Coronavirus Outbreak: Time To Reflect And Review Strategy, Says Anand Mahindra
Mahindra Group Chairman Anand Mahindra on Monday said while the coronavirus pandemic presents business with challenges it also provides an opportunity to reflect, review strategies, as well as recalibrate all costs and overheads.
Stating that it is not known how long the "containment might drag on" but businesses must be ready in case of rapid recovery while utilising the current situation to deeper personal relationships with customers.
"The 'VirusCrisis' crisis presents business with challenges but also some unprecedented opportunities: 1) We've acquired a precious resource: time for reflection. Use it to review strategies & portfolios. 2) Press the RESET button & recalibrate all costs & overheads," Mahindra wrote on the microblogging site Twitter.
He further said associates will have more time and their ideas must be solicited for business improvement. "Use the lull to build deeper personal relationships with customers. We don't know how long the containment might drag on, but prepare the business for a U or even V-shaped recovery," Mahindra said.
The number of novel coronavirus cases in India has risen to 114, with Maharashtra reporting the highest number followed by Kerala, while over 450 stranded Indians were flown back from Italy and Iran, the two worst-affected countries after China, and quarantined. The global economy is plunging into a deep crisis due to coronavirus (Covid-19) pandemic that has killed over 6,000 and sickened lakhs of people around the globe.