What the famous Abdullah brothers developed in 40 years with their previous business, they re-created a better one in just eight years through Jawhara Jewellery.
“When we planned to set up the new business eight years ago, we wanted to build it based on our 40- year experience in the shortest possible time and we achieved the same feat in just eight years,” Tawhid Abdullah, Chief Executive Officer of Jawhara Jewellery told retail leaders at the RetailME THINK! I CAN! conference while speaking about how his family re-created a regional jewellery brand.
“The question is how did we do that? In order to achieve this, we decided to create partners in the business, making our accountants, sales professionals, marketing officials – all partners in the company – so that they feel a sense of ownership in our success.
“Yes, they receive a basic salary package, but they benefit from the growth and success of the company. Now, we have more than 1,000 partners – not employees – who run the business and we work as a team. This is how we have created a bigger company in eight years, compared to what we had built in 40 years!”
He said, empowerment of team members to take ownership of the projects, works and business activities
– is crucial. “Empowerment through partnership is a very crucial part of the success of our company. The partners are the reason why we are now so successful.”
It all boils down to people empowerment through partnership. Perhaps this is called learning from experience.
Tapan Vaidya, CEO of PJP Investments – franchisee of Papa Johns, said, “Every investment needs to give you return, sometimes you need AI, but it might be difficult and not fruitful. Let me quote Bill Gates’ business rule Number One: Automation applied to an efficient operation will magnify efficiency. Rule Number Two: Automation applied to an inefficient operation will magnify the inefficiency.
“So, it is very important to make sure your system and operations are healthy but also sensible and logical for technology to come and help you. Use technology that adds value to your business.”
Dharmin Ved, CEO of 6th Street.com, said, the introduction of ChatGPT and Generative Artificial Intelligence (AI) has put forward AI to the frontline of the retail sector – that will transform retail and other industries.