Monthly Archives: June 2020

Small steps that India is taking towards Atmanirbhar Bharat

Aatmanirbhar Bharat

The year 2020 will be etched onto the human minds for generations to come. This year will be remembered because of a single microorganism that wreaked havoc in the entire world and brought it to its knees. The coronavirus or the COVID-19 virus not only took the lives of millions across the world but also brought the economy to a halt. Drastic measures were taken by countries across the globe and economic packages were issued to bring the economy back on track and India was no exception to it.

Atmanirbhar Bharat 1

On May 12th, 2020, Prime Minister Narendra Modi urged the citizens of India to concentrate on making the country “Atmanirbhar” or self-reliant. The idea of Atmanirbhar Bharat will not only focus on reviving the Indian economy post this pandemic but will also set the base for India’s domination in the world economy in the 21st century.

Atmanirbhar Bharat 2

During all these years, the idea of the “Make In India” initiative was never underlined as strongly as it is being done in the current coronavirus crisis. What led to this sudden change in mentality? The COVID-19 virus originated in China as it reported the first case of the COVID-19 virus in December 2019 after which it slowly started spreading in the entire world. Fast forward to six months later, the Chinese economy is almost back to normalcy while the world is still struggling with the pandemic. This made the world think if China can do it, why not us?

One of the benefits that China had earlier was that many reputed multinational companies had their manufacturing units located in this country. However, the global pandemic made them realize that it is time to move their setup from the Chinese market and settle somewhere else where there are resources to rebuild their empire. India is a country that can make this possible for those companies.

India can definitely create an ecosystem that can woo companies leaving China. India has the manpower and resources required for businesses to thrive and embark on the path of progress. Atmanirbhar Bharat focuses on creating job opportunities for the people of India and inviting global companies to set their base in the country. Promoting local vendors and businesses, educating them, and providing proper skillset to the workers are also some of the key areas the government is looking into in order to ensure the success of this campaign.

The Indian retail sector has already made its mark on the global economy and has proved its potential every time. E-commerce portals like Amazon and Flipkart are already flourishing in the Indian market as the local vendors are ready to grab every opportunity that comes their way. The Atmanirbhar Bharat Abhiyaan is aimed at strengthening these local industries that have taken a hit in the global pandemic and get them running like before.

In accordance with this Abhiyaan, the state of Gujarat has pledged to give guarantee-free loans of Rs 1 Lakh at 2% annual interest to the weaker sections of the society and small vendors to empower them in this crisis. Even the youth of the country are creating social media campaigns that promote the idea of “Self-Reliant India” and are urging other youngsters to stop using products made in other countries.

With the above said, it is but obvious that the digital marketing sector is witnessing noteworthy amounts of change too. Website designing is getting more demand as Indian companies look forward to considerable growth. Online selling, both independent and through online marketplaces, is going to be a norm for industries even in the SME sections.

The most important change has been noted in the tendency of online shoppers as they enquire about the manufacturing centres and confirm the “make in India” tag of the products they choose to buy from online marketplaces. Online shoppers have started promoting products made in India by writing reviews about them and referring those products to their friends and relatives. This step is very significant because it is the customer who forms the base of the market and economy. The customer is King and his opinion matters most. When customers shift their priorities to Indian manufacturers, it is evident that the industry will also have to shift. Following the same, it is not surprising that Indian smartphone companies like Lava, Xolo, Micromax, etc have started making smartphones with top-notch features and are selling them at affordable prices to attract the modern crowd.

Atmanirbhar Bharat 3

An eye-opener for the Indians came when the central government was in desperate need of funds to tackle the coronavirus crisis and no foreign company came forward to assist the country. It was the Tata group that pledged Rs 1500 crore, Wipro pledged Rs 1125 crore and Mahindra & Mahindra offered to use its manufacturing units to make ventilators. Such generous donations from these Indian companies made people realize that you cannot rely on foreign companies in times of need. This made them understand that buying a vehicle from Tata rather than Mercedes in the future will not only empower the company but also the country.

Self-sustainable India is the need of the hour. Gone are the days when India used to depend on other nations for its needs. This global COVID-19 crisis has changed the mentality of the Indian people and they have understood the importance of a self-reliant nation. If India does not deviate from the ideology of Atmanirbharta, then there is no force in this world that can stop it from becoming a global power in the years to come.

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How To Rebuild Your Business After The Pandemic

How To Rebuild Your Business After The Pandemic

The year 2020 has proven to be a difficult year so far for businesses around the world due to the outburst of the global pandemic. Manufacturing units are shut down, supply chains are disrupted and companies are facing labor shortages due to the imposition of lockdown by their respective governments. All these factors have culminated in the disruption of global trade that has brought the world’s economy to a standstill.

Coronavirus impact on businessCoronavirus impact on business

As you can see from the graph given above, the GDP of countries across the world has been affected negatively due to this pandemic. Millions of individuals have lost their jobs as most of the businesses are on the verge of shutting down permanently. So, does this global economic downfall mean that your business cannot get back to its former glory post this pandemic? The answer is yes, it can.

Businesses in China, the country where this pandemic originated are slowly springing back to life. Most of the businesses in this country have started their operations already, though with strict safety measures in place. The world needs to develop similar recovery strategies that would slowly put the economy back on its feet and ready to move upwards on the graph once more.

Stabilizing your business after this pandemic is going to be a tough task, but it is not impossible. You just need to improvise your business strategies and redesign them to meet the requirements of the current market. You need to have a recovery plan that can put your business back on track once this crisis subsides.

Following is a list of few steps that you can take to restart your business after this pandemic:

1. Identify the Damage done to Your Business: Every business, big or small, has been affected due to this pandemic. You need to minutely study every aspect of your business and determine the area which has taken the most hit. For example, if your production unit is doing fine but your supply chain is hampered due to the lockdown, you need to concentrate your efforts in that area.

No business can flourish without a smooth cash flow which is the reason you need to identify the economic damage done to your business. If the damage is too high, do not hesitate to ask for funding from different sources to jump-start your business. Many governments have already offered economic packages to help rebuild the SMEs. Take help from wherever possible but just make sure that the influx of money is not hampered.

Identify the damage done to your business

2. Learn to Adjust to the New Way of Working: Lockdown has confined people to their homes which have forced companies to allow their employees to work remotely. Surprisingly, this model has proven to be cost-effective for many companies and they are planning on sticking to it even after the pandemic.

As a business owner, you must come up with new ways to make remote working engaging as well as productive. Also, never fail to address your employees’ concerns as they need to feel connected to their company. Remember, your employee is an integral part of your business and a business can only prosper if they are happy.

3. Develop new Business Strategies: This pandemic has changed the market in many ways which means that your previous business plans won’t bear fruit in this current situation. Take your time and restructure your strategies so as to meet the changing demands of the current market.

As a business owner, you will need to find out what problems your customers are facing right now and how well you can address them. For example, since restaurants are closed due to the nationwide lockdowns, restaurant owners have started doorstep deliveries and takeaways with amazing discounts to keep their businesses running amidst this crisis.

Develop new business strategies

4. Concentrate on Selling Your Products Online: Since the coronavirus has limited the public movement, it is wise to concentrate your efforts on selling your products online rather than through the physical market. Redesign your marketing strategies in such a way that they will help to regain the customer’s trust in your brand once more.

If you have a website, ensure that it is free of flaws and functions smoothly. Create innovative content and post it regularly on your website so that the customers will be aware of the steps you are taking to stay afloat in this crisis. Let them know that you are taking all the necessary safety measures at your manufacturing facilities and even during product deliveries to ensure a safe environment. This will help the customers keep their faith in you which will, in turn, boost your sales.

5. Prepare a Contingency Plan for the Future: At this stage, you would have understood how important it is to have a backup plan to tackle such emergencies. The COVID-19 pandemic has taught the world economy a lesson that it needs to be prepared for such scenarios because this kind of a worldwide disruption is not going to be the last one.

There are a lot of steps that you can take to ensure that your business does not get affected due to such global threats. For example, you can find ways to cut operating costs without disrupting your work culture to increase your profits. You can even focus on strengthening your liquid cash savings to ensure smooth cash flow in the midst of such an outbreak in the future. The crux is to learn from the current scenario and have a contingency plan to keep your business running.

Prepare a contingency plan for the future

To be frank, this situation is new to everyone in this world. We cannot comprehend how well the economy will bounce back after this pandemic but we do know that we have the determination and the skill to bring our businesses back to normal. All we need to do is give our 100 percent to our business and take every step required to get our sales charts on the upper side of the graph once again.

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