194 week ago — 5 min read
Background: COVID-19 has dramatically altered the work landscape. In his previous article wealth management entrepreneur Anirudh Gupta, shared his expectations from the Union Budget. Here he shares insights on how businesses can minimise the impact of the coronavirus and keep the business momentum going strong.
Business is a team sport. Regardless of the number of hats we wear as an entrepreneur, real growth cannot be experienced without a team. In the current situation most people are focused on safety first whether it is in the international or local business scenario.
Many people are avoiding travel altogether and are not conducting even regular meetings. Offices have issued work from home advisory and factories are also shut down for 10-15 days.
In this situation, if I were to ask you “how do you propose to achieve your business goals?” Some would probably laugh at me or simply say “not possible”.
Is there a way to minimise the impact of such events?
Probably yes, is what the realist in me thinks.
Let’s explore how.
It is important to be in touch with clients and have a regular chat, even if it’s not work related. This helps to maintain the relationship and figure out ways in which you and your organisation can help.
If as a practice we are transparent in our communication and extend help, we are likely to receive support when we need it.
All of us have issues we are grappling with. If as a practice we are transparent in our communication and extend help, we are likely to receive support when we need it. Ask your clients for references when things begin to stabilise.
Figure out creative ways to cut costs at a system level as a team. Announce cash prizes for the best ideas. This can help restore momentum. Also talk beyond the numbers and business-related goals. This helps to win the confidence of the team and builds morale.
Ultimately, your team members are the brand ambassadors of your company.
A situation where meetings and travel time is minimised, leads to more time to evaluate and understand the world and your business’ place in it. This can be achieved by looking at the needs of consumers and preparing the company from a medium to long-term point of view.
For instance, in our business of wealth management, operations are becoming more digital. Same thing is being seen in all aspects of business as a necessary feature. The specifics depend on what is relevant to your business—it could be developing the brand, looking at new markets and new opportunities, a step at a time.
Use this time to evaluate and understand the world and your business’ place in it. Focus on a long-term vision to oil the business. The eagle flies above the storm. Be the eagle.
Sometimes being stuck in a rut slows down the decision-making process. One needs to focus on a long-term vision to oil the business and work on key issues.
Ultimately your enterprise is based on your health and good judgement. You could catch up with reading in this situation and finetune your thought process behind your business strategy.
Also, in tougher times people tend to put on weight. A regular habit of walks and exercise is good to keep yourself and the business in shape.
If the COVID-19 situation is not contained within a quarter, the risk of a recession happening globally increases disproportionately. Collect your payments from clients on time as the priority of every business is to have steady cash flow. In this scenario, maintaining the old set of clients and building for new remains a priority.
Based on my experience, these are some ways of building the business over a period of time and grappling with unprecedented situations.
The eagle flies above the storm. May you be the eagle.
Image source: shutterstock.com
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Posted byAnirudh Anand Gupta
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