Entrepreneurship, Now And Then

It has been around six months since the pandemic has affected normal life in India, and we are still trying to comprehend the definition of the new normal and working hard to adapt to it. The rapidly transforming tier II and III cities and towns are making an effort to operate on full capacity, but with grand metros such as Mumbai and Delhi, we still do not have an understanding on the timeline as to when they would truly work at the pace they used to prior Covid-19.

Disruption as we see it, many entrepreneurs and MSMEs are reworking to keep-up and pivot their strategy for sustenance. Here are a few measures to help you with it.

Amid Covid-19

• Look into downsizing as the final measure. You can put the individual employment on hold for a few months or you can pay half of your employees for two months and the other half two months post it – this shall balance the top and the bottom line of your balance sheet. This will also help your employees with job security and you with long term loyalty
• Restrict the usage of webinars and zoom calls, these are more time consuming as compared to phone calls and emails. Schedule a physical meeting once a month, this is to boost morale and to plan and evaluate the company’s progress periodically
• Keep performance reviews on hold for the next two quarters. Encourage your employees to upskill through a lot of courses and programs online. Try to sponsor one or two professional skilling sessions, signup as a business for them for better deals
• As a leader, speak to your employees once in 15 days to check if they require any help, professionally or personally. Try and provide basic pandemic necessities to the employees and their families like masks, gloves, sanitizers, etc., these necessities are available at a minimal cost and they help maintain the safety.
• Companies that are in a position to hire should review LinkedIn regularly to help the ones most in need. You can on-board talented employees right now considering the availability of efficient employees at workable salary brackets
• Liquidate your assets if possible – The current work from home initiative does not require for you to have a physical office space, this shall save the administration costs and cover all the other costs for months to come
• Covid-19 has been a completely unpredictable disruption with the learning to create a sustainable operations model with a competitive edge to help survive through similar situations in future, start working on it right now

Post Covid-19

• Rebuild your operations, rebuild your team, rework on your strategy. Look into raising capital to help support all these initiatives
• Do thorough analyses of the industry with the PESTLE (Political, Economic, Socio-Cultural, Technological, Legal and Ecological) framework immediately post the pandemic; these shall cover the required bases, and help construct a comprehensive and full-proof strategy
• Studying the industry and consumer patterns strongly during Covid-19 will give you an understanding of future planning as there will be a huge potential for growth once the pandemic ends. Execute the plan immediately to create your niche in your respective industry
• The pandemic era is defined by advanced technology and automation. Embracing this digital transformation during the pandemic shall give you the base to be ‘future-ready’ with the right technology and product offering. Look into the marketing and sales of the new product right away through the new tools
• Ensure that you have an ‘agile’ model in place as soon as the pandemic ends. By this we mean, an operating model that is built completely around the consumer with the consideration to the governance and processes. You will have the freedom to run the operations the way you want to, capitalize on it
• Build a team of ‘Intrapreneurs’ who will understand and lead most of the operations helping you cover the damages incurred during the pandemic
• Redefine the organization’s mission and vision statement. What did work in January 2020 has changed now; restructure it accordingly with the insights and advice from industry experts and put your quarterly and yearly plans in place.

Businesses today and for tomorrow are community-led and not product-led. Protect your internal stakeholders (employees, partners, vendors) and look after your external stakeholders (Customers and Investors). Take action; do not let the situation hold you back. Build your dream.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.