What Awaits Businesses Post Lockdown?

This is a question that all of us have been talking about – and with good reason.

As we brace ourselves to embrace a ‘new normal’, what are some key steps that businesses should take? We spoke to Mr. Lakshmi Narayanan, former Vice Chairman and CEO of Cognizant Technology Solutions for his thoughts on this topic. Here are his responses.  

Q: What are the top 3 things that you would tell a business leader (of a small and medium enterprise) to focus on during the lockdown and after? 

One change is certain. Whether businesses change or not, consumer behaviour is sure to change, post the lockdown –and even more so after the current global corona virus crisis. Every single consumer is in a ‘wishing state’.

I wish I had stocked some essentials at home. I wish I had relied more on my neighbourhood kirana* (*mom-and-pop) store. I wish I had invested in wi-fi. I wish I had used online ordering more. I wish I had paid attention to some of the advertisements in the media....and so on.

Those wishes and reflections will translate into immediate action post lockdown. Is your business ready for this changed consumer behaviour?

What are the likely changes and how well can you position my business to take advantage is what everyone should be thinking about and struggling with? Winners are those businesses that are ready with their actions, before the customers are. 

Q: What should companies do to preserve their market share and regain ground? A few suggestions, please.

Reimagine your category of customers. As the consumer’s behaviour changes, so will be the attractiveness of your business [in relation] to their desires. Consumers who had ignored you so far will find new value in your model. Consumers that you didn't pay much attention to will leave you, unless your new value proposition is attractive. 

To gain [market] share, make a new beginning with an enlarged consumer set in mind, make your business attractive to this broader set, and build a relationship

with them. 

Invest in capturing data, and analyse it for better business results and better insights into your customer behaviour.

Q: More importantly, how are companies going to keep their employees motivated to give their best and not give way to disappointment and apathy?

Every employee wants to do something different post Covid-19. Something bigger, better and with a larger purpose. Inspire them to be part of that change.

A migrant worker coming back will have different expectations: Expectations of stability, continuity and above all certainty. Create an environment where you share that responsibility jointly with the employee, and create a stable and certain workplace. 

It is not money that makes employees happy. It is the work, their faith, family and friends that makes each employee happy, in the workplace and outside it. Make sure you care for his / her happiness.