Remain focused in times of crisis
Shantanu Prakash, Executive Chairman & Managing Director, Educomp Solutions, recently said:
"The best advice I ever got was to remain focussed in times of crisis and use that as an opportunity to become stronger. The person who gave advice does not want to be named. In times of crisis, first and foremost create a distraction—the focus shifts from looking at the secular, long-term organisational goals to immediate fire fighting. Plus, the top management has to deal with uncertainty—"what if the situation becomes much worse, what if we do not get the loans we need, what if our biggest customer (who is the cash cow of the business) stops paying us, what if the supplier doesn't deliver on time" and so on—this dissonance is tough to manage. The best advice I got was to use challenging times as opportunity—to jettison all frills. Times of prosperity induce a sense of complacency and can dull the sharpest of minds, so going back to the 'core' always brings clarity and focus. Second, increase investment in sales and marketing and build market share, as competitors are probably fighting their own battles and new competitors are unlikely to enter."