Businesses across the globe are reeling under demand slump owing to coronavirus. However, according to billionaire businessman Anand Mahindra, coronavirus also presents “unprecedented opportunity” to businesses.
With the rising cases of coronavirus, several businesses across the globe are reeling under demand slump. However, according to billionaire businessman Anand Mahindra, coronavirus also presents “unprecedented opportunity” to businesses and hence they must make the best use of the crisis at hand. Taking it to microblogging website Twitter he said: “The ‘VirusCrisis’ crisis presents business with challenges but also some unprecedented opportunities,” adding that people now have a precious resource at their disposal — time. “We’ve acquired a precious resource: time for reflection. Use it to review strategies & portfolios,” he said. Also, he advised the businesses to rethink the costs and overheads.
Among many other suggestions, the chairman of the Mahindra Group also said that with the coronavirus crisis at hand, associates now have more time to solicit their ideas and the same can help in improving business. “Use the lull to build deeper personal relationships with customers,”he advised. Since there is no time frame to the end of the coronavirus outbreak, he also said that the businesses must prepare for “U or even V shaped recovery”. The China-originated virus has sent governments across the world to frenzy and has also hit economies.
India has reported 110 coronavirus positive cases so far and various state governments have been taking measures to contain the virus. Swimming pools, shopping malls, movie theaters have been closed in states such as the Uttar Pradesh and Maharashtra and it is expected that the same will cause a considerable dent to these businesses. Aviation industry in particular is expected to emerge as a major victim of the virus’ outbreak. Further, with China’s economy remaining shut for some time now, supplies of key raw ingredients have dried up as China is a major exporter of these goods. Stock markets across the globe have also taken a major hit because of the coronavirus.