The economies across the globe are facing the world’s biggest pandemic and going through a tough phase.
India is not an exception. Most of the industry sectors are severely hit due to the impact of COVID-19. Going by the statistics and the survey report of CIO India, Sales in India is most affected due to the coronavirus. While on one hand, few enterprises are trying hard to remain unabated as the pandemic in India takes its toll. There are other enterprises that have managed to return to 80% sales in India at the previous year’s level despite COVID-19. Yes, you read it right!
The discussion started with how COVID has impacted the demand for various products in the economy.
For instance, the makers of thermal detection and thermal cameras were grappling with soaring demands. “Optimizing the product as per the market requirement and focusing on the consumer need” is what helped the leading sensor manufacturers to keep up with a decent Sales in India.
Rethinking Budget Forecasting in order to maintain Sales in India:
The capital equipment industry benefitted from the launch of Bharat stage- VI (BS-VI) norms by the government which was launched on 1st April 2020. The discussion was furthered with whether the companies were required to rethink their budget forecasting for the pandemic period. All the panellists believed that while mapping out their way forward, companies had to readjust their expenses so that the bottom-line remains the same. The worst-hit were the automotive industry which saw zero Sales in India in April. The leadership had to step in, to boost the morale of the employees during these difficult times. Executives are taking salary cuts so that the ground-level staff doesn’t have to suffer.
All of the above discussion led to a point as to what defines a successful company during this pandemic time.
COVID has impacted all industries with varying degrees of severity. A two-month lockdown won’t make a company go bankrupt. Time is definitely a massive challenge to deal with, a lot many companies are turning this massive challenge into a meaningful way of doing business. Businesses are slowly and gradually reaching the other side of this pandemic with Sales in India achieving the budgeted figures. All of this will be important to establish long term strategies for developing greater resilience towards such uncertainties.
The above-mentioned key- takeaways from the webinar and hope that will help companies for meeting your target for Sales in India for 2021 and years ahead.