Business, Vashi Blog

Family Business Management Success Mantra

1. 3 ‘S’ Formula: Business Success depends on strength of 3 ‘S’s: SHARING, SUPPORT and SACRIFICE

2. Maximize Joyful Moments of Togetherness: Bond by celebrating special occasion together. The next generation should make efforts to bring the family together.

3. Conflict Resolutions: Continuous debates and dialogues is the only way to plan strategy and resolve differences.

4. Common Value System: Honesty, Transparency, Common Sense, Love, Respect and Equality for All is crucial.

Shared vision: Family Business journey starts with a common goal to build a satisfied customer base. Once the next generation joins their views and interpretation of the market Dynamics, their ideas also need to be woven into the shared vision document of the company. This will help the enterprise to remain relevant through the changing business Dynamics in India.

Core competency: Always focus on strengths of your Company Core Competency. Continuous engagement and growing skills to succeed within the circumference of your playing area is important. Managers have KRA but Entrepreneurs look for Opportunity in every Problem. Passion + Core Competency in Job = Deadly Combination.

Processes: For Business Excellence, it is important to plan strong processes as one track and great talent resource as second track working in parallel that would help scale new heights without compromising on quality of service and achieving well defined goals. This should be continuously reviewed, upgraded based on business requirement. Digitalization and use of data to improve efficiency and productivity is inevitable.

Talent Engagement: Developing and Growing People is the key to business growth. Members are nurtured under a unique environment of trust, knowledge and freedom where data can be accessed by every individual and wisdom as a resource is available to anyone at a click of a button. Well being of People and their benefits should be key to business proposition. Invest in their well being and happiness to make your work place – A Home away from Home.

Participatory Leadership: For Fruits, we need strong roots. Decision making should be through debate and consensus. Every Member should be given entrepreneur freedom to develop, grow and build his respect in business and social community.

Financial Discipline: Family and Business Management budgets should be well documented and followed to achieve both top and bottom line growth consistently. No Revenue – No Business. State statutory tax compliance should be strictly followed.

Spreading risk: Identify over-dependence for overall business success on individual, Product, or Customer and evolve long and short term action plan to make it a sustainable model. At every juncture of business, reinvent yourselves to keep relevant towards the changing needs of the customer and stakeholders.

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