Expanding the existing business with the formation of a professional board

The company sought to secure its future by involving the next generation. Encountered obstacles due to the lack of clarity regarding roles and responsibilities

Industry :

Metal

Business Line:

Manufacturing

The Problem

  • The requirement of a professional board to address duties and responsibilities .
  • The need for a clear and effective hierarchical structure and remuneration framework

Facilitating the establishment of a professional board to address duties and responsibilities  
Developing a clear and effective hierarchical structure and remuneration framework

The Solution

Developed Professional Board 

Collaborated closely with the owners and the next generation to develop the professional board. 
This involved a comprehensive assessment of the company’s organizational structure, current and future business needs, and the skills and capabilities of the individuals entering the business.

Defined Roles

Assessed the capabilities of the next generation and aligned them with the company’s needs, leading to enhanced performance and productivity. Further, ensured that each family member entering the business had a defined role that matched their skill set.

Impact

  • This approach helped mitigate the risk of dissatisfaction, underperformance, or conflicts within the organization.
  • Enhanced structure and streamlined processes increased operational efficiency, effective decision-making, and improved customer trust and satisfaction

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... you need more than luck to navigate successfully through a thousand sieves in succession.

-Richard Dawkins.

Being a Chartered Accountant and an entrepreneur at heart, I’ve spent over a decade immersed in the world of SME business growth and advisory, process designing, finance structuring, taxation, and law.

One thing I’ve noticed throughout my career is a common problem that plagues many businesses: a lack of preparedness for the future. It’s astounding how often business succession is underrated and completely ignored by leaders.

Founded Master Insiders, a platform aimed at nurturing leadership skills and helping entrepreneurs reach new heights of success.

Email

caravimamodiya@gmail.com

Phone

+91 98280 91785

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Mahesh Nagar, Jaipur – 302015

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