Shifting Roads

From my office to home, I zip down the expressway that connects Gurgaon to
New Delhi. The first twelve odd kilometers are sheer fun. The next twelve are
not. Not bad traffic, but much much slower. I try to keep the addictive pace of
the expressway, and soon discover that it is a silly thing to do.

It now appears certain that the Indian economic growth will slowdown. How
much may be a matter of conjecture. It is like getting off the expressway and
driving on to the side roads. And some changes in driving habits are needed.

There is, or should be, caution in the air. Often there is only a thin line
between caution and panic. Panic is certainly not on the horizon, but its best
to get a few things in order now, so that you stay on the right side of caution.

Customer is the king. Now he will become a temperamental king. Things are in
a flux for him, so there could be new requirements altogether. Can you deliver
these new requirements? You may have had a great solution for him, but its time
to go beyond being in his shoes. One will have to get into his skin and see what
part of the solution he really needs? Can you create a great package out of
that? It is time to talkand listento him once again.

Its also times like these when organizations stick to the basics, and go
easy on the frills and fancies. So, if your products cannot solve his needs,
its time to quickly develop some that will. If you have products that only add
shine to what your client already has, it will be tough to sell them. And
anything you come up with will have to meet the needs, without making him bleed.

And there will be kings who can order and kings who can pay. Identifying them
will get more critical as things tighten up in the market. If your business is
solely focused on a set of specific customers, who are more directly hit by a
recession in the West, its time to change tracks and get in new types of
clients. New clients or old ones, payment cycles could get stretched. Theres
likely to be a tight leash on spending, so its best to be prepared for long
payment cycles. And if things get rougher, some payments may not come in at all,
so pad for some punches like that.

Sales will take a bit longer than your usual cycles. So, a supplemental sales
strategy will be in order. In fact, its time to just focus on getting in the
business, and all efforts should just converge to that. In tough times, the
large and old customers deliver. But these are also times when businesses find
new ways to grow.

Exploring new market options may help in finding new customers right under
your nose. And if they are not right under your nose, they are in tier-2 and 3
cities. And they need you to make it big! So, watch out for new business
opportunities that will emerge out of the new market scenario.

Managing your people will be a key thing now. Hikes may not happen as
planned, but dont let the morale go down. And getting in replacements may just
become easier.

It boils down to changeonce again. Tweaks in strategies, transitions to new
business models, and evolving new products, services and solutions. For old
timers, it would be like similar cycles that have been overcome earlier.

The question is: are you ready to get off the expressway and drive on the
side roads?