The Covid-19 outbreak has pushed Indian companies into a deep crisis. From surviving in a crippling economy to dealing with layoffs and paycuts, most industries in India are going through hell right now.
Anand Mahindra, one of the country’s leading industrialists, believes companies can survive the “Corona-induced coma” by thinking and acting like startups. The chairman of the $20.7 billion Mahindra Group, yesterday (June 8), took to Twitter to share some tips that the leadership at his organisation will use as India reopens after over two months of a lockdown.
Among other things, Mahindra laid out a step-wise plan to how companies can behave like startups:
The Covid-19 pandemic has thrown up unprecedented challenges such as the need for remote working and providing contact-less services, among other things. At such a time, to make assumptions based on the pre-Covid-19 world could prove damaging.
So, according to Mahindra, firms must create “feedback loops” that constantly test product/market assumptions. “Do a Marie Kondo style clean up of the portfolio and bid goodbye to those initiatives which don’t fall into your narrative of a successful future,” he suggested.
Besides internal changes, Mahindra believes now is the time for companies to rake up as much funding as possible. “Raise sufficient capital for the journey of evolution. It’s not a short trip,” he said.
Perhaps, Mukesh Ambani, India’s richest man, has already started implementing this strategy. Since April 22, Ambani’s telecom venture, Jio, has raised a whopping Rs97,885.65 crore from various investors, including Facebook.