SS Mundra, former Deputy Governor of RBI has said that in order to revive the businesses in the post COVID-19 era, the businessmen should calmly devise short, medium and long term strategies. They should preserve the cash and expenses must be postponed especially Capital expenditures. However, they must add value in their businesses, products and services.
Veteran banker Mundra gave these mantras to businessmen while addressing a webinar on Friday. It was organised by Indore Management Association organized under its series ‘Unfolding Secrets: THE IMA Way on the topic “Corona Impact – Some Unlearning Some Learning.
Mundra started the session by stating that; Globe has been reduced to a village, there is no distance now where there is no movement of people, place & goods. He said that along with hands clean, do your business with cleanliness. Be at home, don’t venture unnecessarily. Learn to live with your mains. Leverage for your business is good but over leveraging will destroy it. He called upon businessmen that don’t hide any losses or any symptoms from stockholders, shareholders, especially in MSME sector.
Mundra said that manufacturers should think about import substitution rather than export. The government can rescue all the sectors. Because it is a realistic approach. The Supply chain function with great efficiency.
-Decide to continue or not with the entity. If yes, then with a solo businessman or with the competitors. To chalk out the alliances possibility to continue the business.
-Activities required resuming the business.
-Decision regarding the workforce. Whether to retain them with a lesser remuneration for some time then will resume the same.
-Automation will increase. But try to give value-added services to the customers.
-Work from home will not be as normal as we find it in this lockdown period as it is a forced condition to work from home but as the things get resumed, it won’t be easy for everyone to work from home.