Family Managed Businesses are the pillars of the Indian Economy contributing, almost 79% of GDP which itself is proof of the growing importance of transforming these businesses for continual and sustainable development. Whether it is Engineering, Plastics & Packaging, Automotive, Textiles or Commercial Farms, Family Managed Business has expanded its scope and functions into multiple sectors and delivered significant results. Thus, we bring you some insights on Faber Infinite’s expertise and services offerings for Family Managed Business.
Challenges are always an opportunity for any business. It opens the gate for improvement and transformation. Family Managed Businesses tend to have number of challenges, thus paving the way to more transformation and scope of improvement.
Some common and major challenges faced by Family Managed Businesses in different sectors are:
- Absence of clear policies and business standards
- Lack of appropriate planning
- Absence of strategic planning
- Suboptimal of production output
- Low manpower productivity
- High process and product costing
- High changeover time
- Inefficient work measurement and effort estimation
Team Faber has been working closely with more than 200 Family Managed Businesses to contribute to their transformation journey and deliver results across more than 10 countries uncovering hidden potential and removing bottlenecks that aid in increasing production. We are glad to announce that with our services, we have impacted more than 50,000 people across industries and have over more than 25 experts serving the Family Managed Business with hands-on experience.
Here are few of the key tangible benefits delivered by Team Faber for the Family Managed Businesses:
- Production Improvement by 37%
- Manpower Productivity Improvement by 33%
- Quality Improvement by 42%
- Inventory reduction by 31%
- Improved Machine Production by 36%
Organizational success depends primarily on three aspects, mainly: Strategy, Operations, and Design and so do our services for clients. Family Managed Businesses have limitless opportunities and improvement areas where Faber Infinite can provide management consulting and capacity building solutions with the finest tools from Organizational Transformation Framework and Operational Excellence Framework. We deliver a real plan of action and deal with real problems and implement approaches and methodology for continual benefits and sustainable developments.
Contact us to fast track growth for your family business!
Written By Faber Aleena & Compiled by Faber Mayuri Pandya