Jammu, Aug 25: Confederation of Indian Industry (CII), J&K Council Chapter organised a sensitization session on the family business to enhance the growth and sustainability in the ever-evolving business landscape of J&K.
The session was conducted as part of CII’s ongoing efforts to support and empower family businesses, a vital component of India’s economy. Family businesses have long played a pivotal role in driving economic growth, creating jobs, and contributing to overall societal development.
Syed Junaid Altaf, Vice Chairman, CII J&K UT Council and Executive Director FIL Industries while welcoming guests and the speaker said the session was aimed at exploring the vital role of the right succession planning in nurturing family traditions while driving sustainable growth in family.
The session was conducted by A L Shah, Managing Director and Promoter of Fastenex Private Limited and Chairman CII FBN Southern Region who shared insights on managing successful businesses and building sustainable growth strategies. He made a presentation and conducted an interactive session with participants. He highlighted essential strategies for sustainability and long-term success.
The sensitisation session delved into various essential aspects related to family businesses, ranging from succession planning, governance structures, and professionalization to addressing challenges unique to these enterprises. The key highlights of the session included a discussion on the importance of planning for future leadership transitions within family businesses, ensuring a smooth transfer of knowledge, and addressing any potential conflicts that may arise during the process.
Shah discussed professionalisation and understanding the significance of adopting a professional approach to managing family businesses, including the role of external expertise, leadership development, and embracing modern management practices. He stressed upon addressing challenges, and identifying common challenges faced by family businesses, such as managing conflicts, maintaining work-life balance, and leveraging innovation and technological advancements.
Khurshid Dar, Head CII J&K and Ladakh while concluding the event said that CII will continue to organise different sessions for capacity building of businesses of J&K and also continue to act as a bridge and catalyst for J&Ks industry.
