In periods of unprecedented uncertainty ( like we are experiencing now), businesses are often at a loss on how to tackle the market. This results, very often, in knee jerk reactions, short sighted decisions and a spray gun approach to business acquisition.
Here, I would like to quote what I have heard Mr Narayana Murthy say ( and practice) many times- deal with what is within your control, and do not lose sleep over what is not. So, if we look at today’s situation, it is anybody’s guess as to whether we have seen the worst of it yet. And, there really is no point in speculating over this – but, this topic is what dominates conversations and occupies space in our head.
Instead, now is the time to look at streamlining operations, putting in place long term measures to tighten processes ( rather than just instituting short term cost cutting programs), and building capabilities. Likewise, now is the time to build deeper relationships with customers, demonstrate in as many ways as you can that you will stand by them in tough times, and sharpen your market focus and invest smartly in marketing.
Simple as it may seem, doing this is not all that straight forward. It requires tremedous discipline and commitment to keep your focus on what is within your control and not fall prey to the distractions around you.
This has been our own experience at Prayag, as well as with some of our clients, who have been discerning enough to stay with initiatives that they believe will give them returns in the long run.