‘Challenges can be overcome with right mentality and determination,’ says TC Joseph of Dolphin Rubber Industries
Company: Dolphin Rubber Industries
Founder: TC Joseph
Place: Kottayam, Kerala
Turnover: Rs 13.95 crore
TC Joseph launched Dolphin Rubber Industries in 1995, immediately after completing his studies. Hailing from Kottayam in Kerala, also known as the ‘land of latex’, he was familiar with rubber-related processes. He led the business to success by making high quality rubber products from pure latex, sourced from local plantations.
Now, Dolphin specialises in eco-friendly rubber floor mats, rubberised polypropylene mats and rubber runners, and also makes hollow, roll, stair, cotton, coir and jute mats and rugs. It also manufactures rubber products such as restaurant and table mats for commercial use.
Joseph (50) has so far invested around Rs 2.59 crore in the business. He believes that succeeding in any unpredictable marketplace has more to do with winning mentality and determination than tricks or hacks to gain a temporary edge.
Excerpts from an interaction with SMBStory:
SMBStory: How has Dolphin diversified into different marketplaces?
TC Joseph: We adhere to quality standards, allowing us to export our products. Our products are widely distributed to stores such as Metro Cash and Carry, Auchan, Leroy Merlin, etc. We are still finding new markets all over the world. We have been assessed for performance and credit ratings, approved by the Government of India, Ministry of Small Scale Industries (SSI), and we are certified with ‘high performance capability and high financial strength’.
SMBS: What are some of the milestones in Dolphin’s journey?
TCJ: Most of them are awards. We established in 1995, and it took us till 2003 to win The Kerala State Small Industries Association award for best SSI unit. We won it again in 2007. We also won the Indian Jaycees Business Excellence Award in 2004 and 2005, and the Kamal Patra Award in 2004. In 2007, we won the Business Ratna Award from the Industrial Development Foundation. Building on this momentum, we started our first export in 2008.
SMBS: How are you differentiating from the competitors in the sector?
TCJ: We are focused on our exports to the Middle East, European countries and the USA. We also have some operations in South America. For exports, we emphasise on innovation to constantly undertake research and update our product profiles to meet the needs of the global consumer. For the global market, quality is the highest priority, with active monitoring and attention being paid to the process of quality assurance, right from the selection of raw materials to the final packaging and labelling.
Dolphin Industries' warehouse
SMBS: What are the challenges in terms of sustaining and growing the business?
TCJ: Right now, we are seeing fluctuation in the prices of materials and the market prices in general. These unpredictable circumstances make it a challenge to grow in the business. With the right mentality, determination and perseverance, rather than a temporary fix, the challenges can be overcome.
SMBS: How do you manage suppliers and cash flow?
TCJ: I have learnt to always keep more suppliers at hand for each raw material, and also keep timely payments as per the contract. As a part of cash flow management, I believe that cash flow budget should be the first priority to get a handle on finances.
SMBS: What is your customer acquisition strategy?
TCJ: In order to not only get new customers, but also retain the existing ones, we do a lot of marketing, launch new products based on public demand, and try for references from existing clients. By building a larger customer base, my dream is to develop a global brand name for Dolphin, with innovative products.
SMBS: What is the impact of your work on customers and society?
TCJ: We focus on addressing the customers’ need and conduct continuous research for new products to make the consumer’s experience diverse and richer. Apart from ensuring high quality and innovation, we also do social work such as providing educational support, building bus stop shelters, and giving to charity.
SMBS: What are your expectations from the government?
TCJ: We expect a lot of support from the government in providing innovative testing labs for highly technical products, good infrastructure facilities in industrial areas such as roads, lights etc., and highly standardised platforms to showcase our products and attract international customers.
SMBS: What are the top three leadership lessons that you have learned over the years that you live by?
TCJ: To make a huge difference, it is important to be inspirational, constantly seek advice, and stay in the loop about the upcoming technologies in the sector. When this happens, and the person has taken his/her time to think something over and is now ready, they need to act fast in order to succeed.
(This story is published in partnership with the MSME Ministry to showcase success stories of SMEs)
