Its time to Learn Corporate Lessons from the Pandemic
Friday April 10, 2020,
6 min Read
"It is not the STRONGEST of the Species that Survives
NOR THE MOST INTELLIGENT
But the one most responsive to CHANGE "
The New Normal is yet not clear but we all know that there has never been an emotionally & financially challenging times as we are all witnessing today. Our LIVES (& that our loved ones)& our sources of income-our LIVELIHOODS have never been dearer ever , than they are NOW."
This event will leave deep scar and change the way we conducted ourselves , our lives and our businesses. Supposedly, the biggest economic loss combined with human loss; of the century.
The enterprises and businesses of all shapes and sizes are revisiting their strategy , revising their projections to combat the adverse effect of the pandemic. They have today a bigger responsibility than an average individual. They are fighting to keep themselves safe along with Safety of their people and health of their companies . What we need today as a work force , as leaders , as individuals & as a business to protect our people, our clients , our company .
IT's TIME, to FOCUS On what MATTERS MOST
· to Ensure Our survival
· to Revisit strategy
· to Get our hands in the mud and make them dirty to come out clean
· we gravitate towards our strength areas
· To be Together....... yes collaboration
to adopt Air in the way our business functions
R: Re invention and Resilience
AGILITY : The FASTER will BEAT the SMART.
the speed of response , Ability to reshape quickly , Ensuring stability and business continuity while containing the crisis is need of hour. Businesses have to start adopting Horizontal Communication VS the traditional Vertical Communication for faster time scale.
INNOVATION : of any sorts needs first and foremost Resetting of our mental models which is biggest restriction. It is never the company strategy or technology which is difficult to change or adapt , BUT the HUMAN behavior itself. Don't just innovate new products & services but Innovate the Business Model itself . Make data-driven decision, with relentless customer focus , yes your customers are watching and experiencing you more closely than before. They are the only ones which can survive a company . Build your business around the consumers.
RE INVENTION & RESILIENCE : “ we are as strong as our weakest immune systems" . Business environment evolves and companies who depend on static capabilities will have high risk of becoming irrelevant . We need to build dynamic capacities to strengthen our immune system. We have to stop reacting to the crisis and start getting ahead of it.
The Difficult Times Have Reiterated 7 Important Business Lessons
SHARED PRUPOSE : is only driving force ,Only a common purpose for a greater good leads to higher goal achievement. By acting on purpose, we can create more value, protect and take care of each other. Any individual who is not aligned to the purpose will find themselves mis-fit in the company . One thing we find resonating every now and then during this catastrophe is "We are all in this together". Sense of purpose will defeat everything challenge .
ISOLATE : The biggest reality check of hard times is that companies get hurt for inefficiencies . break this chain of inefficiencies!!! We have to Isolate efficiency from in efficient. Perhaps, you might not be able to survive all your business units, people but don't lose sight of performing ones, your nerve center.
HEALTH : It is important to bring our house in order . Our business needs to be healthy TODAY, TOMORROW to pay off dividends for our future for which we need to work on :
a) Continuous Business Improvement : we need to hear more from the ground and the roots & have an outside view . Inverted thinking and closed mind will lead to stagnancy.
b) Talent & Knowledge : our current capabilities needs re- skill and up-skill . There is no way individual or a company can grow today without the powerhouse of knowledge . I say , if you ended your day without learning , it is a wasted day. Upgrade your knowledge , we have sufficient time to do so now and it will become a habit .
c) Community : Businesses are as strong as communities they are part of . No business can do well for the company, if it does not do well for people it touches. Work with your communities to co -create value . your communities are not mere receipts of value but make them participate as active co creator of value .
BUILDING RESERVES : of MONEY and ENERGY both . Bringing financial discipline by being Frugal on putting money only behind things ,people , business , infrastructure , markets , opportunities which gives Proportionate returns . If you allow your business to make more withdrawals than deposits, you will be out of balance. the life blood of business is positive cash flows can take care of EVERYTHING, yes EVERYTHING.
ESSENTIALS : We have to focus on our Core business, core competencies , core markets Avoid experiments and consolidate your focus and energies on the 20% things which gives us 80% results .
TIMELINES : It is important to act early . Only if you can think , plan, execute by the day , by the week, by the fortnight , it takes care of the month , quarter , year on year . The compounded loss is higher and difficult to cover up.
STOCK UP : Many companies lack big time on Relationship Capital . Client is not a departmental job or a KRA , it is the ONLY JOB for WHICH a BUSINESS should EXIST. They are not at our Mercy , instead we are. Hence, it is job of each one of us to Preserve their TRUST.
Friends, take this time as an opportunity to RE- START , RE-FRESH and RE-CHARGE your Business.
We as an individual , as an enterprise , as a professional , as an entrepreneur , as a global Community , as an economy have weathered most toughest times and situations. While , this might not be similar to what have been experienced in the past , I believe it will make us more stronger in building our capacities and using this time to find opportunities in adversity .
# STAY SAFE .