India as a country is experiencing a troublesome time because of CoronaVirus. Our entire nation is under lockdown since 25th March 2020, it is said that a significant number of the Indian organizations are battling with dazzle vulnerability about their future.
Dr. Ashwin Bonde, Director Investments, Generina, feel that companies need to focus on employee engagement during this pandemic.
The Gross Domestic Product information demonstrated a plunge to 3.1% in Jan-March. It indicated that India's economy developed at its slowest pace over the most recent two years in the March quarter since the pandemic debilitated the previously declining private speculation and purchaser request. The changed Gross Domestic Product (GDP) assesses a downward fall for India by 0.2% for 2020 to 4.8% and by 0.5% for the financial year 2021 to 6%, since the lockdown has caused a serious hit on a few parts, for example, accommodation, MSME, common flight, farming, and united division.
Do not pressurize your employees
This calamity has definitely put every business in a tough spot. Other than a usual reallocation of finances, Dr. Ashwin advises companies to focus on employee engagement and to use this time to do more of brainstorming on how to plan ahead like what could be some unexplored segments to cater to or is there any opportunity they can capture in this adversity.
“Keeping employees engaged is important because everybody is worried and tense about what lies ahead, managing work from home with lifestyle and family is even tougher. So it is important that they don't push employees more, rather do the opposite and keep the environment light,” he says.
Test for all startups
Many great companies have emerged from slowdown times. It is going to be a test for all, but startups can look at this situation from a different lens since it's an overall slowdown, all have limited expectations. “If startups can reinvent/ rewire or look at collaborative models they can have a great shot at growth. If they can create flexible financial models then buyers will buy if the offering is suitable and important enough,” says Dr. Ashwin.
Hold hands with your team
“Take care of yourself, family, and your team that's all you got. If they are in a good position, you can sail through anything. End of the day all commercial, financials, operations strategy execution is going to happen via them or with their support,” he says.
Virtual platforms support to keep the work going
Since many of us cannot access regular doctors or some clinics are not open, Dr. Ashwin being a doctor himself, has been supporting various patients via virtual platforms like WhatsApp and other video calling tools. “Added to that my regular work like discussing with founders, staying updated with what's happening. It's kind of hectic but you can deal with stress in various ways,” he says.
Help at all times is a blessing for an entrepreneur
Dr. Ashwin suggests that any support a founder of a startup can get any time, not just during such calamity is always welcome. “Being an entrepreneur is a very lonely journey, so putting more resources and support system around is a blessing for sure,” he says.
Best time for investors
“It's an opportunity if you get a piece of a great thriving business in comparatively better financial terms. But this view could also be myopic, Venture Capital investments are often long term oriented and these days’ founders are also smart, so if you push too much you may end up with a compromised investee business. Any investor will be more interested in a booming business than mere valuations. Rather this is a great opportunity for startups for Mergers and Acquisitions, to move quickly and grow inorganically,” he says.
(Edited By Rabia Mistry)