Spotlight: Facing Unprecedented Times with the 3R Approach. Published March 2020 in CCCI Inspire || By Anupama Vaidya

This article was Published in March 2020 Spotlight section of CCCI Inspire. 

CCCI - CKP Chambers of Commerce and Industries 

Mahatma Gandhiji once wisely stated “If I have the belief that I can do it, I shall surely acquire the capacity to do it even if I may not have it at the beginning”.

The battle against COVID-19 has vividly illustrated this concept to us. As we navigate this unique period in our personal, professional, and business lives, we discover the inherent capacity within us. Our unwavering faith in medical science and research provides us with hope and resilience as we confront this challenging phase, emerging stronger and wiser with valuable life lessons.

This situation is unparalleled for any active generation; where the world that was once racing at full throttle suddenly screeched to a halt due to an existential threat;

Gradually then finding ways to rekindle the spirit of being "Alive" once again; The silver lining is on the horizon, and the question that looms is whether we are prepared to embrace the new world of opportunities?

The global economic outlook along with the World Bank Reports suggest that we are in the midst of the deepest recession since World War 2. The direct impact, on business, professional and personal levels has cast a shadow,   diverting our attention from addressing the situation to preparing for the future. It is easy to slip to take actions to prepare for the future and miss the opportunities being presented today, directly and indirectly.  

In this unprecedented situation, it is imperative (and really tough in all sincerity) to be positive, optimistic and levelheaded (or say maintain sanity). Several questions preoccupy us: Where are we headed? What does the future hold? What more is yet to come? How will life evolve/change? Will the new normal sustain or will It further change?

We are facing dynamic shifts every other day in many facets of life - from family, friends and community to work and our methods of social interactions are being redefined. Actions need to be driven through a refreshed lens. What worked prior to March, 2020, will not work as we face the upcoming times, which are only going to get tougher. It is imperative to remain vigilant and attuned to the evolving trends,  in both personal and professional life.  

We can sense evolving trends through:  

• "Digital Transformation” of the overall way you do business & swiftly deliver an experience to stakeholders  (and of course the way we ‘e-deal’ with life)
• The redefined “Place of Work” with flexible models (physical presence will be no longer be required – even to operate machines! Covid-19 will hasten the Industry 4.0 revolution)
• “Continuous Learning”, stretching one to unlearn - relearn, giving up ‘old’ to learn the ‘new’ (it’s a refreshed set of digitally enabled life skills relevant to the upcoming phase will be required to be demonstrated)

Being Ready for these trends necessitates lasting changes and a comprehensive approach. An approach which is simple, yet powerful to provide positive direction to your efforts - all-inclusive & encompassing to manage your present risks, fix your past and refresh the future as a wholesome approach. This 3-pronged approach (3R Approach) can provide you a systemic guidance to steer through this unparalleled situation, allowing us to utlisise each moment positively and be future ready.

• Resilience - manage the present risks
• Reform  – fix the past 
• Refresh  – reinvent the future

 

1^st R – Resilience – Manage the Present Risks and Prepare for the return

·       Resilience implies the ability to rebound from the current tough phase.

·   Prioritize critical areas that have been necessitated to be addressed due to global / local economic situation and demand-supply imbalances.

·   Focus on near term cash management and maintain financial discipline. Examine alternates for the necessary expenses, preserve & conserve cash. It is your war chest, enabling you to be resilient and pull yourself through this phase.

·       Retain customers through value-added services; Defend revenues through a customer care, connect and continuous communication. This phase is about survival. Communicate, communicate, communicate with your customers, prospects and be visible & available to your customers.

·    Formulate risk scenarios with action plans and prepare for the worst while ensuring that you are not taken by surprise.

·      Engage with your teams and employees. They need to be reassured. Share the reality, make them a part of the situation. Involve, Enthuse, Engage. It will go a long way even when you have to make tough decisions.   Maintain open communication lines.

·      Go out to seek prospects, higher efforts, deal with patience through the longer cycles of closure and the strength to balanced communication with prospects. 

 2^nd R – Reform – Fix the Past

·       Reform involves transformation, improvement, modification, and replacement of elements that will no longer be relevant in the new world.

·       Use your time wisely to assess and evolve. Improvement programs and projects for transformation will be necessitated to be oriented in this direction.

·       Challenge what’s working well, what’s not (what worked in past need not work ahead). This phase is an opportunity to work upon areas that may be potential derailers in future in terms of design, capacity, capability to be ready for the new normal.

·       Focus on operational and process excellence, building capabilities, and engaging with your workforce

·       Fix the past, build the bridge for the future. All the time you needed to improve is available, make the most of it.

 3^rd R – REFRESH – Reimagine and Reinvent the Future Outlook.

·    Breakthrough your past, reimagine the “next normal” and what the business shift looks like. Consider the implications of this pandemic to understand better how you need to reinvent your business model, products/services (same infra new products / same products new channels / same product new infra… …). “Envision”  the next – business wise, product, service, customer – let your imagination go wild.

·   Refresh customer outlook, challenge your boundaries, and understand the changing needs of your customers as they also transform and reinvent. Be proactive to adopt, adapt and grab the opportunity to reinvent your business, product, service, yourself…

·   Build an agile approach to manage disruption & the change in the behavioural patterns of  your customers / employees / teams / stakeholders / partners

A disciplined & agile approach at a personal level, a commitment to make a positive difference  and the ability unlearn the past and re-learn for the future are essential to be able to drive the 3R strategy. Tough times don’t last but tough people do. Hardships often prepare ordinary for an extra-ordinary destiny; its depends on how you deep dive into this phase and deal with it. Its never too late, get up and get going – at personal and professional level, lets prepare for the re-opening of the the curtains. Act 2. Scene 1… Lights, Camera, Action!!!

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