Time Management is the Key: Kumar Mangalam Birla

Liberalisation has thrown opportunities for businesses but only those who act on time manage to stay ahead of competition and taste success

There are not enough hours in the day for Kumar Mangalam Birla, who regularly finds himself in the office on a Saturday, buried under work. Work usually spills into part of his Sunday, leaving only a shred of the weekend for his wife and children, although he's desperately trying to improve the work-life balance. It is a familiar predicament faced by the businessman of today. "The demands on our time are increasing. Time management is key," says the chairman of the Aditya Birla Group. Birla, who starts his day at 7.30 a.m. with an hour of yoga to ready himself, says it's a skill he's constantly honing.

The time-pressured scenario is a result of today's business climate and the nuances that come with it. Managing a business is more complex against the backdrop of liberalisation, globalisation and fierce domestic competition, he says, "You cannot afford to nap even for a short while."

The intricacies of business
Not only does a business need to be examined from far more perspectives, but external issues such as corporate governance, meetings with bankers, investors as well as the Government also cut into the day. Moreover, the Government is leaning on the business community more than ever as it powers India's economic success story. This means business tycoons such as Kumar Mangalam are constantly being sought out. The inheritor of the Birla Empire also sits on and heads various advisory panels such as the prime minister's Advisory Council on Trade and Industry. "Businesses have become more important institutions in society," says Kumar Mangalam. It means the time he gets to unwind is precious. For a person like him, who is not very fond of socialising, it means spending time singing at weekly family satsangs, taking his wife to her favourite Italian restaurants across the city, reading management books and learning photography.

Aggression is necessary for success
While competition has created more challenges for business, it has also remoulded the business style and psyche of today's entrepreneurs. Aggression has pipped caution. Kumar Mangalam has fuelled the growth of the company from $2 billion to $30 billion in 15 years and given it a multinational face in 27 countries. When he joined in 1995 at the age of 28, India was on the cusp of economic liberalisation. "Risk-taking ability has increased with every generation. It's derivative of higher competition and aspirations as well as easier access to capital. Plus, the world is becoming smaller, so you can look at a number of opportunities," he says. And this aggressive streak has translated into 18 acquisitions, foreign as well as domestic, in his tenure. This includes the 2007 acquisition of aluminium rolling company Novelis, which he turned from a loss-making to a profit-making business. "You need different skills and competencies for acquiring a business," says Kumar Mangalam.

While attack has defined his business strategy at one level, Kumar Mangalam's democratisation of the workplace and empowerment of individuals have been his other contributions. Again, he says this is a sign of the times. "Business is more informal now but more structured. There is more participation, delegation and democratic empowerment. It reflects changing times," he says. He adds that employees' aspirations and ambitions need to be met in the framework of the company, which comes by institutionalising systems. "The objective is to provide a workplace that is the best and a workforce that is happy," he adds. And it has succeeded with the company scooping many employer awards. As part of delegating and decentralising power, Kumar Mangalam has introduced four-member committees for each of the group's 14 businesses that review units as well as empower committees of senior managers to take decisions such as capital investment and allocation.

Technology helps
The shift to technology has reduced the burden on businessmen to some extent. Heading a multinational company, Kumar Mangalam can avoid extensive travelling, thanks to advances such as video conferencing. The one quality needed to survive and succeed is passion. "Nowadays you have to get more out of fewer resources and be productive. This makes it a highly charged environment. This in itself is a huge adrenaline rush and it's the dedication to what I do that keeps me going," he says.

Reproduced From India Today. © 2010. LMIL. All rights reserved.