It was mid-February of 2021 when I was with a couple of clients who managed business upwards of Rs 15 Cr. 2019-2020 was overall a challenging year for them, but by January 2020 things seemed to be turning around. The last quarter of 2019-20 was not looking too bad – in fact we were all excited about 2020-21
We were planning growth; we were planning expansions; we were planning for exponential growth in Revenue and Profits. By early March, things started changing. India started getting affected by COVID19. State of Maharashtra along with other States saw restriction on movement. On 22nd of March, there was Janata Curfew and by end of March, India was in a total lockdown.
This Crisis has changed the Rules of Business. Each one of us is going to be faced with making decisions that need to be immediate but at the same time, thought through – keeping in mind
As professionals and business owners, we also must lead the way and energize and motivate everyone around us. We will have to keep convincing our people that while the going will be tough, we will all finally come out successful.
I am advising my clients to come out with a 90-day Crisis Management Plan. Currently, there is no point to plan further than 90 days, when the evolution of the Crisis is unpredictable, and the level of Changes underway is significant. Once the first 60 days have passed, depending on how the situation unfolds, we should plan for the next phase.
These are some of the steps that I am asking my clients to focus upon:
1. Work backwards and take corrective actions to achieve the new reality
2. Crisis communications
3. Secure continuity of Operations
4. Relook at all your 3 components of Cash flow
5. Create “The 90 Days Plan”
6. Recalibrate Sales and Marketing Functions to adapt to the “New Normal”
7. Be prepared to change
8. Practice the possible
9. Let go of all Negativity – Be excited to embrace the new world
COVID-19 will be no different.
With the right mix of empathy and creativity we can help soften the blow, be a source of inspiration and optimism
And most importantly prepare for the opportunities we have ahead.