Friends, these are times when one needs to look at the positive side of things. And there are so many that you will be surprised. If you look at the world data on the COVID-19 pandemic, India is far better off than superpowers and other developed countries of the world.
The best thing for the Economy about this scenario is that the only way is up. And businessmen need to look for opportunities in this crisis where they can rebound quickly. Especially with the Government supporting the economy with huge investments and such ideas as Make in India, and Startup India.
Let me share a few ideas that you need to keep in mind while preparing for what comes next.
Have Quick but measured response
Opportunities will present themselves daily, and we need to be prepared for them.
A quick response is important to take advantage of any such opportunities but at the same time, it will take an effort from your side to ensure that that quick decision is not a hasty decision.
Slashing costs comes to mind first, but doing so randomly could be disastrous. Hence we need planning to understand how quickly to respond and how much to respond.
We need to plan for different scenarios
Since we know that the market will bounce back, but we don’t know when and how exactly, we need to plan for different scenarios.
Having plan A, plan B and plan C for different scenarios will give you clarity when the decision-making moment arrives.
It is better to be prepared than to run helter-skelter at the last moment trying to understand the opportunity in the first place. Your plans will help you recognise and tap the opportunity faster.
U need to Re-plan
If you already have a plan, monitor it every day. Because in a changing market scenario, you need to rethink plans almost daily.
Make adjustments wherever needed based on the data coming in. You will be surprised how daily planning makes it much more easier to handle critical situations.
If you were making a quarterly plan earlier, start making monthly plans now, or even weekly plans. Adjust to the changing needs of the market.
Don’t spend too much time planning
Again, having said that, do not spend time only on planning. Ensuring that the plan is executed is equally important.
If you used to spend whole days on such activity, try and finish it in half a day or even quicker.
Cut the fat, reduce the breaks – your employees will understand that it is the need of the hour. And respond accordingly.
Do not delay tough decisions
Doing nothing about a given situation is as good as doing something wrong. So don’t hesitate to take uncomfortable decisions.
Your delay could mean the difference between you making it or not making it. It is better to act than to wait for things to go your way.
Increase the pace of operations
If you were operating at 50 km an hour a few months ago, you need to change your speed now to go at possible 100 km an hour or even faster.
This will ensure you bounce back faster than other organizations who are working at the same pace they were working at earlier. In fact, if you are a small organization this might be easier for you since it is difficult for big organizations to move quickly.
Thanks for watching this video & reading this article. Until next stay safe, stay positive!
LETS LOOK FOR OPPORTUNITIES IN A CRISISAgnelo Rajesh A