If the current Indian scenario is taken into consideration, one will notice that more than 60 percent of the companies are family run and were found to be doing quite well in the last 30 years. Family run businesses were the key beneficiaries in this period. However, with the advancements in technologies and globalization, the barrier on the companies has now been lifted and consequently competition has been increased exponentially.
Challenges and Family run businesses
The global growth in prospects and opportunities to exploit supply chain are dwindling and falling costs have dramatically slowed down the profits for such companies. Moreover, Family Businesses also lack internal structures around which the sustainable business muscle is built. The biggest challenge family-run businesses face is that they struggle to build and manage the businesses that help them in leading and thriving in the VUCA (Volatile, Uncertain, Complex and Ambiguous)
Business Excellence and related transformation practices can really help such family-run businesses in tackling the growing challenges and improve their productivity as well as profitability. Many people still believe that transformation journey is only for large companies and will not cater to the needs of small or medium sized organizations. It is a complete myth.
Team Faber Infinite was recently called upon to address the ‘Family Business Transformation Summit’ which was held in Surat and share with the emerging family driven businesses – how operational excellence can help one in transforming a 20th century family run business to a fast-growing 21st century business conglomerate organization with the help of operational excellence, irrespective of the size of the organization.
Operational Excellence and Family run businesses
In the modern industrial world, there are many deficiency tags such as the high cost of capital, operational efficiencies, delayed deliveries, reduced margins amongst many others obstruct the growth of the family-run businesses. These factors make it very difficult for the organizations to compete in the market with independent owners and investors. To achieve, exponential growth, the organizations need to get Fitter, Faster, Better and Efficient. This can be achieved by implementing Operational Excellence and transformation practices.
Faber Infinite and Family run businesses
At Faber Infinite, we know that operational excellence is the need of the hour and every organization should implement it. We help family-run businesses to gain the maximum and most optimum results with our structured Organizational Transformation Framework integrated with Strategic and Operational Excellence to counter every problem such businesses face in the 21st century.
Key Faber Infinite Differentiators
- Hands on implementation experience in Organizational Transformation/ Operational Excellence practices
- Expert consultants serving clients from Asia Pacific, Africa, and the Middle East
- Proven delivery methodology appreciated by select Fortune 500 organizations
- Focus on implementation and not mere boardroom consulting/training. We take pride in calling ourselves as ‘Implementers – Hands on Experience’
- Recognized as one of the trusted and fastest growing management consulting organizations by various leading forums
- Estimated minimum ten times return on investment in the first year of implementation.
Results delivered! As always…
We believe in delivering more than what our clients expect. Below is a list of typical results we delivered at various client sites.
- Improvement in cash flow by 25 percent
- Reduction in costs by 20 percent
- Profitability of the organization improved by 20 percent
- Growth in revenue of the organizations by more than 30 percent
- Customer satisfaction index improved by around 25 percent
- A drop in lead time by 60 percent as a result of Team Faber Infinite’s efforts
- Improvement in equipment uptime by more than 45 percent
- Productivity of the organization was improved by 65 percent
- Inventory reduction by 60 percent without any stockouts
- Quality of the products delivered by our clients was improved by more than 50 percent
Team Faber Infinite understands the various complexities of the evolving industry and always tries to push forward the organizations to achieve their goals. We understand the need of family-run businesses and design and formulate our frameworks and structures as per the requirements to help them maximize the outputs. We have assisted several family businesses of all sizes across geographies and industries, and have helped them in becoming the beneficiary of present time opportunities again. If you are also a part of family run business and aspire to achieve exponential growth and profitability, contact us at firstname.lastname@example.org
Written & Compiled by Faber Kishlay & Faber Mayuri.