholders.
Commenting on his speech, Richard Lambert said: ‘If people don’t have trust in business, they’ll seek to regulate it instead. This threatens entrepreneurial drive, so reputation matters – especially now.’
Andrew Wates, IFB Chairman, said: ‘Progressive family firms place importance on a clear set of values, such as social responsibility and long-term stewardship; these are key elements of the trust building process between businesses and all their stakeholders. I believe family businesses can be at forefront of the drive to revive trust in UK business.’
Another keynote speaker business guru Stephen M.R. Covey the best-selling author of The Speed of Trust, contends that there is strong evidence that highly-trusted companies are also the most successful.
He said: ‘Trust is a vital issue for businesses in 2010 because there has been such a massive loss of trust in business and in much of society, triggering what many are calling a “crisis of trust”.
‘Trust is the one thing that changes everything. There is no quick fix to restoring trust. Ultimately we have to behave our way into higher trust.’
More information on trust:·
- Highly-trusted companies can maintain strong levels of employee morale and reduce staff turnover and the costs of recruitment and absenteeism·
- There is evidence that customers are prepared to pay a premium for a product from a company they trust·
- Owners and managers generally work closely together in family businesses which can speed up decision-making especially if supported by a clear and consistent vision for the business·
- The attachment of family firms to a region or locality can build a greater sense of social responsibility and participation within their communities.
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Notes to editors
1. To register for the conference open session and for more information and case studies on trust issues, please contact Bob Tolliday, IFB communications manager bob.tolliday@ifb.org.uk
2. The Institute for Family Business is an independent, not-for-profit, politically neutral, membership association which supports the UK family-owned business sector through Forums, Representation and Research.
3. Family firms account for 65% of private sector enterprises in the UK economy - 3 million businesses; 40% of private sector employment, providing jobs to 9.5 million people – one job in three throughout the UK; £73bn per annum in UK tax receipts.