Unlearn: Learn - adapting best practices in family businesses
Family businesses are a vital part of the global economy and a cornerstone of the economic systems in most countries. Recognising this, CIMA Sri Lanka conducted an event on 29 October 2014 at Kingsbury Hotel led by the gurus in the world of family business. The forum enabled the audience to learn how family businesses remain true to the family culture and vision, while adopting best management practices the corporate world has to offer in terms of business and growth strategies, professionalism, talent management, and financing, among others.
Bradley Emerson, Regional Director of Middle East, South Asia and North Africa, CIMA delivered the opening remarks emphasising on the importance of entrepreneurships and family businesses and how conducting informative and knowledge sharing events of this sort also complements CIMA's mission of helping people and businesses succeed be it taking these family-run businesses to the next level or mentoring talented individuals with emerging business opportunities.
R. Gopalakrishnan, Director of Tata Group in his Keynote Address shared the significance of running a business with family members and the unparalleled possession of an inborn competitive edge no other company can match, in these businesses. He also pointed out the value of cre- ating an adaptive, collaborative and tolerant eco-system. He concluded his speech saying; "don't be the Himalayan Musk Deer, looking for something elsewhere, unaware of the fact that it has all along been within you, instead learn from the internal environment, then solve problems, introduce products, and reengineer processes by seeing the world in a new light while acting accordingly."
Husein Esufally, Chairman at Hemas Holdings PLC discussed Hemas story of its transition from a family run business to obtaining a stock exchange listing, sharing with the gathering he also stated the firsthand experiences of managing challenges of a family business in the quest to professionalise and create value, which ultimately boils down to leaving a legacy in place to steer the purpose of the organisation. Prakash Schaffter, Managing Director of Janashakthi Insurance PLC highlighted the indisputable defining quality of family businesses, making references to to Janashakthi Insurance at its early stages, he talked about how individuals report to one another, confide in one another, and grow the company together with a sibling or a parent, because they know what inspires, what threatens, what elicits compromise. He also said; the best family businesses turn that understanding into an efficiency that breeds speedier management and growth.
To deepen the understanding of brand power and value, Malik J.Fernando, Director Operations of MJF Holdings & Dilmah Tea provided valuable insights about Dilmah's journey of humble beginnings to experiencing growth at rapid pace while combating unprecedented change, achieving sustainable growth, investment, and success.
The forum also featured a panel discussion on "how Sri Lanka's family businesses can sustain, transform and run better in everchanging economies", moderated by Dr. Arul Sivagananathan, Managing Director, Hayleys Industrial Solutions (pvt) Ltd. & Hayleys BPO. Also present in the panel were Mr.Renuke Wijayawardhane, Chief Operating Officer of the Colombo Stock Exchange and Ranil Pathirana, Director of the Board of Hirdaramani Group of Companies along with the speakers of the event. The panel discussion was indeed a session which brought the audience into the discussion with crackled energy and elicitation of fresh ideas.
Colombo Stock Exchange (CSE) were the Principal Sponsors of the Unlearn: Learn - adapting best practices in family businesses forum. Also lending their support to make this event possible were Associate Sponsors ANC Education and Ironone Technologies.