So many businesses are getting shut, many on low to zero figures, many paying the price of poor planning through years and many are just at the wrong spot at the wrong time. This is the time of the year in India where most companies create appraisals based on the controversial “bell curves”. As life would had it, everyone now is a part of that curve and its big time survival-curve. Too bad if someone didn’t make it to even 3, which is met expectations and those who are a 5, well congratulations. What should one do if they are in a 2 or 1 ratings? In companies when one hits that spot then they are asked to leave (taking a sigh).
Its tough news and the best thing to do at this time is to plan and stay focused. Those who are at 3 and above, well all the best. The right and most important thing would be to 1) learn from the past mistakes (if any), 2) use any time one get for the learning of new skills or improvement of the existing ones, 3) Keep the boat going , no matter how rocky the waters are.
This is the time of survival though so now choose-
Save yourself first?
Save others first?
March together as a unit and keep each other safe?
There is a wonderful article on ET which all businesses must read. Sharing my favorite part from the article here. This is from someone whose business has definitely hit a 1. But despite of that the spirits are high-
“Since Our Revenue Turned Zero, We Have Cut Our Expenditure”- Ajay Bijli .Chairman, PVR Ltd
Your Biggest Business Worry Now:What business worry can I have when everything is in a lockdown? The hit is so hard that you take time to process it and then synthesise and react. This is so extraordinary. We are not the only one but the entire world is reeling from the pandemic. Today everyone is wearing multiple hats. As a businessman, I have concerns. But it would be myopic of me to just think about my business. The bigger worry is the battle between the human race and the virus.
The Toughest Challenge in Dealing with this Situation: That there isn’t a vaccine to deal with it. Once that gets resolved, everything will fall in place. Extreme times demand extreme measures. The strategy of social distancing and lockdown adopted in India is what China and others have done. It will mean a lot of suffering and economic damage in the short and medium term.
One Work-From-Home Hack That Works for You:Some daily routine continues. I am exercising a lot and practising my singing. Gautam (Dutta, CEO of PVR Cinemas) and I are recording messages — three-four a week — for our employees, telling them to keep their chin up. And that there is light at the end of the tunnel.
Your Coping Strategy in These Times of Disruption:The fundamentals of the business are strong. Our debt-to-equity ratio is comfortable. Since our revenue turned zero (when the theatres shut), the first thing we did was look at our expenditure. We have cut our controllable fixed expenditure by two-thirds. And we have cash to survive and can ride the tide for a few months.
A Leadership Lesson the Pandemic has Taught You:You can do all your SWOT analysis and strategy. But it is hard to prepare for something like this. Because of SARS, Singapore spent a lot of funds to beef up its health infrastructure, which has helped it cope now. For a company, having good reserves, a healthy balance sheet and not a very aggressive structure helps deal with difficult times. Be healthy, frugal and keep company as risk-free as possible — these are big lessons.
The complete article – https://economictimes.indiatimes.com/news/company/corporate-trends/covid-19-anxieties-life-hacks-and-takeaways-from-indias-ceos-who-are-navigating-uncharted-territory/articleshow/74863486.cms?from=mdr