What’s the Risk?® is an initiative by the Institute of Risk Management (IRM) - India Affiliate, world’s leading certifying body for Enterprise Risk Management (ERM) examinations across 140 countries. The initiative decodes risks and opportunities across diverse sectors with an objective of elevating the importance of risk intelligence and ERM as a skill, profession and business enabler.
In this interview, Hersh Shah, CEO, IRM India Affiliate and India’s Youngest Enterprise Risk Expert interacts with Sarvash Kalra, Director, Dayal Opticals. Founded by the visionary Mr Dayal Das Kalra in 1961 and scaled by his son, Mr Navneet Kalra, the legacy of Dayal Opticals is now helmed by the third generation of the family. Dayal Opticals hosts an extensive curation of eyewear, hand-picked specially for the Indian audience, from brands at the forefront of luxury to independent houses with a singular artistic vision.
Hersh Shah: Tell us a little about your business and entrepreneurial journey
Sarvash: Dayal Opticals, founded by my grandfather in 1961, has a rich legacy that my father carried forward with dedication and hard work. Today, we proudly operate 15 stores across North India. Their unwavering commitment has been my greatest inspiration, motivating me to not only honour their legacy but also innovate and expand our business into the digital realm. With a vision to grow bigger and better, I am excited to continue this journey and explore new horizons for Dayal Opticals.
Hersh: How resilient is your supply chain in the event of global disruptions or delays, particularly in sourcing eyewear products from international brands? Do you have contingency plans that allow you to pivot quickly without impacting your financial stability or personal commitments?
Sarvash: Strategising and planning are essential to navigating the challenges that arise in running our business. We take a proactive approach by pre-ordering our stock at least three months in advance, ensuring we’re always prepared for fluctuations in demand. Additionally, we implement a robust backup plan that prioritises promoting inventory with higher stock levels, allowing us to optimise sales and minimise potential losses. This forward-thinking strategy not only strengthens our operational efficiency but also positions us to respond swiftly to market changes, enabling us to maintain our competitive edge and continue thriving in a dynamic industry.
Hersh: As you grow your chain of eyewear shops, how do you balance the demands of the business with your personal life to avoid burnout? What strategies do you have in place to manage stress and ensure that your entrepreneurial journey remains sustainable for you and your well-being?
Sarvash: When you love what you do, every aspect of it becomes enriching. I am deeply passionate about my work, but I also recognize the importance of maintaining a healthy work-life balance. Running a business comes with immense responsibility, yet it’s essential to make time for the activities that bring us joy. Personally, I find joy in sports, which helps me stay fit both physically and mentally. Additionally, spending quality time with my family and friends fuels my passion and keeps the spark alive.
Hersh: How do you manage the reputational risk associated with carrying multiple eyewear brands, especially if one brand faces negative publicity or recalls? Are you prepared to personally handle any crisis that may arise, and how would such situations affect your overall vision for the business?
Sarvash: With over 63 years of industry experience, we have cultivated not just a network, but a family comprising both esteemed brands and loyal customers. Our commitment to exceptional customer service is reflected in our reputation for prompt communication and transparency. Our vision is driven by resilience and passion, ensuring we consistently deliver with unparalleled integrity, innovation and excellence.
Hersh: How do you prepare yourself personally to handle market volatility, such as sudden changes in consumer preferences or economic downturns? What strategies do you have to remain resilient and adaptable when faced with such challenges?
Sarvash: In order to equip myself for potential market instability, I prioritise keeping up with industry trends. This includes consistently examining customer behaviour, market data, and economic indicators. This helps me take preemptive measures by being aware of changes in preferences and possible downturns. In terms of strategy, I give our business model flexibility. In order to reduce risk, we are expanding our product line and looking into new market niches. In addition, encouraging a culture of open communication among my team members fosters creative thinking and teamwork, which helps us quickly adjust to changes.
Hersh: Any advice to business owners from a risk perspective?
Sarvash: Running a business comes with its unique struggles and challenges, and the world is full of advice and suggestions. But I believe two things stand out as most important: being prepared for the unexpected and learning through experience. Ups and downs are inevitable in business journeys, but it takes perseverance to navigate them. Experience is indispensable—I have learned lessons through experience that nothing else could have taught me. To me, we are not just a business, but a legacy built on the dreams and dedication of those who came before us. In times like these, we are immensely grateful for the trust and loyalty of our customers, who have become part of our extended family. Their support motivates us to continually strive for excellence and stay steadfast in our dedication to this industry.
Explore more audio notes, podcasts, interviews, panel discussions and TV shows on https://www.theirmindia.org/whats-the-risk. To join IRM’s global community of risk-intelligent leaders and earn the global ERM designation / charter, visit www.theirmindia.org/certification-track
_20241102115537_original_image_41.webp)
