When most of the business except the essential service businesses are only open and hopes are nearly shattered, here is a partner – named Manish R.Goenka, CEO & Founder, ICONS Infocom, gives some valid suggestions.
Manish R.Goenka, CEO & Founder, ICONS Infocom, says, “We are going thru the most tough times. However, to stay afloat is the need of the hour. People are talking of cutting staff, not paying staff but I beg to differ, any organisation Small or BIG one of the biggest assets they have is their teammates (Staff).”
Some Suggestions and Practices:
Firstly, I would request people to refrain cutting down staff or their salaries, in fact empower them with tools to work from home. Get your HR build confidence in your staff remember we are business owners, we have savings, we have security but what about them? Even they must be feeling insecure about their job, even they have fixed cost, EMIs so let the communication go to them straight and clear, we are going through tough times, but we care. A scared team will never be able to perform, and this situation is new for all of us, so we need to stay together and fight. This will make your business more resilient and your team stronger than ever before.
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Since this situation is new to all of us there is no specific rule to deal with the same, its change, adapt, change but most importantly be strong, be wise, be honest and above all be Kind…. this will pass soon
CEO & Founder,
Talk to your debtors, speak to your suppliers to give some payment leverage and then look at the cash reserves and cash flows, your investments (remember you have made it from this business) and other contingencies, break it for 6 months and plan your future expense, remember the lockdown also saves cost of high electric cost, phones+ internet, office tiffin, travel costs as most meetings we happen virtual, Rental cost (if on rent speak to the owner, ask them to pass some benefits) and only if it still requires salaries to stay afloat which as per me is the last resort, first start from your own salary, cut it by 50% (It’s a good gesture to show your team without even telling them anything and they will be prepared for what’s coming)
Communicate with all stakeholders. Staff, Clients, suppliers and financiers or banker should be a top priority for your business. Once you’ve established your approach, make use of your website, social media channels and company newsletter to get the message out. Inform staff of any new business processes as soon as possible and know the appropriate communication channels with management for queries and concerns, or who to notify when they fall ill, for example.
Remember the tough times are also for your customers, so back them with good support as they will always value you.
Work from Home
One should ensure that employees who are able to work from home do so. Businesses. Communicate clear, firm expectations and consequences upfront. Regular contact with your team is important for making the transition as smooth as possible – make use of tools like WebEx, Teamviewer, Zoom, Skype and Microsoft Teams.
Get rid of large inventories against cash discounts, technology chances rapidly. Minimise your inventory, make sure feed yourself hand to mouth (order back to back) and sit on cash
Make new plans, Marketing ideas, revisit OPEX & CAPEX – Remember next few months will be very challenging. update cashflow, make sure your recovery team is in constant tough with your debtors and ask them to give a firm payment plan. Work on accounts which offer better payments and margins.
Innovate and change
We are in ever changing environment hence we need to always innovate new mode of business, add new tools, have a business continuity plan to for your organisation but also be in touch with your suppliers, buyers constantly cause at times their change in mode of doing business may have serious impact on your business as well. Take your business online
Don’t lose hope. The current crisis will not persist indefinitely. Remember the golden words ‘When going gets tough, the tough gets going.’