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.
Panelist shared the following key points:
- Never put all your eggs in one basket: Companies having diversified businesses did earn brownie points. With the product of other divisions selling more, thus maintaining the overall number of Sales in India.
- Keep your business flexible: Existing product lines were used to make other products which created more flexibility and agility in our production processes. Thus it created a new market for products that don’t even exist.
- Strategize on your Go-to-market: One has to find innovative ways as to how to reach their consumer. Digitalization has opened up a whole new gambit of servicing consumers.
- Having the right kind of advocacy: Advocating with the governments would help in a more pragmatic way of rebounding the economy back to its original. This was done through government policies, forming public-private partnerships, reaching out to investors as well as customers.
- Be more empathetic: These unprecedented times have taken a toll on the mental health of employees with fear of losing their jobs. Assure them that they are part of that one big family b conducting online meets, quizzes, and games.
- Optimize your product: Optimizing the product as per the market requirement. Focusing on the consumer need is what helped the manufacturers to keep up with a decent Sales in India.
- Catalyst to drive digitalization in the economy: In today’s world digitalization is a must. Digital platforms helps to bridge the gap created due to the lockdown. Meeting customers physically was not possible, yet everybody remain connected via efficient digital platforms.
- Focus on employee attrition rate: Dedicated and motivated employees are the success pillars of any organization. It is important to keep them involved at every stage of business and make them accountable for their work.
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.