Jammu-based hardware manufacturing company sets sights on growth despite challenges
Nayyar Industries
Founded in: 2012
Headquarters: Jammu & Kashmir
Turnover: Rs 21 crore
Founders: Kuldeep Singh Nayyar and Jasdeep Singh Nayyar
Nayyar Industries makes products that cater to the needs of the hardware industry. Products like binding wire, steel wire nail, and MIG wire. This Jammu-based industry was started in 2012 with a capital investment of Rs 3 crore.
In a conversation with SMBStory, Jasdeep Singh Nayyar says their manufactured items are used in various small and big local projects. “We provide employment to many skilled and unskilled youth that helps in nation building,” he says.
Excerpts from the conversation:
SMBStory: How did the company grow?
Jasdeep Singh Nayyar: We are in a business of manufacturing binding wire, steel wire nail, MIG wire since 2012. Before this, we were in the field of manufacturing and supply of MS welding electrodes. The quality of our product gives us recognition in the market of welding electrodes and today we are one of the leading industries of welding electrodes in the northern part of India which manufacture almost all types of welding electrodes. The market response to our brand SPARC gives us a boost and encourages us to provide other quality hardware items.
SMBS: What were the key milestones in your journey?
JSN: We are India’s first company that has innovated in the packing of steel nails. Earlier, the steel nails were sold in sacks.
SMBS: What are your challenges in terms of sustaining and growing the business?
JSN: There are many challenges in this business. Land acquisition is a problem in order to expand our business activities. There is a dearth of experts and skilled manpower. There is stiff competition in the market. It is difficult to source raw material in a timely manner, and of course the rising cost of raw materials.
SMBS: What is your advice to the people who want to set up their business in the same
Sector?
JSN: If someone wants to set up or start a business in the same sector, my advice is to take a market survey and study and judge the scope of the business. Only then should they take a decision.
SMBS: How do you manage critical areas such as supplier management, cash flow management and capital management?
JSN: To analyse our cash flow, we regularly monitor our debtors outstanding. We work closely with our accountants and maintain a day book to watch the daily expenses and check unnecessary expenses. We make e-payments and also uses business credit cards to pay suppliers.
SMBS: What is your customer acquisition/channel strategy?
JSN: Provide the best quality product at a reasonable rate. Give after sales services at the doorstep. Announce festive gifts and offers. Provide discounts and incentives on sales.
SMBS: What is your dream for your business in the future?
JSN: We believe in action, and not in dreams. But I want my business to keep growing and touch sky-high limits. We plan to focus on product development, expand our production facilities, and invest in new machinery. We intend to enhance our value-added services. Plan to enhance our production processes. We also intend to penetrate new industries, expand our sales network and enhance brand awareness. We plan to allocate resources effectively and to enhance sale and set new targets. And of course, increase our turnover.
SMBS: What are your expectations from the government?
JSN: As all of us know our state J&K is affected by militancy and political turmoil, such conditions create a lot of problems in running our business establishments. We expect the state as well Union government to give industrial growth package for nurturing new industries. We want them to set up standard testing labs that provide testing facilities to micro and small industries at cheaper rates. Also, technical /vocational institutes and a tool room should be open in the industrial vicinity.
SMBS: What are the top 3 leadership lessons that you have learned over the years that you live by?
JSN: Taking bold decisions and keep trying to achieve the goal. Don’t step in with the solution too quickly. Talk less, listen more.
SMBS: What are the biggest learnings from your business journey?
JSN: Entrepreneurship is difficult and you must put in long hours of work more than other people do. But don’t sacrifice family, social life, and fun. I strongly advocate not to sacrifice those things if you are unwilling to manage your time and grant yourself a break and a day off. This can help clear your mind so you will make better decisions or arrive at realisations that you wouldn’t have otherwise.
(This story is published in partnership with the MSME Ministry to showcase success stories of SMEs)
