10 Business Values That Can Be Acquired from Housewives
By Jagdish Prasad Purohit
1) Time Management and organisation: I think housewives manage their time flawlessly. That is one of the major qualities that every businessman or a working professional must learn from them. In family businesses, the promoters and management sometimes take their positions for granted. This leads to mismanagement and sluggishness at work. Housewives do not take their work for granted – if they become slack, all would come to a standstill. If the same quality is applied in family businesses, they would be more efficient and a lot more can be done in a day.
2) Budgeting and Forecasting: Housewives are masters at budgeting and forecasting expenses. They ration all the expenses in the beginning of a month, set aside the budget and make all ends meet in that budget. The best part is that even savings is a part of their monthly budgets. If businesses are carried out on the same principle, financial crises can be averted. In family businesses, generally family members spend all the money from the same kitty. This sometimes leads to mismatch of funds disbursed and used. It can also lead to conflicts. Therefore, a proper apportionment of funds is very necessary for smooth functioning of the family members at work. Housewives know how to make maximum out of the minimum budget without wasting a single penny. A homemaker does not leave anything for the last moment. For example, simple things like when the sugar or rice is about to finish, they anticipate it beforehand. This ensures that all that is needed to run the house with ease is always there.
3) Consistency: Housewives are very consistent with their planning and work. They do not give up easily and take great pride in what they are doing. This pride gives them confidence to go about their work with success. Consistency is one of the main reasons for their success. In family businesses, inconsistency can be a major roadblock. Each family member has a different set of skills and temperament. One must not lose control and keep the behaviour as professional as possible keeping family ties at bay.
4) Make best use of Leftovers: In family businesses as stated earlier, a lot of misuse of funds is possible. This leads to inadequate spending of funds, underutilisation etc. This leads to downfall of business. One thing to learn from housewives in this regard is to make the best out of waste or excess. In short, appropriate utilisation of resources. Housewives come across unwanted food or excess food and other stuff in the house. They do not discard them immediately. They put them to best use by their mix-and-match formula.
5) Balance: Homemakers strike a perfect balance between being emotional and pragmatic. A lot of emotions are involved while running a house. An eye for detailing is required. Keeping in mind each and every family member’s needs is also important in order to avoid clashes and quarrels. So, a good homemaker does her work in a practical way, involving emotions where required. In the same way family run businesses face these issues. One gets hesitant to give inputs thinking the other family member may not like it or there could be arguments over something immaterial. Hence a balanced approach of being pragmatic and emotional comes into play.
6) Patience and Perseverance: Doing the same work every day can be very boring and mentally taxing. A good homemaker does not let her mental status dictate her duties and dedication to her work. With her patience and perseverance, she wakes up every morning and goes about doing her work happily, as making a home is an art which is difficult to perfect overnight. In the same way, getting success and creating an empire does not happen in the blink of an eye especially if it is a family run business. It needs dedication, patience and being hopeful and thoughtful every single day.
7) Prioritising: It is very important be it at home or in office to prioritise work. First things First is the mantra that housewives follow diligently, else they would land up doing a lot of work and getting tired without being much productive. In the same way, we at our offices try to delegate work to all the members as per their capacity and capability so that they can focus and prioritise the area of business they can contribute to productively.
8) Multi-tasking: Housewives are capable of getting a lot of work done at the same time. The planning, forecasting, budgeting, prioritising capabilities of a homemaker ensure she is through with all the work planned for the day. She manages the house, children, outside work, etc., all at once and that too very well. They rarely make mistakes and are absolutely aware of what they are doing. Hence, they can fit into many roles at the same time. Similarly, in a family business this is a must. The head of the family business can adopt the role of a boss, fellow colleague, customer, brother, father, teacher all at once and ensure business is carried out smoothly and profitably.
9) Selfless Work: Selfless work does not mean a business should not look for profits and success. The personal goals have to merge with that of the business. The company should always be first and then comes self. This principle goes for each and every member involved in the family business. Just like how housewives always put the family and the house before themselves. They do selfless work so that the family and home function smoothly. Self-profiteering would happen once the company runs successfully in the same way self-satisfaction for a housewife is attained when the family is fine.
10) Creating Future: A housewife creates future in the sense that the major responsibility to discipline children and how they are brought up mostly falls on them in our country. The quality of these children defines the future of our nation. So, mothers are very cautious about bringing up and nourishing children. It is a tiring and exhaustive work, which many a times gets overlooked considering the mentality of people around. But it is one of the most difficult jobs; sometimes housewives fail but most of the times they succeed. Businessmen also work towards future of the country in terms of contribution to economy’s GDP. However, organisations should also be very cautious in terms of the kind of business, compliances, defaults, etc. If business is done in the wrong way, it will create a blemish in the economy. When a family starts and runs a business together, the whole idea is to create a legacy for future generations.
The writer is Chairman, JMD Medico Services