Along with its widely circulated publications (including the annual Indian Newslink Fastfind Indian Business Directory) and the annual Indian Newslink Indian Business Awards this year featured the inaugural Indian Newslink Sir Anand Satyanand Lecture, on his retirement as Governor General of New Zealand.
Editor Venkat Raman and Publisher Ravin Lal have long accepted responsibility as a serious publication to contribute thought leadership to the broader New Zealand business community; indeed to the New Zealand society at large.
The concept of a Lecture series, which tackles the important principles of Accountability, Transparency and Integrity have been over five years in development.
With Sir Anand’s active encouragement and endorsement, this was the first of an ongoing annual lecture series, which will augment and stimulate a wider and necessary debate on the standards of corporate governance in New Zealand.
Rewarding success
Four years ago, Indian Newslink introduced the Indian Newslink Indian Business Awards to encourage a lift in business standards and processes for the 5000 Indian businesses who contribute greatly to the New Zealand economy and the society.
I have been fortunate to have a role as Convenor of the independent Judging Panel for these awards. During this Awards programme, we have learned that Indian business is no different from the wider business environment; there is a significant need for improvement in the standard of governance and accountability in business.
Indeed, across the spectrum of business activities (large and small) of whatever ethnicity, there is a shortfall in the practice of governance.
Many businesses still do not separate management from governance, do not understand the importance of independent input into strategy and risk management in a business context, and do not hold management to account for the implementation of an agreed plan.
Helping entrepreneurs
Indian Newslink Indian Business Awards also address other important business issues. There is a phrase, which has become a cliché in management circles – it is important to take time to work On the business and not just in the business. It highlights an issue for many business owners – they work so hard on the day-to-day issues that they do not spend enough time to understand where the business is heading over the next three to five, and on a plan to get there.
Entering the Business Awards forces the senior management or business owner to pause and reflect upon their business using some carefully chosen questions, and as a result, identify gaps, which will need to be addressed if the business is to continue to be successful.
There are about 115,000 residents of Indian origin and about 5000 businesses owned or managed by Kiwis of Indian origin in New Zealand.
Many of these businesses have grown to be large players in their particular markets, and with a few exceptions, we do not know enough about them.
It is my view that all Indian owned Kiwi businesses owe it to their community to step up and provide an example and an inspiration to younger Kiwis, of whatever ethnicity, that the Indian community is smart and clever at business, and is to be admired.
Chad Wilkie, Executive Director of Ignition Partner, is Chairman of the Judges Panel for the Indian Newslink Indian Business Awards 2011. He is an experienced adviser on shaping businesses for growth and structuring deals to achieve business growth.
