This question is as important today as is the vaccine for COVID19. As a part of a small-mid size firm, I have thought about this question a lot of times. I will be honest, I have had mixed feelings. But, sometimes the answer to a difficult question comes in the most unexpected way.
21st June was Father’s day. Usually, I make this day special for my father, but considering the current situation, apart from wishing him I couldn’t do much. But he found his own way to make it special for me instead.
My father has been running his business for the last 50 years and was planning retirement this year. But not everything goes as we plan. We started our conversation just like any other day and after a while we started talking about work – How ready are we for a comeback? And suddenly a casual conversation turned to an insightful one.
While I am reflecting on our way of doing business, reading opinions and speculations by industry experts and SME’s from various domains, he has probably figured it out. I know our industries, business model, products and services are different and yet I could relate to everything he was talking about. I told myself ‘50 years of business knowledge is worth to pick on’.
Here are 4 things from the conversation that are still resonating:
- Don’t think for too long a time – Plan for 3 months: When there is uncertainty taking one step at a time is important. Measure the success rate and move forward or change course if required
- Connect with customers and suppliers frequently and ensure that connect happens at all levels : This is the time when you reinforce trust, strengthen relations and collaborate to thrive
- Don’t put all your eggs in the same basket: Just like we distribute our funds, look for additional revenue stream for your business. This will distribute the risks too. This may take some time but it’s never too late to begin
- Planning is non-negotiable but be agile: No plan at this stage will be full proof. The only full proof thing required at this stage is your confidence.
This 70 year old man struggled with Whatsapp 3 months back but today is conducting virtual meetings using various platforms. The pandemic has changed our way of life and our way of doing business. It has pushed us to challenge ourselves, be creative in our way of doing business and do things that we were always scared of.
Surviving the lockdown was probably just warm up. This is where the real game begins. We might not be completely ready today but we will gradually. I mean we weren’t ready for the pandemic either but today we are better equipped and so I strongly feel that businesses are quite ready for a comeback.
Hiring and training has begun in many organization and for many it is about to begin. The workforces of future are getting ready for the second innings.
What are your thoughts? How are you preparing your team to win over the challenges ahead? The survival phase is over. What will it take for us to thrive?
Author: Sumitra Paul Chatterjee
Associate Director
I Train Consultants India Pvt. Ltd.
