Business Coach Vivek Bindra on How To Save Jobs Amid Lockdown
In a chat with The Quint, Business Coach Dr Vivek Bindra explains how small businesses can save jobs amid lockdown.
Small and medium businesses, shopkeepers are worst hit by the nationwide lockdown. With hardly any customers, the businesses have come to a standstill. In an exclusive chat with The Quint's Editorial Director Sanjay Pugalia, Business Coach Dr Vivek Bindra advises on how small and medium businesses can save their firms and jobs amid the ongoing nationwide lockdown.
“This is no time to be upset or wait for situation to get better. One must keep in mind all possible scenarios and prepare for the worst.”Dr Vivek Bindra, Business Coach
What To Do If Resources Are Getting Exhausted?
The biggest problem being faced by all businesses is working capital getting exhausted. Firms are unsure of how to pay salaries of employees. According to Bindra, neither the banks, nor private investors will be of much help. In such a situation, Bindra recommends that:
- If you are able to sell and you have working capital that will last for two years, then don’t worry.
- If you are able to sell and you have working capital that will last for one year, then don’t worry either.
- If you have working capital that will last for 6 months, then you must worry a little.
- If you have working capital that will last for 3 months, then plan cost cuttings and change business model.
- If you don’t have any money and you are unable to sell, then there was a problem with the business model in the first place and you need to re-think on it.
How to Save Your Business?
- If you run a rented shop, seek help from the owner,
- Plan on cutting costs.
What To Do During Lockdown So That There is Prospect Post-Lockdown?
- Be more tech-savvy
- Change the method of sales – Sales Must be ROI-based
- Instead of newspaper and TV ads, invest in partnership-based digital ads
- Train your workforce to be able to reach a larger target group
- Use the lockdown period to up your products
- Invest in better services to retain existing customers
- Ask your loyal customers to rate you, spread the word about your business
- Indulge in policy-based partnerships – like that of Pizza Hut and Pepsi
- Try reaching out to customers, say through webinars
- Invest in unique schemes or policies for customers
How to Save Jobs?
Millions of jobs are at risk, teams are getting leaner. So, one must learn to adapt to the current crisis. One person might have to do the work of five people. COVID-19 is going to stay around and those who can adapt to the crisis will flourish.
Employees need to understand that when the company does not have money, how will it pay salaries. But management has to play a big role to save companies and jobs. Adaptability and innovation are key to success.
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.