India's growth story is powered in no small part by its family owned and privately held businesses. It is, after all, the Indian way of doing business: we start a business, alone or with family, we grow it organically, and with it, our communities. Some of the best known Indian MNCs have their origins in this model.
Over the years, privately held companies have contributed to India in various ways, such as founding training and educational institutions, undertaking environmental and social initiatives, and working with the government to create an impact with scale in the communities where they operate. The companies, in return, have benefitted from India's growth, its large market, and its robust talent pool.
With growth comes the need for strong governance. As any startup and small business knows, there comes a time when systems and processes need to take the lead, turning businesses away from being people-led to process-led. Businesses that are governed well, grow sustainably.
Deloitte has been helping businesses do just that. Several years of working with businesses has given Deloitte a distinctive vision and the depth in experience. It has also enabled them to formulate a framework that gives businesses a boost by sharing lessons and leading practices that have proven their worth over time, geography, and changing economic policies.
Today, this framework is better known as Deloitte's Best Managed Companies programme and it has helped over 1,200+ private companies across 45+ countries in a significant, nearly 30-year history. While the programme recognises outstanding business performance, the programme also advocates responsible business practices with a strong focus on ESG (Environmental, Social, Governance).
In 2021, the Best Managed Companies programme was launched in India—seven Indian businesses made the cut, while the rest of the applicants benefitted from the rigour of the programme. Eligible companies are invited to attend a half-day interactive Best Managed Applicant Lab, where the company’s leadership team and Deloitte's coaches collectively explore their management practices across the four key pillars: strategy, capabilities and innovation, culture and commitment, and governance and financials.
Even for those who don't win, the value-add is immense. Understanding their areas of improvement in relation to the four key pillars gives businesses enormous impetus for strengthening their processes and systems.
For winners however, this recognition is a valued global mark of their leadership amongst their peers, and their future readiness as a business: the programme awards them the exclusive use of the Best Managed Companies designation for one year. It also entails invitations to local and global events, opportunities to network amongst a global community of leading private businesses. Local and international media recognition helps businesses grow their reach among customers and attract and retain the best talent.
Deloitte's Best Managed Companies programme winners demonstrate the exceptional ability to identify opportunities and adapt to new situations, harnessing industry-leading competencies to maximise investments and drive sustainable growth. These companies also display a forging-forward mentality that enables them to weather challenges and explore new avenues. They exemplify resilience and adopt innovative business practices necessary to survive the rapidly changing Indian and global business landscape.
Which Indian businesses have made the cut for the Best Managed Companies 2022 title? For the numerous businesses who have been through India’s Best Managed Companies programme this year, the suspense is thrilling. Join them on 14 October 2022, 6:00 p.m. onwards at Deloitte's marquee India's Best Managed Companies 2022 Awards to watch the event live.
Moneycontrol Journalist were not involved in the creation of the article.
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