No one knows when the pandemic will end and economy will return to normal. History shows that billionaires have found ways to get wealthier in recessions. Here’s some wisdom.
1. Layoffs Will Not Do Any Good
- Most of the organizations' laid-off employees in big numbers during the lockdown, despite PM Shri Narendra Modi urging businesses to not do the same. Top business experts claim that layoffs will not do any good. Experts urge you to believe in your team in tough times. As Sir Ratan Tata said, “companies need to react in the right way for the people who serve and work with them.” As an organization, you need to stand together and fight it out as one. This will help you tackle the situation better, with better results. Mr. Tata backs this philosophy completely. “We need to unite to find solutions and put an end to this crisis,” he added.
2. Motivate & Create Empathy
- Work towards building empathy and make it a comfortable environment for your employees. Motivate the staff to keep their spirits high during the epidemic. Send out motivational emails. Thank employees for working hard through a difficult time and promote a sense of togetherness and care to keep things running smoothly. As per Mr. Tata, empathetic relationships will eventually translate into much more loyalty – and therefore, better results, productivity and profits.
3. Make Smart Decisions
- Make decisions that can positively impact the employees, the customers, stakeholders, and the organization as a whole. In fact, experts like Amazon founder Mr. Jeff Bezos urges leaders to make good decisions quickly. Reject the hierarchical model that works in normal times, and instead involve an open box model to encourage different views and debate. This approach can lead to smarter decisions without sacrificing speed.
4. Look to Innovate
- Do not assume that what worked for a company in the past will continue to work in the future. Experts like Jeff Bezos urges you to look at strong trends outside the company, as it will propel a company's growth. As per Mr. Tata, a business leader should stay connected to youngsters. It will help you know the pulse of the youth today, which makes for meaty stakeholders for any business. In these trying times, businesses must learn to adapt to changing condition. The famous Shark Tank investor Mr. Bezos says "times and needs are constantly changing; businesses will have to be agile.” By highlighting how some factories in the world had now become mask and glove manufacturers to suit the current needs, Mr. Bezos urges you to be ready for any kind of change.
While it may be difficult to compete during the pandemic, you can try focusing on your customers' evolving needs. You can gather feedback from your customers to determine whether or not the change is working in your case. If your customers don’t agree with it, consider finding a different idea. If your customers love what you’ve done… Great! Brainstorm and create a list of ideas that you think may work; get feedback; and build to fix what doesn't.
Finally, remember that throughout history, billionaires were able to build their empires after a recession. So, ensure you follow the business strategies that will have a greater chance of booming after the coronavirus pandemic. It will not only help you, dodge the threats presented by COVID-19, but will also help you capture the right growth opportunities.