Abnormal is the new normal
Just a month ago, Corona, for most of us was a beer brand and a Toyota car model. Not in our wildest dreams could we have imagined the significance and fear this word would create in such a short course of time, the word has a totally different connotation as of today and will be remembered in the same sense for generations to come. What the world is experiencing since the past month is something which no leader, intellectual, astrologer, seer or economist had envisaged, let alone predicted.
Though, now with the pandemic striking the globe shut and reality slowly descending on the populace that this is not going away anytime soon, anybody and everybody worth their pinch of salt is jumping in with their assessment of the situation and what we should be prepared for in the coming future.
To be pragmatic, just like we had faltered in assessing the profound severity of the spread of Covid-19, it is rather difficult to anticipate how the situation would actually pan out once the Govt. begins to open up the lockdown. At best one can make a hazardous guess!
Having said that, we still need to plan, we have to hope for the best but also prepare for the worst, we have to think how we will go about life once the lockdown is lifted. Amidst all this planning, one thing is certain; abnormal is going to be the new normal. The world as we knew will be relegated to the recesses of memory for some time at least. Wearing masks, using sanitizers several times a day, maintaining social distancing, washing our hands, are bound to be the new normal. And, of course, so will be the way we conduct business and go about our work.
What happens to the economy is difficult to predict, but some things are certain, and it’s best that we begin to plan for these certainties.
Primary among them should be to explore maximum possible work-related activities that can be digitised. Our aim should be to minimize physical interaction for a minimum of 6 months to a year and even then, we should be prepared for things to not go back to the pre- Covid-19 days.
Since we live in the Digital age, we should make the most of it in the current scenario, as it can be our best go-to benefactor in most situations. We need to get used to discussing purchase/sales etc. over video calls.
Hold virtual meeting to discuss strategy and plans via video conferencing apps, we are spoilt for choice there as well, we have Google meet, MS Team, Whatsapp, Skype etc. just to name a few. This not only saves time, but also reduces our carbon footprint as we can participate from any location and not consume fuel in travelling.
To show solidarity and support for each other, it would be an admirable gesture on the part of the customer to offer pick up and drop facilities for engineers visiting their site to service their machines, this act would be hugely appreciated.
It would be prudent for colleagues who cannot avoid commute and constantly need to be on the field, to invest in a personal vehicle at this juncture, since public transport would neither be advisable nor safe to move around the city in.
The trend of digital payment started during demonitisation will need to be further exploited; more and more people should be encouraged to opt for UPI payments or online transfer of funds. This again helps in reducing visits to bank branches as most banks provide all facilities under the umbrella of net banking.
It will be imperative that Banks chalk out a working capital arrangement for capital starved Companies, especially the ones which qualify under MSME as, “business on credit” will be the biggest expected casualty post Covid-19.
Besides going digital, we shall have to seriously rethink the way we have been going about acquiring business. Low margin operations, traders relying on turnover rather than the bottom line shall no longer be able to sustain. Our cost of operations are expected to go up drastically owing to increase in capex cost, manpower cost and cost of daily operations. If we continue to operate at pre-Covid-19 margins, we shall close down sooner than later.
These are not times to conduct business with the attitude of squeezing the most out of an organisation, which unfortunately has been the working principle of a large number of family oriented businesses in the country. It is a time to help and support each other and work for win-win situations, where each party can earn their respective dues, a time for fair business practices where service is rewarded with profit.
Nature is balancing itself and the wisest thing to do would be to move in sync with it and balance ourselves and the way we inhabit the planet.
Let’s work together to rebuild our great nation as only collectively can we realize the dream of making India shine!
Written by Sunil Newatia & Pallu Newatia
