Answer to Question #322492 in Management for solo

Question

How would you define the professionalization of a family business? Has Bikanervala professionalized

over the years? In what way?

Answer 1

• Attract, develop and retain great family and non-family talent
• Ensure that the organization can always make timely big decisions
• Strengthen family discipline and commitment toward the business
• Respect the management hierarchy and empower employees to make decisions
• Create systems to ensure consistently high performance and fairness

Over the past years Bikanervala has encouraged and practiced the act as they have adhered to the factors that facilitate family professionalism.