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 The
Hinduja family in conducting its business activities for over 100
years, across Asia, Europe and America, has done so by following the
example and inspiration of the Hinduja Group's founder, Shri.
Parmanand Deepchand Hinduja (1901-1971), and his strong belief
that it was his 'dharma (duty) to work so that he can give.'
It was from Parmanand's experiences, instinct and belief in the need
to work hard so as to progress in life, both professionally in business
and personally as a man with a growing family, that he developed his
five guiding principles. These guiding principles are pivotal to how
the Group and family conduct themselves in their business and personal
lives:
It is the universality of these principles and how they can be applied
in commerce, business management, philanthropic activities and one's
own personal life that have enabled them to last the test of time.
In carrying out the duty to work diligently carries
the responsibility that one should also give something back to others
and society. In turn to work hard and succeed will earn one respect
in business. That respect also requires one to be able to meet all
one's commitments and only enter into agreements that one knows one
can honour. And this should apply whatever the economic conditions,
of growth and recession.
Hence the idea of Word is a bond. This enables
one to build trust and confidence with all one's stakeholders, including
employees, customers and suppliers, where long term relationships
could be developed for the benefit of everyone.
Following on from these two principles, the founder sought to seek
new markets and products, enabling the Group to acquire geographical,
product and industrial diversification. This led to the third abiding
principle, Act Local, Think Global.
Simplistic in its ideal, but difficult in its application, the potential
market is the whole world. There is always a customer for your goods
and services, the challenge is to find that market, get your product
to that market, offer it at a competitive price, and ultimately have
a satisfied and loyal customer. One has to understand the needs of
each local market as each market has different traditions and customs.
Understanding them, recognising them and remaining sensitive to and
respecting them will lead to business success.
Meeting such challenges can be risky, but sharing this risk, and in
turn reward can bring real benefit. Partnership for Growth
builds on the principles of Act Local, Think Global
and includes the idea of communication and working with others - both
within and with other organisations. Only by doing these can organisations
be flexible, look to the long term and innovate. It is by working
with others, including your suppliers and customers, can one cut costs
in the value chain and add to economic growth.
Working with others also recognises your own limitations and expertise,
Seeking the right partnerships can bring the necessary expertise and
innovation, and in sharing you can exchange ideas and concepts with
partners on the clear understanding that with shared risk there is
shared reward.
The final principle, Advance Fearlessly, has as its
base the other four principles. To grow your business takes time and
effort, it involves risks and has setbacks as well as advances. However,
with the founder and the Group risks are fewer through partnerships,
the trust and confidence of customers is higher as commitments are
honoured, while respect has been earned as the Hinduja Group has learnt
to understand the different markets and cultures in which it operated.
This allows the group to advance fearlessly. |
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