Never miss a story

Get subscribed to our newsletter


×
Modi Enterprises switches to zero-based budgeting amidst Covid crisis. Pixabay.

In the wake of the coronavirus crisis and the unforeseen financial impact, Modi Enterprises has taken to zero-based budgeting to curb unwarranted expenditure, said the conglomerate’s Managing Director Samir Modi.

Talking to IANS, Modi also said that the group has postponed several of its major expansion and other corporate plans to the next financial year on the back of the disruptions by the pandemic.


On the need for change in strategy by businesses, Modi said strategies and working models would have to change now on and the group has accepted the changes.

“We have to reset and relearn ourselves,” he said. The founder of 24SEVEN, Modicare and Colorbar also said that work-from-home would be a major focus for the group wherever feasible.

“We have instituted zero-based budgeting process which we never did before. Basically zero-based budgeting process is that you take all cost as zero, you realign the cost and then you cut out all cost that is not needed to be done and all managers have to justify the cost they have put into the budget,” Modi said.


Zero-based budgeting the new way fro Modi enterprises. Pixabay

Zero-based budgeting allows top-level strategic goals to be implemented into the budgeting process by tying them to specific functional areas of the organization, where costs can be first grouped and then measured against previous results and current expectations. It can help lower costs by avoiding blanket increases or decreases to a prior period’s budget.

In an interaction with IANS, Samir Modi also stressed on the significance of work-from-home going ahead and said that Modi Enterprises would look to adopt remote operations wherever possible.

He said that working from home may become a major factor and companies, including his, would have to ensure how e-learning, e-business compensates for coming to work. Modi noted that six months ago he would have been averse to the idea of work-from-home but now it may be a major feature in the group’s operations.

“A lot of rethinking would be required,” he said, while speaking about the need to align the operations and working environment to the social distancing norms.

The entrepreneur further informed that the home delivery would be major focus with 24SEVEN convenience store chain already rolling out the services in select places. The chain has tied up with Swiggy, Zomato and Dunzo and several of the stores have themselves taken to home deliveries.


Modi enterprises resort to Zero-based budgeting. Pixabay.

Emphasising the need for the significance of the essential goods segment, he said that essential items will be a major segment in 24SEVEN and Modicare, irrespective of the pandemic subsiding. “Because people will be more conscious of safety and health and that will continue,” he said. He added that Colorbar is also coming up with essential items.

Speaking on the implications of the pandemic on expansion and other corporate plans, he noted that several plans and their executions have been postponed till the next fiscal due to the recent disruptions.

Modi said that the cosmetics brand Colorbar recently acquired a proprietary company in Paris and the revamp of the acquired brand has been put on hold.

Also Read: Smarter Ways to Keep Food Fresh for A Longer Period

Further, the company’s plan of expanding the 24SEVEN network to Bengaluru in the south also has been postponed to the financial year 2021-22, he told IANS. (IANS)


Popular

IANS

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India will set up a 50 megawatt (MW) solar power plant in Odisha's Sambalpur

Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India will set up a 50 megawatt (MW) solar power plant in Odisha's Sambalpur at a total cost of Rs 301.92 crore, moving steadily towards its goal to achieve carbon neutrality by 2024. MCL has placed a turnkey order to set-up a 50 MW solar power plant with a Chennai-based firm M/s Hild Energy Ltd, which will establish this green energy project within a timeline of 10 months, the MCL said in a statement on Saturday.

This solar plant would cater to the captive power requirement of MCL. The Central PSU had successfully set-up a 2MW solar power plant in Sambalpur in 2014. The company said it has pledged a target of installing 182 MW of solar power by 2024 in order to become a net zero energy company, aligning itself to use cleaner forms of energy for coal production.

white and blue solar panel system The company said it has pledged a target of installing 182 MW of solar power by 2024. | Photo by Mariana Proença on Unsplash

Keep Reading Show less
IANS

As the nation celebrated the 114th birth anniversary of his father - renowned poet Harivansh Rai Bachchan - megastar Amitabh Bachchan remembered his dad as he penned a heartfelt note for him.

As the nation celebrated the 114th birth anniversary of his father - renowned poet Harivansh Rai Bachchan - megastar Amitabh Bachchan remembered his dad as he penned a heartfelt note for him. The actor took to his blog where he poured his heart out and also shared an unseen photo with his father. The image in question is from Big B's wedding in 1973, where the two are caught in a sweet moment as they look at each other.

Amitabh Bachchan wrote on his blog,

"My Father , my all .. November 27th his birth in the year 1907 .. Which makes it his 114th Anniversary .. He is in the heavens, with my Mother and they celebrate .. as do we , in thought word and deed .. (sic). But first."


Keep Reading Show less
Photo by Camille Brodard on Unsplash

With multiple brands coming up with new standards of vegan and sustainable beauty, many consumers are left confused and doubting the authenticity of these claims.

By Plabita Sharma

The World Vegan month of November usually brings with itself an increased amount of dialogue and searches about Vegan lifestyle, sustainable living and clean beauty. Before pondering any further, it is important to understand what the Vegan lifestyle is and how it goes beyond the concept of consuming a plant-based diet. Veganism essentially is a lifestyle that is driven by compassionate choices and an increased awareness of one's actions on the world. Thus motivated by the two, a vegan individual usually carefully curates their day-to-day practices in a manner that does little to no- harm to the planet, the people and all of its inhabitants.

Beauty as industry has time and again been scrutinised for its effects on the consumers and the ecosystem - this can be during the manufacturing process or the effect it has on the consumer's thought processes. Now, as the world moves towards adopting Global Sustainability Goals, committing to a world that works with the natural resources instead of against them - it is only fair for each individual to be curious about making the right choices to make their beauty bag as consciously curated as possible. With multiple brands coming up with new standards of vegan and sustainable beauty, many consumers are left confused and doubting the authenticity of these claims. So here is a quick guide that can help you make the right choices:

Vegan and cruelty free labels: Keeping true to the traditional meaning of Vegan - any vegan beauty product means that it is completely plant based and has no animal ingredients or any of their by-products like honey, beeswax, dairy product etc. Similarly, cruelty-free as a label means that the ingredients or the final product did not test on animals or harm any animals during the production process. One way to test the authenticity is to check if these products are legally certified by PETA (People for the Ethical Treatment of Animals), or verified by Vegan organisations as The Vegan Society and others. Cruelty-free and vegan products are also generally categorized by having cleaner and gentler formulas as they are mostly deprived of harsh chemicals and solvents.

woman peeking over green leaf plant taken at daytime Any vegan beauty product means that it is completely plant based and has no animal ingredients or any of their by-products like honey, beeswax, dairy product etc. | Photo by Drew Dizzy Graham on Unsplash

Keep reading... Show less