• Member
• June 17, 2024

Unleashing the Potential Empowering Family Led Businesses in India for Global Triumph

India is on the cusp of a manufacturing revolution. With its emerging status as a key player in global supply chains, the country is rapidly becoming a preferred sourcing destination for international companies. For Indian businesses, particularly those that are family-led, the time is ripe to evolve and meet the expectations of the global market. Here’s how they can make the transition.

 

India’s manufacturing sector is gaining recognition for its quality, innovation, and cost-efficiency. As multinational companies seek to diversify their supply chains, India offers a compelling proposition with its vast talent pool, growing infrastructure, and supportive government policies. This shift presents an unprecedented opportunity for Indian manufacturers to expand their reach and compete on a global stage.

Many successful Indian businesses are family-led, with deep-rooted traditions and values. While these attributes can be strengths, adapting to global standards often requires a shift towards a more professional and structured approach. Here are key steps for this transformation:

i)                              Embrace Professional Management

ii)                           Invest in Technology and Innovation

iii)                        Enhance Supply Chain and Logistics

iv)                        Focus on quality and compliance

v)                           Develop a Global Mindset

 

Some big names, who were once small family led businesses transformed into global giants by recognising the need for professional management and strategic innovation to drive to global success. Walmart, Ferrero Rocher Group, Samsung are just a few examples, who by fostering the culture that values professionalization, unleashed their potential, driving innovation, operational efficiency and better strategic decision making. Furthermore, embracing diversity of thought and expertise fosters a dynamic environment where the traditional strengths of a family business are complemented with fresh perspectives and specialized skills.