What 2021 taught us about navigating the new normal

The second year of a pandemic has meant shifting from survival mode to re-establishing a new business strategy. By putting stronger systems in place, identifying and rectifying weak points, and confidently moving the business into the digital age, one expert shares how family offices can make the most of the turbulence of the past two years.
family office strategy

What you need to know

  • Whether we want to admit it or not, the Covid-19 pandemic is likely to be part of our lives for a little while longer. And where the last two years have been about surviving and improvising, successfully moving into the third year means adopting a new family office strategy.
  • Working remotely has prevailed and instead of simply coping with it, there are now ways to make it even more functional, communicative and collaborative for all stakeholders.
  • Tech has played a pivotal role in business operations but it’s shown that there are other areas in need a bit of attention and streamlining.
  • Intuitive software has led to the digitising of assets and asset management, which comes with its own set of considerations to guarantee success, security and more control for the family office.
Operations Updated on October 21, 2022

Adapting to the new normal mostly meant becoming a remotely organised and virtual family office. As advisors, we would like to share some insights we find helpful as we move into 2022 and come to terms with the fact that Covid might be around for quite a while, sadly. Since we all are well-versed in Covid-induced change and transformation, the good news is that talent and insight remain at the core of operating successful family offices in the long run. Yet over the past two years, we have understood that the means to leverage both have transformed fundamentally. 

Transforming the operating model of family offices 

Trust is considered to be the air that family offices breathe. Hence, winning, onboarding and retaining talent was and always will be a top priority, one that used to be a highly personal leadership matter. Since the pandemic, access to new talent has gone completely digital, giving professional networks like LinkedIn more importance in managing the talent pipeline in the long run. As a result, there are more senior leaders becoming more active and present at social media events. This suggests that digital readiness to recruit top talent in a purely digital process incorporating virtual touchpoints will only become more important to competitive advantage. Yet, retaining top talent and enabling them to perform at their best becomes even more critical.

About the Authors

Christian Schiede

Christian Schiede

Entrepreneurship & ownership strategy

Christian Schiede draws on 15+ years of experience working with 'hidden-champions', the larger German family businesses, and advises entrepreneurial families.

Connect with Christian Schiede

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