Recently at Indiattitude we concluded an International meeting for our client with large number of participants from close to 40 countries.
Yes, amidst the fears prevailing around our industry for COVID-19, while most meeting organizers were contemplating postponement or cancellations, our client showed us, the power of resilience to external factors, by taking measures within our control and ensure, that we have a safe meeting.
With quick checks at the entrance for symptoms (fever), onsite medical assistance at the help desk, hand Sanitizers on the registration desks, masks for the staff interacting with participants, we were able to conduct this large meeting in the safe zone.
Since then we have received postponement of most conferences and resultant deferment of business opportunities and resultant revenues.
The question that comes to my mind is how long will it last and what can we do for our business?
Taking a cue from the above, we have started focusing on what can we do as a team and some of the insights which may help everyone in the industry:
- Taking stock of all costs, which can be cut or reduced immediately. Once you sit down and start reviewing, you do find a lot of cost heads, which are unnecessary or can be avoided immediately.
- We have been a six days working organization. This was an apt moment to introduce Saturday offs with the reduced payable days option to reduce cash flows.
- We are renegotiating some of our larger long-term vendor contracts and expect to get some savings on costs.
- Inventory of old equipment was evaluated and we got ideas to get some cash by selling the collated unused gadgets which may be less but adds to the cash.
- Revenue opportunities from the main line of business may have dried up temporarily but it has made us think of innovative ideas to manage short-term revenues. One of them being breaking down the whole range of services in smaller services which still can be sold independently and many more.
Once you sit down with your team, the whole world of ideas open up and there is so much you can do with in your control which will help you pass these difficult times with resilience.
Should you wish to know more about what you can do to protect your business, you may want to attend our FREE webinar on 1st April 2020, conducted by TenX Growth workshops and register for free at https://bit.ly/3agVB4B
Hope this helps.
Let’s remember “This too shall Pass”
Author: Mr. Amit Saroj