Five effective strategies to help evolve your business
Five effective strategies to help evolve your businessBusiness insights from Harsh Mariwala, CMD, Marico Ltd, the man behind some popular homegrown FMCG brands
ContdDuring his 40-year (and counting) career, Harsh C Mariwala transformed a traditional commodity driven business into a leading consumer products company Marico. He has also established the Marico Innovation Foundation to fuel innovation in India and a mentoring organisation (ASCENT) to help budding entrepreneurs learn from one another through idea exchange, experience and insight.Mariwala shares five essential practices to support leaders looking to grow their business by changing their strategy but not their vision:1 Navigating the vagaries of family businessEnsure the stakeholders, especially the owners of your company, are aligned with the busi ness growth plan and how it should be managed during the journey.2 Attracting high quality talentIf you have limited resources and big aspirations, you are forced to think differently and that's when innovation happens. Creating an impactful and innovative ad campaign will make you stand out and attract talent.
Contd3 Turning values into cultureShare your values with your teams and ask them to share ideas.If managers own their values, it will eventually create a culture in the organisation. A strong culture is impossible to copy.4 Don't take `no' for an answerIf someone says your idea cannot work, test it again. Innovation is not simply crea ivity; it is a lot of xecution.5 CopycatsWhen your idea works, copycats will come along and try to acquire the market share. Instead of becomi ng redu nda nt, collaborate and innovate again .
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