Corona Times 2020: Day 1- Lock Down Business Reflection
Entrepreneur's New Year’s Guide
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Life has to move on … change is inevitable Few choices we can make
Pick your priority
Silence speaks more …find your answers
Mostly we find the greatest answer of our purpose in the period of silence
I will stick to business and entrepreneurship as my understanding of health care challenge is as weak as the common man’s daily anxiety of falling sick. My heart goes to my fellow entrepreneurs who face multiple challenges - Personal, Family and business risk, mostly like all they fail to prioritise… take my word prioritise in the same order I have written. Again will leave the first two to your judgment but I have some thoughts on Business.
Business in last 26 years of my career has been on profitability, growth, market share and performance. The first time we are dealing with survival. I am sure many entrepreneurs have faced this in some changing times in their industry because of consumer behaviour, reduced consumption, regularity issues, disruption or general business performance. This is the first time in my living times we are facing Force Majure where we all are out of control!
So we are here to look at BUSINESS SURVIVAL which is only asked for the next some months before we are clear where is the end of the tunnel.
Survival can be learnt from deserts where people survive with lesser resources for months/plan for the long term - They STORE
In the last 20 years, I remember this is the first day I was chasing people for appointments or calls and thankfully few were still attending my calls. Unusually, I had time to reflect what are the most critical things entrepreneurs should be doing during these crazy times.
RESTORE YOUR BUSINESS -
R - Reserve cash - Reserve your cash, you will need it most.
E - evaluate your PL, profitable expense ( difficult to get ) vs loss expense ( unwanted & underused )
S - stand by your A team they will never come back. Make a list of people you may have to let go sooner or later.
T - Be very transparent to clients, vendors, suppliers & employees - BE BOLD.
O - Opportunities are around, focus on immediate ones - low hanging, Discount, so your prospective clients who were never able to afford you earlier can do now.
R - Reflect on all your mistakes, missed opportunities, your missed targets of life, personal goals, self-discipline, mistreated people & mistrusted people, etc, etc, etc.
E- Engage your partners, teams & clients show them you care.
This is not end of the world for your entrepreneurial journey & this HOLD ON PERIOD or interval -may we all shine with greater strength. First day LOCK DAY thought.
-Gaurav Marya, 23rd March, 2020.