In the Indian context, family enterprises have always been an integral part of our culture. It has been observed that family-run enterprises are more successful than their non-family counterparts. Privately-owned enterprises play a pivotal role in driving economic growth and boast of long-term financial performance and robust revenue growth. Such businesses support ecosystems by creating jobs at scale as well as revenue streams, thus providing numerous opportunities for stability and sustenance of their surrounding communities.
So, what do these companies do differently and what are the best practices of the family-run businesses that make them the top performers of India Inc.? How are they shaped to be best managed in a holistic sense of the word? What are the capabilities and skills that make them a cut above the rest?
As a plausible response to these questions, this year, Deloitte Private introduced The Best Managed Companies, its marquee programme backed by a significant history of close to 30 years, in India. The programme honors the best managed companies in the private space and the ‘best managed’ designation is deemed as a global mark of business excellence. The programme has brought value to over 1,000 private companies in more than 35 countries. The ever-growing community of “Best Managed” companies avails rich networking opportunities with global business leaders.
The Best Managed Companies Programme is designed to not only assess the financial performance of the top companies but also evaluate their overall business performance. The “Best Managed” companies have the right capabilities and metrics in place to execute their strategy. These companies are execution-oriented and focused on productivity. They maintain strong balance sheets and adopt business strategies that reflect the best interests of all stakeholders.
But that’s not all, the “Best Managed” companies also serve a larger purpose beyond their immediate business interests. Such companies are best run because they instill strong governance cultures and resonate a robust corporate culture. They address continuity issues and work towards leaving behind a strong legacy for generations to come. Most importantly, they actively develop their employees and leadership, drive growth, and build communities. Their inherent business capabilities, resilience, and long-term vision make them the top performers of India Inc.
All the entries received for the awards underwent a rigorous application process and the companies were judged on the four pillars which form the foundation of the Best Managed Companies programme, namely, strategy, capabilities and innovation, governance, and financials, and culture and commitment. They were reviewed by a distinguished jury of industry veterans who went the extra mile to do justice to the finer nuances of the robust judging process and bring alive the ethos of the Best Managed Companies programme.
The winners of India’s Best Managed Companies 2021 in the privately held space are:
• Dabur India Limited
• Carborundum Universal Limited
• KEC International Limited
• Manipal Global Education Services
• Berger Paints India Limited
• Lifestyle International Private Limited
• Cholamandalam Investment and Finance Company LimitedNote: There is no ranking in these awards.
These companies have been at the frontline of the ongoing pandemic, demonstrating excellence by riding on digital transformation to ensure business continuity amidst disruptions. These companies dared to think big and stay ahead of the curve and exemplified what it means to truly “lead the way”. They are the game changers of today and leaders of tomorrow.The pages slugged ‘Brand Connect’ are equivalent to advertisements and are not written and produced by Forbes India journalists.