Indore: Yatish Kumar Mathur, Former Vice President, Force Motors, Pithampur said that continuous scanning of business horizons for abnormalities can lead to identification of crisis.
Mathur was addressing an online session organized by Indore Management Association on Wednesday. The session featured a discussion on the topic crisis management. Mathur is a Manufacturing Professional with 36 years of experience, with a degree from IIT Kanpur. Of these 32 years, he has spent in the Automobile field, which is one of the major drivers of Indian Economy today.
Addressing the session Mathur said business entities exist in an environment where “change” is the only constant. Changes can come from any number of diverse sources like social, economic, environmental, policy etc. For some type of changes, the entrepreneur has already thought about and considered them into his business strategies. But there are times when changes come all of a sudden and have a potentially high impact…what we call as a crisis situation.
A crisis situation develops in a business when it is no longer possible to do “business as usual”. This can happen for any of the reasons mentioned above. Hence it is important that businesses are able to manage these situations well, so that they not only survive but thrive. This puts a requirement on the managers of the businesses to work out solutions for managing the crisis. Many small businesses do not have the luxury of having a big management team which can analyse the situation and come out with suggestions.
This makes it imperative that we think of solutions which are feasible for small businesses also, and can be implemented easily. Mathur said for each scenario, carry out a SWOT analysis of the organisation to understand how you can manage it-make specific mitigations plans.