Evolve your business to succeed
Mar 20 2012, 19:27 | By Infomedia18
MK Ranganath, managing director of Grundfos India.
Image: SME Mentor
Ranganath N. Krishna
Even as India is emerging as a hub for global businesses, it is important that its economy keeps evolving.
When you approach a business, it has to be with the aim to optimize and maximize the return on investment. For family businesses, which have grown over a period of years, this can take longer. In the case of family business, there is not difference between management and ownership.
In my case unlike many others from an entrepreneur and a person who was the owner of a business to a professional. It has been a lot of learning. I believe, if an enterprise has to succeed, you should learn to talk the language of your partners, may it be your vendors, customers or employees.
In addition, there is a great need to be responsive, not just to your employees, but external partners as well. Be fair and true to your partners. Fairness with which you conduct your business and deal with your partners is very important.
Plus, you must also learn to empower your managers so that they emerge strong to take decisions, which are important for the company’s growth. This will also help one decentralize a democratize decision taking processes.
This is the process that has to happen gradually over a period of time. When a company is formed or set up, a lot decisions are yours as an entrepreneur. But, once you have a set of strong managers, who are experts in various areas, a lot of decisions can be decentralized.
As a company that manufacture products, which have a lot of local competition one of the biggest challenge we face is to set high standards for out products, which our customers value. This some of the competitors fail to understand.
To push volumes, if is very easy to use substandard products to cut prices. We have realized that one bad set of products can harm your reputation in a major way. India’s SMEs should realize this fast. Quality is becoming paramount for all customers. It is high time we also realized that global market is the play ground now, if you have to be successful.
The best way to achieve this is to benchmark your self with the best in the world. We have done that. It is a difficult process to be the best in quality globally.
Ranganath N Krishna is Managing Director, Grundfos India, one of the largest pump makers.
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