WHY DO SMALL INDUSTRIES REMAIN SMALL? — PART 8
Minish Umrani (Industrial Consultant)
Mobile: 9822390363 | minish@leansigmasolutions.in
“YOUR WIFE AS YOUR BUSINESS PARTNER”
In many of the businesses run by my Marathi clients, I have seen the entrepreneur's wife working alongside him.
She comes to the office and is said to look after HR or accounts. But sometimes she does not actually have much responsibility.
In some businesses, however, she independently handles a department and becomes an excellent partner to her husband.
I have also seen the opposite. The wife of an entrepreneur with a turnover of ₹20–25 crore may have absolutely no interest in the business. She may be occupied with social clubs, bhishi groups, friends or family.
Of course, this is ultimately a matter of individual choice.
I remember working with a sherbet manufacturing business and asking the entrepreneur's wife, “What exactly do you do in the business?”
She replied, “Nothing specific. I help my husband with whatever work he asks me to do. But I go to the factory every day whenever I have time.”
She also expressed a desire to independently handle a department.
I suggested to the entrepreneur that he should give her an independent department and put her on a proper monthly salary.
After some hesitation, he agreed to pay her ₹15,000 per month.
She then began independently managing one of their factory outlets.
Her energy and drive were so strong that over the next two to four years the number of factory outlets increased.
Today she independently manages around ten to twelve factory outlets, and her husband does not need to spend much time supervising them.
On a later visit she told me something that demonstrated beautifully how useful a wife's participation can be in a business.
Their products were made from fruits. Because competition had increased, sourcing raw material had become difficult.
Earlier, when there was little competition, people would bring fruits such as kokum, karvanda and amla directly to their factory.
But once competition increased, those suppliers began selling to other companies as well, sometimes for just one or two rupees more.
I suggested that they should identify and consolidate their raw-material suppliers, collect their data and reach them at their homes.
She literally covered the surrounding one or two districts.
She went from house to house, collected names, phone numbers and addresses, and eventually began sending their own vehicle to collect raw material directly from suppliers.
This benefited the company enormously and solved the raw-material problem.
There is a Sanskrit verse that describes a wife as a companion, friend, source of happiness and courage, and a person's best partner in life.
A wife can be an extremely trustworthy, selfless and continuously available business partner.
Yet in many businesses she is simply taken for granted.
She is not given an independent role; she is used merely as someone who carries out instructions.
She may not even be paid a genuine salary. Sometimes a salary is shown only on paper for income-tax adjustment.
But what happens if, for some reason, the entrepreneur suddenly becomes unable to work?
Who will run the business?
I have seen businesses where, after an entrepreneur died unexpectedly, his wife sold the business or handed it over to someone else.
I have also seen the exact opposite.
In one fabrication business, the entrepreneur's wife took complete charge of the factory after her husband's death, raised their children and even received an entrepreneurship award.
I believe that, particularly in a small business, having one's wife as a genuine business partner can be a tremendous advantage.
Her role and treatment in the business should be that of a partner.
She should know the business objective and understand all its important details.
A friend of mine used to say:
“Treat your wife like your widow.”
In other words, during your lifetime you should make sure that, in your absence or after your death, she can independently and confidently run the business.
Of course, the wife must also have the mindset and interest to do this.
And it is your responsibility to make the business something she can be proud of and interested in.
If your factory is messy, spread out, dirty, noisy and full of quarrels, not only your wife but even an employee will hesitate to work there.
If your wife sees that you receive calls all day about delivery problems, money, customer complaints, and that you constantly have to lie or make excuses to customers, why would she feel proud of the business?
Therefore your business and factory should always be clean, organised and well managed.
You should create an environment where people feel enthusiastic about working.
Financial transactions should be transparent.
Relationships with workers, suppliers and customers should be maintained properly.
Any wife would naturally feel proud if her husband is respected both within the business and outside because of the business.
In such a factory, she too will feel enthusiastic about participating.
In micro and small businesses, what an entrepreneur often needs most is sincere, selfless and trustworthy support.
Who can be a better partner than your wife?
If you receive her genuine support, it is almost like receiving the support of Goddess Lakshmi herself.
.... PART 8 ENDS | 4 August 2024
Minish Umrani (Industrial Consultant)
Mobile: 9822390363 | minish@leansigmasolutions.in
“YOUR WIFE AS YOUR BUSINESS PARTNER”
In many of the businesses run by my Marathi clients, I have seen the entrepreneur's wife working alongside him.
She comes to the office and is said to look after HR or accounts. But sometimes she does not actually have much responsibility.
In some businesses, however, she independently handles a department and becomes an excellent partner to her husband.
I have also seen the opposite. The wife of an entrepreneur with a turnover of ₹20–25 crore may have absolutely no interest in the business. She may be occupied with social clubs, bhishi groups, friends or family.
Of course, this is ultimately a matter of individual choice.
I remember working with a sherbet manufacturing business and asking the entrepreneur's wife, “What exactly do you do in the business?”
She replied, “Nothing specific. I help my husband with whatever work he asks me to do. But I go to the factory every day whenever I have time.”
She also expressed a desire to independently handle a department.
I suggested to the entrepreneur that he should give her an independent department and put her on a proper monthly salary.
After some hesitation, he agreed to pay her ₹15,000 per month.
She then began independently managing one of their factory outlets.
Her energy and drive were so strong that over the next two to four years the number of factory outlets increased.
Today she independently manages around ten to twelve factory outlets, and her husband does not need to spend much time supervising them.
On a later visit she told me something that demonstrated beautifully how useful a wife's participation can be in a business.
Their products were made from fruits. Because competition had increased, sourcing raw material had become difficult.
Earlier, when there was little competition, people would bring fruits such as kokum, karvanda and amla directly to their factory.
But once competition increased, those suppliers began selling to other companies as well, sometimes for just one or two rupees more.
I suggested that they should identify and consolidate their raw-material suppliers, collect their data and reach them at their homes.
She literally covered the surrounding one or two districts.
She went from house to house, collected names, phone numbers and addresses, and eventually began sending their own vehicle to collect raw material directly from suppliers.
This benefited the company enormously and solved the raw-material problem.
There is a Sanskrit verse that describes a wife as a companion, friend, source of happiness and courage, and a person's best partner in life.
A wife can be an extremely trustworthy, selfless and continuously available business partner.
Yet in many businesses she is simply taken for granted.
She is not given an independent role; she is used merely as someone who carries out instructions.
She may not even be paid a genuine salary. Sometimes a salary is shown only on paper for income-tax adjustment.
But what happens if, for some reason, the entrepreneur suddenly becomes unable to work?
Who will run the business?
I have seen businesses where, after an entrepreneur died unexpectedly, his wife sold the business or handed it over to someone else.
I have also seen the exact opposite.
In one fabrication business, the entrepreneur's wife took complete charge of the factory after her husband's death, raised their children and even received an entrepreneurship award.
I believe that, particularly in a small business, having one's wife as a genuine business partner can be a tremendous advantage.
Her role and treatment in the business should be that of a partner.
She should know the business objective and understand all its important details.
A friend of mine used to say:
“Treat your wife like your widow.”
In other words, during your lifetime you should make sure that, in your absence or after your death, she can independently and confidently run the business.
Of course, the wife must also have the mindset and interest to do this.
And it is your responsibility to make the business something she can be proud of and interested in.
If your factory is messy, spread out, dirty, noisy and full of quarrels, not only your wife but even an employee will hesitate to work there.
If your wife sees that you receive calls all day about delivery problems, money, customer complaints, and that you constantly have to lie or make excuses to customers, why would she feel proud of the business?
Therefore your business and factory should always be clean, organised and well managed.
You should create an environment where people feel enthusiastic about working.
Financial transactions should be transparent.
Relationships with workers, suppliers and customers should be maintained properly.
Any wife would naturally feel proud if her husband is respected both within the business and outside because of the business.
In such a factory, she too will feel enthusiastic about participating.
In micro and small businesses, what an entrepreneur often needs most is sincere, selfless and trustworthy support.
Who can be a better partner than your wife?
If you receive her genuine support, it is almost like receiving the support of Goddess Lakshmi herself.
.... PART 8 ENDS | 4 August 2024
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