The pandemic has influenced foreign firms to shift operations out of China. India must improvise the domestic business environment.
COVID 19 has created a global impact on the economy and changed the parameters of the business across the globe. Now, looking at that people are preempting China to be behind the corona out-break.
The COVID-19 pandemic has influenced many business houses to shift operations from China to other Asian countries. This is the opportunity when India can improvise its domestic business environment and infrastructural development to grasp and handhold the business coming from different countries and making India a business hub amidst COVID era.
Along with the severe health and humane crisis caused by the coronavirus, professionals round the world face enormous business challenges: the fall in customer demand, regulatory modifications, supply chain interruptions, unemployment, recession, and increased uncertainty which will lead to the economic disaster. The world economy will take a lot of time to recover and overcome just like the health and humane crisis. Unscripted responses won’t work, organizations must lay the groundwork for his or her recoveries now.
According to the well known management theory scientist Henry Mintzberg of Harvard University, we’d like to adapt his framework to propose our own 5 ways: Position, Plan, Perspective, Projects, and Preparedness. The subsequent questions can guide us as we work to recover from this crisis.
1. COVID impact: Organisational Positioning
To make smart strategic decisions, we must understand our organization’s position in today’s environment: Our market positioning, our business role, our competitors, our revivals, and our emergence as a market leader with fresh and innovative business ideas.
While during discussions with competitors many are questioning their success probabilities post-pandemic, including those within the tourism, hospitality, and event management & advertising industries. We also hear of firms accelerating their growth because their value propositions are in high demand; think about central office equipment, internet-enabled social media-based communication, and home delivery services. Due to such factors, a number of people will step out and firms will differ in their capacity to recover quickly from difficulties. We should always take steps now to map our probable position and look for new business avenues when the pandemic eases.
2. Plan: to roll back to routine
A plan is a course of action pointing to the position we hope to achieve. It should explain what we’d like to do today to achieve our objectives tomorrow. Within the current context, the question is what we must do to urge through the crisis and return to business when it ends.
The lack of inspiration only intensifies disorientation in an already confusing situation. When drawing up the steps we will take, think broadly and deeply, and take an extended view.
3. Economic perspective: an identity change
Perspective is the way you see something. If you think that e-learning through digital platforms corrupts children’s minds, then from your perspective an online class is an evil place. Perspective means the way a corporation sees the issues at micro and macro levels. Altogether likelihood, our culture, and identity will change as a result of the pandemic. A crisis can bring people together and facilitate a collective spirit of endurance — but it may also push people apart, with individuals distrusting each other and predominantly taking care of themselves. It’s crucial to observe how our perspective might evolve. How prepared was our organization culturally to cater to the crisis? Will the continuing situation bring our employees together or drive them apart? Will they see the organization differently when this can be over? Our answers will inform what you’ll be able to achieve when the pandemic ends. Example: many of the organization has taken a decision of cutting the salaries of their employees to share the burden of losses to them whereas at the same time Asian paints have incentivized their employees by giving extra salary to motivate them. So this is the only matter of perspective that how an organization perceives the situation for their own betterment.
4. New Projects: prioritise to initiate, run, and coordinate
The answers to the questions above should point us to a group of projects for tackling our covid-related problems. The challenge is to prioritise and coordinate initiatives that may future-proof the organization. Watch out for starting numerous projects that each one depends upon the identical critical resources, which could be specific individuals, like top managers, or specific departments, such as IT. With too many new initiatives, we could find yourself with a war over resources that delays or derails the strategic response. As we all understand the importance of digital revolution these days, as loads of webinars are conducted daily by different organizations to earn the bread which is a brainchild of Corona, as we never thought to move from seminar to webinar, but now we accept. Same way, we can now plan to create events to provide all domestic and international buyers as a platform to cross-sell the ideas and products through digital platforms and place the orders by visiting them virtually.
5. Economic Preparedness: to move our plans and projects
Finally, we’d like to assess our organization’s preparedness. Are we ready and ready to fulfill the projects we’ve outlined, particularly if much of our organization has shifted to remote work? We see major differences in the preparedness of corporates and their individuals, different teams at national levels.
The resources at hand, together with the speed and quality of decision-making processes, vary greatly, and also the differences will determine who achieves and who falls wanting success.
We have created a 5 prongs strategic question. It can help us plot our current and future moves for the betterment of the organization and set goals. Bear in mind that buyers will remember how you reacted during the crisis. Raising prices during a shortage, for instance, could have a big effect on our customer relationships going forward. The COVID-19 has had unprecedented impacts on the planet — and also the worst is yet to return. Companies must act today if they’re to recuperate within the future. Doing so will help the planet as an entire to recover — and, we hope, become more resilient within the process.
Inputs by Saurabh Sharma, Director, Onpoint
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