Earlier, the FinMin announced a three-month moratorium on term loans whose installments are due between March 1 and May 31. RBI Governor Shaktikanta Das said, “Human spirit is ignited by the resolve to curb the pandemic. It is during our darkest moments that we must focus on the light.” Das further asserted, “In this kind of environment Reserve Bank of India (RBI) has been very proactive and has been monitoring the situation very closely”. COVID-19 is shadowing the global economy with adverse effects in industries. Bouncing back and finding ways to beat the declining economic conditions, Indian industries believe that it has the opportunity to establish a powerful economy which is also capable of attracting global manufacturers and service providers. The industries hope to bring a more diversified economic structure post-COVID-19 pandemic.
In addition to the measures to build a stronger economy, the industries confirm to take protective steps for the employees and customers.
Measures to Stabilize the Market Post Pandemic
Firm measures should be taken to provide help to the COVID-19 affected businesses in order to restore their daily operations in the smoothest ways. The government should take steps to support these businesses and take control of the situation. Several steps have already been taken jointly by the private and the government officials to stabilize the disruptions caused in businesses.
Every company must encourage their sales teams, so that they can perform at their peaks. There are some new skills and communication terms to be learned by the teams to generate sales and maintain revenues beyond business expectations. Hence, companies are responsible in providing adequate training. The commercial leaders of the companies should also lead the way to better the economic position and find the major areas that need attention.
There are also various preparation methods that can help boost business performance:
- Strategic Decision Making – Business leaders must analyze the position of their companies in the market before taking any decision. They should learn about the risks involved and their role in the market post-pandemic.
- Business Outlook – While any critical situation brings people together, it can also become the reason for distrust. Therefore, the post-pandemic conditions would be tricky and it is essential to know the respective business outlook – it should not be harmful to each other. Maintaining trust among employees is crucial for growth and there should be steps involved in doing this.
- Preparing the Company – Determining the preparation level of the companies by business heads will be foremost for evolution after businesses reopen. Completion of projects within the stipulated time depends on the preparedness of the employees as they have been working from home. It could become a decisive factor for differentiating business brands from one another post-pandemic. Business leaders must be in-charge of taking care of the employees and their preparation for performance.
Statisticians will analyze and business leaders will guide, however, fighting against a pandemic is tough, that is why in businesses one should not only be ready for the worse days but also be hopeful for the good days to come.