Mariwala regaled how Marico moved swiftly from family-managed business to a professionally run organisation today, with a turnover of Rs 5700 crore. “In a family business, there is a thin line between management and ownership of the business. And for a growing organisation, the question of why and when to integrate professionals in the organisation is always looming over.”

 

According to Mariwala, the family members need to foresee the possible conflicts and opportunities that the move will bring to the company and then reach a consensus. In his early days, Mariwala moved the operations of edible oils into a separate entity something he says ‘was the turning point’ for me.

 

Still functioning under the family business umbrella, Mariwala says operating the business can get tricky and is onerous most times. It begins with attracting the right people for the company and motivating them through the journey of the business. “The people you hire, at any level in the organisation, are a melting point of talent. The next step is to define the working of the organisation such that merits are upheld over influence.”

 

Some of the ways in which this can be achieved is by involving people and thus make a transit from dictating work values to building a culture.

 

For a successful business, Mariwala said innovating continuously is the key. “Markets evolve, technology evolves, and to keep up with these, one needs to innovate and improve -  the product, the policies, distribution strategies, the company strategy, the quality – and keep abreast.” He cited how Parachute invested in R&D and converted the tin market to plastic bottle market with a better packaging. In 1996, when Marico went public and was faced with stark competition from HUL, Mariwala recollected how the Shudhta ki shakti television campaign worked to increase their market share. “Execution of innovation is more important that ideation.”