“Jo dikhta hai wohi bikta hai,” is a saying in Hindi often used with a penchant in business circles. However, enter the Coronavirus, and things take a turn sharply. With the entire nation locked down, hardly any business is getting a chance to showcase their products in the markets.
This necessitates entrepreneurs to become adaptable and acceptable in:
· Conducting businesses in newer ways; and / or
· Exploring new lines of business (LoB)
Speaking of newer ways to conduct businesses, going digital is no longer an option for most businesses. This applies to any type of retail. Even kirana / groceries are being made available on digital platforms by your local vendors. Even post Covid-19 it would make sense to be an omnichannel player for merchants.
As far as exploring new LoBs, the current pandemic has taught us not to put all our eggs in a single basket. It makes sense to re-invent and start offering products / services which would remain evergreen no matter what.
For instance, retailers with huge store space can start offering essential items such as kirana, besides their usual products. Marketing could develop innovative ‘paired buying’ options therein to keep the current LoB viable too.
Likewise, several hotels / resorts have, or could, work out deals with the government to lend their premises as temporary quarantine centers during these tough times.
Local restaurants could offer doorstep delivery of groceries besides offering cooked food to their regular customers.
Apparel makers can take on the production of face masks to aid the regular mask-producing units.
The transportation industry could utilize its fleets to aid the movement of migrant workers to their native places rather than staying parked under the current lockdown.
There can be several such tweaks entrepreneurs can do to their existing businesses so as to remain viable during these challenging times. Search for newer ways to add value to the society and keep afloat is essential.
Such measures could also help curb forced attrition in companies. It is also a good time to test unexplored talent amongst your existing employees and to keep them motivated.
So, instead of bemoaning the current crises, start re-inventing and infusing new life in your businesses, folks!