Mar 18, 2021 | Business Management
"In the midst of every crisis, lies great opportunity."- Albert Einstein
Undoubtedly, in human history, no generation has had to deal with the global crisis of today. The pandemic of coronavirus has caught us off guard. It is the first time in history that a virus has disrupted the entire world. It is not just a health hazard; it has disrupted supply chains, crashed markets, prisoned most of the planet and its activities. Today, an individual has to deal with many threats. How to keep up with work? How to secure family? How to provide for the family? How to make payments? And many more.
It has undoubtedly dented human emotional resilience, but then you need courage only when you are afraid. Most leaders have found themselves dealing with anxiety and fear. Many reacted to safeguard their skin, risking many others. The media stories added more fear to already anxious and vulnerable individuals. People too responded to the threat and took desperate measures to reach home by travelling across states, walking miles after miles. When you look at these stories, you feel helpless and you are overwhelmed with resentment and anger. Domestic violence too has also increased.
A resilient mind is optimistic, and such people can isolate the facts from stories and are willing to deal with facts rather than the gruelling stories. Managing your emotions is the first step to finding opportunities in crisis.
Pivot to meet the new demands of the customer.
Besides Essentials, nothing seems to be moving forward, and the reason for the same is because people are yet to come to terms with the new normal. The management team at work and home, are focusing only on the most essentials, the motto is to save every penny.
"It is not the strongest or the most intelligent who will survive but those who can best manage change." - Charles Darwin
It is applicable in the current scenario too. It not what you have, but it is what people want. The proper question is how to make your business relevant to customers? Can you find a new customer? Can you pitch your solution differently? Every organisation has products, services and they keep changing from time to time, but what doesn't change is why it exists. As long as the company realises why it exists, they can pivot quickly.
We run three different lines of business. First one is into business consulting & communication and the second one is into product development for sustainable living. As the client project began to be on hold, we first developed a comprehensive behavioural change kit. To assist workplaces in adapting to the new normal quickly, helping their employees learn the new behaviour quickly. And in the product development kit, we began working on a low-cost air ventilation system that may help people survive the lockdown comfortably at home without AC and rising energy bills. The new portable room air ventilation system will protect the family from mosquitoes, bacteria and airborne viruses. Our teams across the country are collaborating with our partners to ensure we make and deliver goods. Every member in our group is actively participating, learning and exploring to meet our timelines and suggests new ideas to improve.
The world is looking Beyond China, are you ready?
The world is angry with China's attempt to bury the truth and hampering investigation, social media around the world erupted with various opinions under hashtags such as #chinaliedpeopledied. It got worse when countries started rejecting their faulty medical equipment and PPE Kits. The sentiments around the world are not conducive for China. Businesses are looking at other countries for their manufacturing needs and for raw materials. On the other hand, India has proven its stand on humanity. It has already exported HCQ medicines to all countries. It has also showcased the resilient entrepreneurs, who have developed ventilators, PPE kits in short notice. Even Indian Airforce rose to the occasion and developed affordable PPE kits.
China has been the world's largest supplier, and a quick internet search can help you spot opportunities. Still, the fact is that many companies might not be able to cater to the need at such short notice or some eligible players might go unnoticed because they do not have the plan to make their brand visible. Indecisions within the company's management may hinder the process. Our Prime Minister has also offered bank loans to Indian organisations to make their move.
Self-reliant India is a direction.
For India to be self-reliant, we must look at the list of significant imports across the world. India Imports Crude Oil, which fuels transport, aviation industry. We have the opportunities to meet the energy demands of our country by investing in renewable resources. India also imports machinery, transportation machines, electronic goods and pharma products from other countries besides gold, silver and gems. India is a unique market with a dense population with the highest population of lower-income groups. Digitisation and homegrown technologies can accelerate social inclusion. It is an excellent time to invest and support social enterprise. We have the highest population of young, and if we could train them in caregiving, it will be a massive support for the ageing world population around the globe. It is time to eradicate poverty and raise the overall standard to live for millions who live below poverty lines because good business exists for society.
I have been working with my clients and friends in pivoting their business models across verticals such as at-home education, new technology products, retrofitting for industries, and customer service. I will be happy if I could be of any help in spotting new opportunities for your business. DM me for any queries regarding a strategic perspective on how to make businesses thrive in the current scenario, and I will help.
Reach out to me on firstname.lastname@example.org