ON PRESENT SCENARIO: At present many things are just a matter of guess. People and their requirement will not change suddenly; there will be its phases. This is not a technological disruption. In engineering we were using slide rule when there was no calculator, suddenly the slide rule era evaporated. That was technological but this is ecological disruption. The industries products can be delayed in uses, but innovativeness on how a laminate can be made to immediate use will work, so we have to continuously interact with the changing situation keeping certain basic fundamental for conducting business without getting confused and react proactively. Act with deliberation and observation, as businesses is never a rush working. Sometime people get confused between speculation and risk-taking ability. These are different, in risk-taking ability you calculate and then take a risk, but speculation is bad.
BUSINESS, CRISIS, AND ETHICS: My understanding to conducting business is to fix our value or dharma for the business. Everybody is under constrained situation now. There is stress, so first of all, any businessman should have control in cash flow. Suppose, as per norm, I was to pay in 30 days, today the situation is such I may not be able to pay in 30 days, then I should have that much of understanding with suppliers so that they are conveyed about payment to happen in 60 days. Once I say 60 days then I must honour my words. Business is like a flywheel, if it is moving, it requires less energy but if it stops it requires more energy to get started. The entire fraternity of surfacing people/channel have to get together to create an atmosphere of trust. Let us be more prudent and get back to the business the way it should be done. Being conservative means you can sustain bad times, so an atmosphere of trust should be built like what I say I mean, and what I mean, I follow. The trust, ‘SHAHUKARI’ and Conservative approach are interlinked so you have to take care of all that. If you had been a good SME or have observed a formal operation of business and maintained your books well, this is the time that will help you, because you may get better support from banks and your business community.
RESOURCE MANAGEMENT :Effectiveness to efficiency will have to be observed. It is a habit to keep huge stocks and inventory. But, the moment you want to become efficient you need resources and without it you are not effective. This is the paradigm shift for all, even a small businessman. Proper resource management is the key to run your business efficiently. Any change is difficult, but we have to face it. The moment you want to be efficient, you need technology and technology cannot be enabled without transparency.
MESSAGE FOR THE INDUSTRY: In the business one should not think like “morning apply, and evening reply.” It takes time and need continuity because a business becomes an institution when it passes from one generation to another generation. The knowledge, understanding and all acumen passes from one to another and then comes stability and efficiency. So, my humble suggestion to everyone in this trade is to look for long term. Many things will become natural and logical the moment you begin to think for long term