"Survival must be the immediate short-term strategy"

In our last two articles, we had discussed 4 “C”’s to survive these challenging times. It should be remembered that survival must be the immediate short-term strategy with revival being the next medium & long term strategies. It is to survive in the short term that many of my mentees have successfully applied the 7 “C” model with good results.

Let me reiterate the first 4 “C” mentioned in previous two articles for benefit of all. Cash, costs, communication and focus on customers. It is all about conserving cash, looking at eliminating & reducing costs and communication to all stakeholders. Regards the fourth “C’ i.e. Customers, we reiterated that business owners should reach out to their existing customers to sell new products. We had also mentioned that it is important to reach out to customers whom we had lost over the years and re-establish relations. An alternative strategy as suggested by the great management consultant Ansoff would be to reach out to new customers with existing products.

This has been implemented successfully by my dear mentee Mr. Krishna Rana of Platinum Industries. During the lockdown period Mr. Rana and his sales team prepared a list of potential clients. Then Platinum Industries arranged industry specific seminars from an international renowned scientist in that field who spoke about latest developments in the field. This had a ripple effect. Not only were all potential customers made aware of the latest technological global innovations, it also helped establish Platinum Industries as a renowned brand. It was a master stroke by the Platinum sales team as it created a win- win situation for all. Also, in future, all customers including potential customers could connect with Platinum making it easier for the sales team to approach clients for potential sales.

Also, it needs to be remembered that the lock down was the best period to launch these seminars as one could get undivided attention of all business owners and key management involved in sales. We can definitely discuss more of such cases in the coming weeks.

I would like to attend this week’s article by mentioning that it is definitely challenging times for all. However please remember that running and growing a business needs three skills IQ (Intelligence Quotient), SQ (Social Quotient) and EQ (Emotional Quotient). This is the period where all the three will be tested. But a businessperson should always remember the following three business rules:

Rule NO 1: This TOO SHALL PASS.

Rule No 2: Running a Business is a journey with highs and lows. Enjoy the journey with happiness

Rule No 3: IF YOU SURVIVE THESE TOUGH TIMES, A BUSINESSPERSON IN FUTURE CAN LOOK BACK AT THIS CHALLENGING PERIOD WITH COMPLETE SATISFACTION TO SET AN EXAMPLE AND BE AN INSPIRATION FOR OTHER BUSINESS-PERSONS IN PRESENT AND FUTURE.

Next week we shall discuss the remaining “C”s. Till then please apply and let me know your feedback at anilrmenon1@gmail.com

(Dr. Anil R. Menon is a business coach and has a YouTube channel menonmantras where many videos are uploaded for benefit of business community and employees. Also, an Instagram page by the same name menonmantras where he posts important RBI guidelines and other useful notifications)

Read the article in Malayalam