6 Effective Strategies to Navigate Businesses During Tough Times

Thoughts of Entrepreneur participants are their own.

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

When the Covid-19 pandemic hit, it had a significant impact on labor markets, economies and businesses, including global supply chains, leading to business disruptions across the globe. of the world. But the pandemic is just the first of many waves that will hit the industry in the next few years.

Also Read :  Harvey Weinstein: Los Angeles jury deadlocks on factors that could have increased his sentence



(Online) Sabeer Bhatia, Co-Founder, Hotmail & ShowReel, (LR) Akshay Chaturvedi, Founder & CEO, Leverage Edu, Harsimarbir Singh, Co-Founder, Pristyn Care, Hari Krishnan Nair, Co-Founder, Great Learning, Ishpreet Singh Gandhi, founder and MD, Stride Ventu

So, the big question is: Is a challenge like the Covid-19 pandemic the biggest threat or the biggest opportunity? Where should companies look? Can they future proof their growth? Entrepreneur India caught up with some entrepreneurs and investors who shared their strategies to navigate businesses during such times.

HAVING PROBLEM KNOWLEDGE
According to Sabeer Bhatia, Silicon Valley entrepreneur and co-founder of Hotmail and ShowReel, there is no way to future proof your growth but to have the attitude to solve problems as they come “You never know as an entrepreneur, what you will face.
All business is a form of problem solving. You need to stop and think about what can be done to avoid the problem. I don’t think there’s any way to future proof your growth or your business because the cycles that happen sometimes are completely unpredictable,” says Bhatia, who has seen various growth cycles as an entrepreneur.

Showcase LIFE
In times of crisis like a pandemic, showing resilience is key. Deepak Sahni, Founder and CEO of Healthians Healthians can’t remember having more than one day off in March when the pandemic started, and they had to figure out how to scale up. “Diagnosis is key for Covid. We had to serve many people at home. During the first week, all e-commerce companies had to go to the government office to open the pump. Or we are even an essential service, the first notification does not mean diagnostics at all as an essential service. They were talking about health.” Sahni said that the explanation took a week. “Most of our employees have carried on, despite all the difficulties,” Sahni said.

Align and stick to your core Mission
Adaptability is another key for businesses to sustain themselves in difficult times. Hari Krishnan Nair, co-founder, Great learning, an ed-tech company, recalls, “We had different challenges during the pandemic. Learning can happen at home and Covid has proven that. But for the main learning is a different model. During the epidemic our company lost almost 50%. This was a challenge for us. So we decided to adapt and put a different learning model for students in the classroom in ‘through live virtual classes. And learning has become as effective as ever.”

innovation
The innovation was followed by some companies during the difficult times of Covid-19. Akshay Chaturvedi, Founder and CEO of Leverage Edu said, “When everything shut down, including travel, our business suffered a lot. What worked for us at that time went out with our services. We are new as Student Seva Boat to help every student.” And the reform strategy paid off. The number of students increased from 100 students per month to 3500 students per month.

COMMUNICATE
Business is about sprinting and communication is the key. This is how Harsimarbir Singh, co-founder, Pristyn Care feels. “Communicating what you believe in, to the content writers, to the whole team, to the customers, and back to the basics is what keeps the business alive. Align what you stand for. With the information on the our hands, the way we go out and our simple execution. things are important.”

Be FIRST
Ishpreet Singh Gandhi, founder and MD, Stride Ventures said. “One common characteristic that is sacred in all companies is the element of product innovation, excellence, leadership from the front. The larger theme remains, but if that core team is standing and firing all this start-up and gives many bullets to follow, is This culture distinguishes some of the good companies from average companies.

Source

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button