As the world fights together during these unpleasant times because of the COVID-19, We as a News portal are trying to keep the spirits high by presenting how certain individuals work tirelessly to ensure the best for their business. We believe that our course of action will encourage business visionaries and small and medium-sized enterprises, who are trying to overcome the pandemic.
In this attempt, we discover top budget experts and business visionaries of India on how they are managing their resources to stay above the water. So read on to grasp the slip-ups, perceive the odds, and correct your course so the business heads the right way.
Ramesh Kannan, Partner at Somerset Indus Healthcare Fund has over 25 years of experience in Management, Business, Finance, and Strategy of which more than 10 years in Healthcare consulting. He is a Healthcare Strategist, Business Strategy and Catalyst, Innovation, and Transformation Specialist.
Since Ramesh has worked with various Healthcare delivery groups in South India to raise funds, he has a few pointers for the portfolio companies to better manage resources:
- Review, resize and reset costs of all kinds
- Redistribute responsibility of people
- Look for newer opportunities
- Sacrifice to sustain until they have better control
- Digitize operations because it is the new future
- Be Indigenous wherever possible
- Make new workflows to meet expectations
- Manage economic slowdown
Ramesh also has few points to put forth to help the startups to cope with an economic slowdown due to lockdown:
- Hasten revenue realization
- Move to newer models like opex etc
- Collaborate with the customer
- Conserve cash
- Keep the investors informed and seek help
- Switch to local stuff to cut costs and dependence
Ways to control the roller coaster situation
Ramesh suggests how the life of an entrepreneur is a roller coaster ride and hence at such scenario, they should follow few steps to hold their ground, they are:
- Lead by example
- Protect your staff and work to an acceptable formula
- Raise capital from existing investors and protect their downside
- Rework arrangements with your partners
- Be fair and strive to a winning formula
- Smoothen out the inadequacies
- Never give up
Ramesh explains how things are for him during the pandemic. “Luckily all are safe and imprisoned at home,” he says. He has been using his time very effectively since it has been quite a long time since he has got time to spend with his family. He believes that the new normal of working is through phones and video calls, which has made the work more productive, efficient, and effective. “The plus side is home-cooked food and that too on time. Also, more time to catch up with people and build new contacts,” he says.
Ramesh finds the Action COVID-19 Team (ACT) the first-of-its-kind initiative taken by top VCs and entrepreneurs with an INR 100 CR grant, which was launched to provide resources and guidance to startup founders and employees, to be good for the manufacturing companies. “I think the problem in India is access, hence, even distribution should be supported,” he says.
Investors are always opportunistic
Ramesh is of the opinion that the investors are always opportunistic and they work to their best advantage. “They review the situation, make small changes to suit the situation, and close the deals. Largely, investors look at investments as long term and are not swayed by short term disruptions. A promoter who gives and then takes is much appreciated. It is important to work with a reciprocal model,” he says.
(Edited By Rabia Mistry)