Trust, empowerment of employees, delegation of authority and focus key towards success of family business: Anil Rai Gupta

Ludhiana, January 22, 2015: Trust, empowerment of employees, delegation of authority and focus are the key towards the success of family business said Anil Rai Gupta, Chairman and Managing Director Havells India Private Limited. He was the guest speaker at seminar on Family Entrepreneurship organised by Ludhiana Management Association (LMA) here on Wednesday evening.

Sachit Jain, President, Dr K.N.S.Kang, Senior Vice President, Past Presidents of LMA, Entrepreneurs of Ludhiana, dignitaries and members of the association were also present on the occasion.

While addressing the members, Anil said that Havells India Private Limited is a visionary family owned business which has grown at CAGR 42% in the last 20 years under the able and dynamic leadership of late Keemat Rai Gupta. While highlighting the success of his business, he discussed many family entrepreneurship challenges and how can we meet those challenges. He said that family entrepreneurial success depends upon risk taking, bold, & ambitious decision making power of their leaders. Mr Gupta said that key family entrepreneurship challenges like succession planning, professionalism can be tackled effectively by creating a focus of all the members on one business objective i.e growth of business. He said that family members should keep their egos and personal interests separate and work together as a team of professionals to attain organisation objectives. He further stressed upon delegation, trust, & empowerment of the employees at all levels in business so that employees feel as if they are running their own business.

Anil further said that there should be proper communication between the members of the family on regular and strategic decisions of the business. There is no generation gap, style gap, & egos of the family members should be kept at home. Only style i.e company style should guide the people in the organisation, he further said that to grow leaders in family business should create new challenges in front of employees to always keep them challenged and thereby reduce complacency.

Sachit Jain, President LMA, while giving his presidential remarks said that family business must have strategic direction of their business. He said that every employee in the business must be clear about the common purpose for which the business is existing. It helps the business to grow continuously without any major obstacles.

Dr K.N.S.Kang, Senior Vice President, LMA said that success of family business depends upon leaders of the family, how they set the pace and challenge very aspect of business. He strongly advocated that senior leaders should focus their daily operations to thinking where they want their organisation in the next 10 years and leave daily routine jobs to be done by business heads. He said that Ludhiana is family entrepreneurial hub of India and has many challenges like succession planning, lack of professionalism which need to be addressed and tackled tactfully.