In the last two articles, the four ‘C’s to survive these challenging times was written about. It should be remembered that survival must be the immediate short-term strategy with revival being the next medium and long-term strategies. It is to survive in the short term that many of my mentees have successfully applied the seven 'C’ model with good results.
Let me reiterate the first four ‘C’ mentioned in the previous two articles for the benefit of all — cash, costs, communication and focus on customers. It is all about conserving cash, looking at eliminating and reducing costs and communication to all stakeholders.
The fourth ‘C’ that is customers —business owners should reach out to their existing customers to sell new products. It is important to reach out to customers whom we had lost over the years and re-establish relations. An alternative strategy as suggested by the great management consultant Ansoff would be to reach out to new customers with existing products. This has been implemented by my dear mentee Krishna Rana of Platinum Industries. During the lockdown period, Rana and his sales team prepared a list of potential clients. Then Platinum Industries arranged industry-specific seminars from an internationally renowned scientist in that field who spoke about the latest developments in the field. This had a ripple effect. Not only all potential customers are made aware of the latest technological global innovations it also helped establish Platinum Industries as a renowned brand. It was a masterstroke by the Platinum sales team as it created a win-win situation for all. In future, all customers including potential customers could connect with Platinum making it easier for the sales team to approach clients for potential sales.
It needs to be remembered that the lockdown was the best period to launch these seminars as one could get the undivided attention of all business owners and key management involved in sales. We can discuss more such cases in the coming weeks.
I would like to attend this week’s article by mentioning that it is challenging times for all. However please remember that running and growing a business needs three skills — IQ (Intelligence Quotient), SQ (Social Quotient) and EQ (Emotional Quotient). This is the period where all three will be tested. But a business person should always remember the following three business rules :
Rule No 1: This too shall pass.
Rule No 2: Running a business is a journey with highs and lows. Enjoy the journey with happiness.
Rule No 3: If you survive these tough times, a businessperson in future can look back. At this challenging period, you can set an example and be an inspiration to other businesspersons (in the present and future).
Next week we shall discuss the remaining 'C's. Till then please apply the model and let me know your feedback at firstname.lastname@example.org .
Menon is a business coach and has a youtube channel menonmantras where videos are uploaded for the benefit of the business community and employees.