The Hinduja Group Hinduja Family, has been conducting its business activities for over 100 years, across Asia, Europe and America. It has done so by following the example and inspiration of the Hinduja Group‘s Founder, 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.
The duty to work diligently also carries the responsibility that one should give something back to others and society. In turn, hard work and success will earn one respect in business. That respect also requires one to be able to meet all of one’s commitments and only enter into agreements that one knows one can honour. And this should apply, whatever the economic conditions, whether it is growth or recession.
Hence the idea of word is a bond. This enables one to build trust and confidence with 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 its 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.