Be Innovative and Think Out of the Box.
I) Atermath of Corona Crisis.
This Corona Crisis may lead to New Normal, where people will be adopting Healthy Foods, Using Online Services and there may be spike in the Savings due to uncertain Economic Environments all across.
There may be Industries such as Airline, Tourism, Transporataion Industries ( both Individuals and Goods Movement ) , Hospitality ( Hotels and Allied Services ) and Fast Food Chains, which might have been severly impacted.
In order to overcome this Crisis, These are some Possible Ways and Means to analyse the situation and subsequently devising the Strategies to prosper in the days to come.
II) Method : Scenario Analysis
Analysis of Company at the Centre with all other below mentioned Coordinates and rationalise the situation and then devise the Strategies to over come this crisis.
i) Your Company ( Internal & External Environment )
ii) Markets & Customers( Consumer behaviour & Competition )
iii) Production / Service( International Ability of the Company to meet the Targets )
iv ) Finance Manangement ( Working Capital & Liquidity Management )
v ) Manpower Management ( Mental State of Employees and Motivation )
III ) Strategies and Plans to Overcome Aftermath of Corona Crisis.
1. Focus on Markets and Customers
@ Must engage both Customers during the Corona Crisis period with sms, mails and Whatsapp messages.
@ Know their Plans well in Advance , align and agear up company and supply chain to provide extremely good services.
@ Personal Care of Customers is extremely critical.
@ Keep track of your Competitors and gather Market Intelligence regularly.
2. Production/ Services
@ Gear-up entire your Production and Services Machinery to deliver in time ( Outbound Logistics ) .
@ Ensure Products and Services with ourmost Quality, there may not be a second chance @ Ensure, All Inbound Logistics are in Place with Time Targets
@ Keep track of your Competitors and gather Market Intelligence regularly.
3. Finance Manangement ( Banks & Financial Institutions )
@ Liquidility Management is outmost important.
@ Ensure, Working Capital Management is covered.
@ Ensure , Management of both Creditors and Debtors aptly.
@ Conserve Cash, Go Slow on Expansion, survival is more important.
4. Manpower Management
@ Once, the Lockdown is over, how quickly go online with Products and services.
@ Typically, Morale of the Empolyees will be low due to employment loss all across and recessionary trends.
@ Motivation and Morale Building will be out most important.
@ Never go for Downsizing unless mandatory.
@ Ensure, Merit based decision making is followed, there will not be any more chances.
After Corona Crisis, emulate the Battlefield scenario and implement every possible better option on a Warfooting basis.
Conclusion
Its a one of the kind of a lifetime experiennces and handle it carefully.
It may give an Opportunity to try some innovative things and solutions.
Liquidity and Manpower Management is outmost crtical.
All can come out of this crisis, with deligent adoption of Analytical, Rational and Empathetic Decision Making on time to time basis.
MM Rao
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Special Note :
This article will be updated periodically as the time progresses in order to make it more adoptable and relavant.