Indore: ‘Family businesses are foundation of economy’ – Free Press Journal

Indore (Madhya Pradesh): Dr. Parimal Merchant, management guru, has said that family businesses are the foundation of economy. The technologies are offering to expand the family business to the new generation.
Dr. Parimal was addressing a management dialogue programme organized by Association of Industries Madhya Pradesh (AIMP) and International Association of Jain Forum held at Santosh Sabhagrih on Monday.
The programme was titled ‘How to manage your business for exponential growth and leveraging on Technology’. Dr Merchant is currently director of SP Jain School of Global Management, Dubai, Mumbai, Singapore, and Sydney. Besides, he is also in-charge of Global FMB.
He said that family businesses start with very small scale and limited resources, but with hard work and vision. Nothing can stop them from being successful. Today, the advancement of technology has reached a very high level; earlier technology was used only at the minimum level in the business. But today, technology has given new dimensions to the business, due to this the family business is also progressing generation after generation, family members are joining.
Yet the old business traditions are still intact. On this, he said that technology is at its place but the system works at its place. Family business is the foundation of the economy and a strong foundation for the country’s progress. Explaining the harmony between the two generations and the usefulness of each member, he explained how to set up and manage a business in today’s  competitive environment and elaborated on how to grow your business and increase profits with several examples.
He also gave several tips to industrialists on the topics of profit improvement and consultancy projects, management education, finance etc.
Earlier, Yogesh Mehta, president of AIMP, delivered the welcome address. Kantilal Bam, president Jain Forum threw light on the outline of the programme. On this occasion, more than 150 industrialists and business people were present.
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