25 May 2020  |   04:10am IST

Getting your business back on track

Getting your business back on track

Sunil Dias

Our lives are slowly limping back to a new normal. We’ve realized that the coronavirus will be with us for some time to come. And that we’ve got to learn to live with it. Hopefully, the lockdowns will soon be a distant memory. We’ll fondly reminisce of the days we washed dishes, mopped floors and took out our garbage. And engaged with our neighbours and community more than ever before. 

What’s the likely economic impact of the coronavirus? Depending on who you ask, experts predict a ‘V’ shaped or an‘U’ shaped economic recovery. They’ll throw in a few scenarios for good measure. The more cynical talk about a prolonged ‘L’ shaped phase. And finally, there are those who predict a ‘W’ shaped recovery. So, what’s the shape of the economic recovery going to be? I’m not sure. And the truth is that nobody knows for certain. Probability dictates that some scenarios of some experts will be proved right. 

Which alphabet shape the economy traces is an uncontrollable factor. Something which is dependent on a lot of different factors. Most of which are not within our control. We can’t plan for those factors. Instead, we can plan for what’s in our control. Social distancing, masks, personal hygiene and testing are factors within our control to overcome coronavirus spread. Similarly, for your business, there are also some critical steps to be taken to control the impact of the coronavirus. This article gives you 6 powerful actions to corona-proof your business.

Action 1: Rethink your business model

Whichever industry you are in, you’ll need to relook your business model. For some sectors, the impact of the coronavirus is bigger and more immediate. For instance, multiplexes and organised large-format retail. Online retail will grow at the expense of store retail long after we’ve seen the last coronavirus. In the hospitality industry, local tourists will become a larger chunk of customers. The product and go-to-market strategy for both sectors will change significantly. 

Yet, it’s not just the service sector where business models will change. We’re quite likely to see a partial reversal of globalisation. That means some reshoring of manufacturing. That’s good for India where a good portion of demand is internal. If your business is export-dependent, identify alternate domestic customers. Or look at international customers looking at moving sourcing from China. If you are importing, develop alternate domestic suppliers. Even if neither exporting nor importing, there are large opportunities reshoring will bring. You just need to keep your eyes open to the opportunities. Smart thermometers, meeting apps, logistics aggregation, disinfectants, online education- a few of many opportunities to do something new. Or if someone can make an affordable telepresence solution, that’s definitely your next unicorn. 

The government has also announced Atmanirbhar Bharat or a self-reliant India. That’s great news. Yet don’t base your new business model assuming that everyone will buy out of a sense of patriotism. Your product needs to be great quality at a competitive price. That’s the minimum you should aspire to if you expect your product to sell. 

Action 2: Go digital before it’s too late

The future is digital. Most business leaders have said that umpteen times. The future is upon us now. Digital has become a key part of everything we do at work and at home. This crisis is accelerating what was anyway happening. For instance, just look at the way Zoom usage has zoomed over the last couple of months. The proportion of work from home is set to stay much higher than earlier. That’s going to need a lot of digital infrastructure and a clear digital strategy. 

Companies without digital at their core are getting severely disadvantaged. Explore business areas to use digital technology. Don’t invest in high fixed cost software. Instead, exclusively use SaaS products. Most of them come with an extended free trial- make use of that while evaluating options. 

Action 3: Streamline processes

Streamlined processes make you more efficient and organised. It improves customer service and reduces cost. Besides, you can’t really go digital without having streamlined processes. Streamlined processes are required in any case. The coronavirus has just made the need more urgent. 

While you’re at streamlining processes, don’t forget to have a look at your employee job responsibilities. Some activities which seemed important 3 months back will have lost their importance. And some activities not being done would have become burning requirements. It’s a great time to rewrite (or draft) employee roles and responsibilities. It’ll give you and your employees clarity on what’s expected of them. 

Action 4: Modify marketing strategy and channels

Using digital and social to market and sell online is already big. It’s going to explode in popularity. Who would you prefer to meet? A salesperson who travels 15 days a month sitting in a chair 1 meter away from you. Or a salesperson talking to you on a screen or on a phone with almost the same amount of clarity. For the near future, the answer in most cases is the latter. And once we get used to it, it’s going to be difficult to revert to the traditional way. To make digital selling happen, there are infrastructure and behavioural changes needed. For instance, everyone will need to have a more structured workday if appointments are to be honoured. Everyone salesperson will need to get comfortable in presenting themselves well on a video-call. 

There are several positive aspects to this. For many businesses, it expands the geography you can sell to. It’s also going to reduce travel which means lower costs. And your salesperson could do 4 meetings in a day instead of 1. So, more efficiency. 

Action 5: Conserve cash

In periods of uncertainty, cash is not only the king, but the emperor. Look around for cost cutting opportunities. Whether its travel or rent or your mobile phone plan, every rupee counts. Yet, be careful to differentiate between cutting costs and not investing. You’ll need to invest smartly in some initiatives. Investments in downturns often yield the best returns. 

Action 6: Recharge employees

This period has been emotionally draining for everyone. A little for some, a lot for others. It’s useful to check-in to employee wellbeing. And this goes beyond sending messages saying, “We’re there for you”. Or doing a Zoom team call and posting pictures on social media about how cool your organisation is. Or if you’ve started office already, trying to make up for ‘lost time’ by loading them with work. You need to have a conversation with each employee and understand their emotional state. And helpthem get back on track.

Closing thoughts

Peter Drucker said, “The greatest danger in times of turbulence is not the turbulence. It is to act with yesterday’s logic.” The pandemic has happened. It’s impacted us all. Let’s stop grumbling. Let’s stop our doctorates on the coronavirus. It’s not going to make things change. Instead, start making changes in the way you do business. Adapt to the new environment. You might well build a bigger, better business post-corona than you had pre-corona. With best wishes from my business to yours. 


IDhar UDHAR

Idhar Udhar