Family run businesses are a significant segment of any nation’s economy. A family business can be a single-owner firm or a large industrial house. In India, Family Business contribute close to 25 per cent of GDP, about $670 billion (BCG 2020). According to Mint, only 12 per cent of family business make it to 3rd generation and 3 per cent make it to the fourth. Most family businesses fail to survive multiple generations because they do not address succession planning, risk management, and suffer from interdependencies between the family, the business, and ownership. COVID-19 has only accentuated the need for family businesses to build resilience, to survive and sustain black swan moments. Resilience is the ability of the family business to quickly adopt to any disruptions while continuing to protect business continuity and safeguard its investments, people and brand equity.
Thermax, Jagdale Group, Shahi Exports Pvt Ltd, Shahi Exports, Mysore Deep Perfumery, N Ranga and Sons, Rajoo Engineers, Fouress Engineering, and others have adopted the following principles to stay relevant and resilient in challenging times.
Long-term vision, tempered with realism
Denne historien er fra February 2021-utgaven av Indian Management.
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Denne historien er fra February 2021-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
