COVID-19 vaccine status in India / Top 10 contenders around the world

Status of COVID-19 vaccine in India

India will begin clinical trials of its Bacille Calmette-Guérin (BCG) vaccine on 6000 high-risk individuals. It will be done to understand its safety and efficacy in boosting immunity in the fight against COVID-19 disease and whether or not the BCG shots can reduce the severity of this highly infectious disease.

The Bacillus Calmette-Guerin (BCG) vaccine is used against tuberculosis to boost the immunity of the individual.

Bharat Biotech International Ltd (BBIL) has teamed up with the Indian Council for Medical Research (ICMR) to develop a COVID-19 vaccine. One of the world’s largest vaccine maker of the world by volume, Pune’s Serum Institute of India is working with the University of Oxford to make millions of potential coronavirus vaccine doses. The Indian government has also allocated Rs 100 crore from the PM-CARES fund to support the initiative of producing a COVID vaccine.

Moderna vaccine

The US-based Moderna Therapeutics said that it had received approval from the FDA (US Food and Drug Administration) to conduct the phase 2 clinical trials of its potential COVID-19 vaccine candidate. It is important to note that Moderna has already conducted phase 1 trials of its vaccine candidate mRNA-1273 in Seattle, Washington. 

Novavax vaccine

One of the top candidates of the potential COVID-19 vaccine, Novavax Inc recently received funding of 388 million dollars from the Coalition for Epidemic Preparedness Innovation. According to Dr Gregory Glenn, president of research and development for Novavax, the vaccine candidate NVX-CoV2373 has shown promising results. 

​INOVIO Pharmaceuticals

INOVIO Pharmaceuticals is developing a DNA-based vaccine candidate in its San Diego lab. The biotechnology company also received a 6.9 million dollars funding from the Coalition for Epidemic Preparedness Innovations (CEPI). The Plymouth Meeting-based biopharmaceutical company completed phase 1 of clinical study on 40 healthy volunteers.

​Pfizer and BNTECH vaccine

US drugmaker Pfizer has teamed up with a German company BNTECH to develop a vaccine for COVID-19. Both the companies are working together on four RNA vaccine candidates. Their vaccine candidate ‘BNT162’ is based on messenger RNA (mRNA) technology and the company has already begun clinical trials in Germany. 

Johnson & Johnson vaccine

Another major player in the development of potential vaccine, Johnson & Johnson is currently working on an adenovirus-based vaccine and plans to initiate a Phase 1 clinical study in September 2020. The company also claims to ramp up its manufacturing capacity to produce around 1 billion doses of its potential vaccine by the end of 2021.

CanSino Biologics

Chinese vaccine maker CanSino Biologics Inc is developing a potential vaccine for COVID-19 and has been listed by WHO as one of the top contenders. The company is currently working on Adenovirus Type 5 Vector using a Non-Replicating Viral Vector platform to develop its vaccine. 

​Sinovac Biotech

Beijing-based Sinovac Biotech is working on China’s one of the most promising vaccine candidate for COVID-19 disease. It has already commenced phase 1 trial and the first dosing of the vaccine for the volunteers has been completed. 

University of Oxford

A potential coronavirus vaccine is being developed by the University of Oxford and it has partnered up with UK-based AstraZeneca for the same. The vaccine ‘ChAdOx1 nCoV-19’ was developed under three months by the University’s Jenner Institute. To make the vaccine work, the scientists used a weakened strain of common cold virus (adenovirus) that causes infections in chimpanzees.

​Sanofi vaccine

French pharmaceutical group Sanofi had initiated stated that the US will be given first access to the COVID-19 vaccine whenever it develops as “the US government invested in taking the risk.” US agency Biomedical Advanced Research and Development Authority was the first in line to fund the Sanofi’s vaccine research. However, after a backlash from the French government, the French pharmaceutical company released a statement on Thursday that the vaccine will be available for all the nations.

British American Tobacco (BAT)

London based cigarette company British American Tobacco has also developed a vaccine using protein from tobacco leaves and is ready for a human trial. The company said that its experimental vaccine has shown a positive immune response in pre-clinical trial and now they are waiting for approval from the U.S. Food and Drug Administration (FDA) after which it would proceed to phase 1 trial on humans.

Source Here.

The Coronavirus Pandemic Versus The Digital Economy: The Pitfalls And The Opportunities

While the coronavirus pandemic presents business risks in some areas, it also offers opportunities in others. The key is to acknowledge the potential threats while exploring the possibilities.

With businesses closing their doors and governments urging their citizens to stay home, the coronavirus has had a profound global impact. At MRM, the company I work for, we have shifted to working from home, and so far, we are still delivering on our projects, and keeping our promises to our clients. However, we can’t deny that companies, particularly those dependent on marketing and advertising, are experiencing some of the biggest challenges. Several high-profile marketing events, including Mobile World Congress Barcelona, Facebook's Global Marketing Summit, F8 conferences, SXSW, Salesforce Dubai Basecamp and others have been canceled or postponed due to coronavirus concerns. Unfortunately, many businesses won’t see that money back. But even in the wake of a pandemic, there could still be a silver lining for marketers.

The shift to digital

According to analysts, Google will likely see a 15% decline year over year in travel ad revenue in the first quarter, and a 20% drop in the second quarter due to the coronavirus epidemic. Despite that, there is still good news. Not everyone sees budget-cutting as the answer. Tim Jensen, campaign manager at Clix Marketing, offered his insights on Search Engine Land, “As the tradeshow circuit dwindles, some exhibitors are looking for other ways to fill their sales pipelines. I just talked with one client who is seeing several tradeshows get canceled, and wants to put more into digital to make up for the lost leads they usually pick up at events.”

Another marketing shift is toward virtual events. Even Microsoft decided to turn its biggest event of the year, the Build developer conference, into a virtual event. This trend presents an opportunity for virtual events startups like Hopin, which combines Twitch-style live streams of keynotes, Zoom-style video conferencing for groups, and one-to-one conversations. Even the banking industry is turning to digital. One example is South Africa's Nedbank. Nedbank plans to accelerate the rollout of its digital strategy across Africa as customers avoid face-to-face banking to reduce the risk of coronavirus. Its long-term target is for 75% of sales to be through digital channels, and for 70% of all its clients to be digitally active.

But the shift to digital will only become stronger, as Stuart Mackay, General Manager at Reprise Dubai, puts it, “This is the most significant health-related crisis that has fortunately happened in a truly digital age. During dark and uncertain times like these, it’s imperative that organizations adapt quickly and seek out new growth opportunities. The realities of changing consumer behavior in the digital age presents a huge opportunity for retailers. The optimization and simplification of product lines, business models, customer engagement, and sales channels can all be achieved through the introduction of digital technologies and e-commerce. Better utilization of data and technology to drive more individualized consumer experiences is where this battle will be won or lost.”

The e-commerce opportunity

In parts of China, major retailers like Starbucks, Nike, and Apple have temporarily shuttered their stores, while smaller retailers are being hit hard as foot traffic declines. Across the globe, the reduced in-store activity is driving increased e-commerce activity. For example, consumers in China are turning to online grocery shopping. According to French retailer Carrefour, vegetable deliveries increased by 600% year over year during the Lunar New Year period. JD.com, China’s largest online retailer, has seen sales of everyday household items quadruple over the same period last year. As more consumers continue avoiding crowded public places, they’ll increasingly turn to online shopping to get their essentials.

Of course, this could still bring strain to businesses who need to deal with potentially delayed deliveries or out-of-stock items because of increased demand. If you sell products on Amazon, for example, it is imperative not to run out of items to avoid being punished by Amazon's organic search and advertising algorithms. If a product is out of stock for over 30 days, it will be treated as if it has no sales history once it comes back in stock. This means that the product's ranking for its most important keywords will drop significantly and show up much lower in search results. The key thing for business owners is to keep products in stock, and be transparent with consumers if there are going to be any delays.

E-sports to fill the gap

With experts urging social distancing to combat the virus, one of the most obvious areas to be affected are sporting events. This represents a big blow to marketers and advertisers in terms of lost ticket sales and ad revenue. In the space of one day, every major sports league in the U.S. suspended operations for the next several weeks in response to the growing pandemic. Even esports are being affected with the League of Legends Champions Korea (LCK) being canceled as more cases of coronavirus were confirmed in South Korea.

The flip side may be that esports could also step in and help fill the gap. For example, the start of the 2020 F1 season has been pushed back in the wake of the coronavirus outbreak, with the Australian Grand Prix canceled late last week, and the Bahrain and Vietnam races postponed shortly afterward. But that didn’t stop F1 driver Lando Norris from taking part in esports to satisfy the void. Norris, footballer Thibaut Courtois, and Formula E driver Stoffel Vandoorne competed against esports professionals and YouTube stars in a virtual Australian Grand Prix.

Joe Zoghbi, an esports expert who’s the founder of Divine Vendetta, says, “Esports was born digitally, and while it was paving its way in 2020 to more on-ground events, it is a step back for sure, none the less the consumption of online gaming and esports events viewership will dramatically increase now, as we noticed in the current PUBG Mobile PMCO event. Currently, esports events are realistically the only source of live entertainment out there, new crowds will jump to take part of the action, and one way or another, brands will take notice even more and realize sooner rather than later than it’s a must to be part of this ecosystem.” Unlike soccer or rugby, the billion-dollar world of esports doesn’t require social gathering. With more live sporting events being suspended, there may be an opportunity for esports to attract a new audience.

Less competition = more market share

During an economic downturn, you’ll find that you will have less competition. In some cases, this means you’ll be able to get deals- like a potential reduction in pay-per-click advertising. If the market continues to decline, many companies will struggle to pay off their debt, which means they could go bankrupt, get bought out, or get bailed out by the government. If you have cash on hand, this could be the best time to buy out other businesses- especially media companies. Because the more traffic you control, the more power you will hold in the future. Look at Neil Patel, co-founder of Neil Patel Digital. When he bought the KISSmetrics website for US$500,000, they had over a million unique visitors a month. The moment he merged it into the NeilPatel.com site, he increased his lead count by 19%, and recuperated his investment in less than a year. In other words, now is your opportunity to capture market share.

While the coronavirus pandemic presents business risks in some areas, it also offers opportunities in others. As a marketer or entrepreneur, the key is to acknowledge the potential threats while exploring the possibilities.

Source: Entrepreneur India 24 May,20202 

How can leaders maintain the equilibrium amid global crisis

With everyone in apprehension on how to handle things, the first person that employees look up to is their leader.

We’ve all been a part of fire drills meant to prepare employees, in case of an emergency. But nothing could have prepared us for a pandemic like this! When the World Health Organization made the announcement, the initial response was widespread nervousness and fear. Companies that had never imagined teams working remotely possible, begun opting to work from home, rather than risking the lives of their people. 

With everyone in apprehension on how to handle things, the first person that employees look up to is their leader. 

But what can a leader really do to maintain equilibrium during a global crisis?

Leadership demands transparency and communication

A leader is one who walks the talk to show the way. While one of your major tasks is to provide assurance, during a time where information is uncertain and answers are few, a leader’s words can make a huge difference. Before there arises an opportunity for an internal grapevine to grow, ensure that all decisions by the management are consistently, and clearly communicated to the teams, in the most possible transparent manner.

Start chalking out a ‘post lockdown’ business strategy and make provisions to align stakeholders as well as the employees to the company’s vision. An optimistic foresight will not only inspire the team but also provide them with a sense of reassurance, that their company has got their back.

Empower with a sense of purpose

While it's necessary to emphasize on the importance of staying safe, ensuring productivity as well as looking out for employees’ holistic well-being, is also a leader’s responsibility. As the days go by, exhaustion and mental fatigue can seep in, hindering everyday activities. Engaging the teams with motivational videos could make a difference, but not sustain their interests for long. 

Thus, simple initiatives not only lighten up the mood but also reinvokes the sense of belonging. Always appreciate your pillars of strength and reward teams for their good as well as hard work. Disseminating interactive online quizzes, rolling out dipstick surveys, or making an announcement of the next fiscal’s biggest milestone – There always is something to look forward to.

Invest in digital learning

No matter how unpleasant the current situation might be, the learning must never stop! Right now, a lot of companies are delaying salary increments and postponing appraisals due to an estimated cash crunch. It’s either that or asking people to leave and eventually declaring bankruptcy if they dig into their cash reserves.

In times like these, fake promises may buy you time, but honesty will buy you respect. Instead, engage your team members by encouraging them to upskill. Udemy, LinkedIn Pulse, Coursera, Harvard University, a lot of platforms have been offering free short duration courses. Motivate your team members to learn something new. This will also help channelize their current skills into something constructive.

Sharing ‘relevant information'

Social media has become the new in-shorts today and news on Twitter spreads like wildfire. The amount of fake news doing the rounds is equally on the rise and the number of people being duped in the name of ‘donation/funds/saving lives’ is simply insane! As a leader, you would have access to some premium information, be it reports on trends, data analytics on market research, exclusive invites to online webinars, corporate social responsibility huddles, etc. Ensure that you share snippets and excerpts with your teams to help them stay at par with the industry as well.

Instead of solely focusing on the future of work, this is the perfect time to bring in the best practice of Employee Assistance Programs and focus on listening to people’s ideas, feedback, as well as their concerns, and anxieties.

Be patient and lead with empathy. Because a leader is only as good as their team.

Source: People matters 26 May,2020

5 Things You Can Do Right Now to Prepare for the Post-Coronavirus Business World

Social distancing. Telemedicine. Self-quarantine. These are all words that at the start of 2020 weren't part of our vocabulary, but several months into the new decade we are all hearing and using them daily. There is no denying that the coronavirus outbreak has dramatically changed just about every facet of just about every person’s life around the world.

From a business perspective, the stock market saw its largest one day loss and largest one day gain in history. The U.S. saw the largest job-loss report ever. We are in uncharted waters, and how long we will remain in them remains uncertain. However, there is one thing that we all know, and that is that this outbreak will change the lives of everyone for years or decades to come. Nearly 20 years after 9/11, enhanced airport security, no-fly lists and counterterrorism efforts are still the norm. The same will be true of the COVID-19 aftermath. Is your business ready for the five largest macro trends we are about to see?

1. The rise of enhanced websites and digital tools 

Many nonessential businesses — including things like retail stores, hair salons, warehouses, factories and offices — had their brick-and-mortar locations offices closed and did not have the technical tools to survive with their physical locations shut down.

Our agency has seen a tremendous increase in businesses reaching out to us ready to make the leap into digital. It's critical for businesses to be able to not just survive but thrive through enhanced websites and digital tools to serve their customers. Things like e-commerce in industries that never utilized e-commerce before, advanced product configurations, chatbots and mobile applications are in greater demand than ever as small- and medium-size businesses join in the new decade's technology revolution.

These new tools are helping businesses stay afloat during the virus outbreak and will be a macro-trend that becomes even more important as social distancing becomes commonplace practice — not just for this outbreak but for potential future outbreaks as well.

2. Cybersecurity concerns take center stage

Cybersecurity is already an important topic to large businesses, and with the EU's General Data Protection Regulation, California's Consumer Privacy Act and other privacy laws, as well as countless news stories about the cost and impact of data breaches, it is something smaller businesses are being forced to confront head on. With the surge in employees working remotely during the virus outbreak, we have seen more and more data breaches and cyberattacks.

Employees using unsecured infrastructure and third-party tools are two of the leading causes of potential breaches. Combine this with data storage and access practices that violate privacy laws — for example, telemedicine on non-HIPAA-compliant platforms — and suddenly the need for secure solutions takes center stage.

Additionally, during this vulnerable time, we have seen an increase in overseas cyberattacks on many of our clients' websites. Things like brute force attacks, denial of service attacks and other types of attempted hacks have increased, and the need for keeping website and web servers updated and secure is of utmost importance. More businesses will be forced to invest in technology that is secure, scalable, accessibly remotely and follows the onslaught of new data privacy and security regulations.

3. An increase in virtual meetings

The tremendous increase in virtual meetings is a trend we predict will be here to stay. Though there is no substitute for a face-to-face meeting and handshake, for the next few years we anticipate the trend of virtual meetings to continue. And this won't just apply to the traditional business world, it will apply to many other aspects of our lives — for example, virtually meeting with your doctor, therapist, banker and even hair stylist for a consultation. This will be a tremendous cost and time savings to all parties involved. This is a trend that already started prior to the virus outbreak and will only become more amplified as we continue in this new decade. Preparing for this trend goes far beyond having a virtual meeting space and software. Things like digital brochures, digital business cards, tutorial videos and enhanced website information will all follow in this trend and become necessities as businesses find it more difficult to physically hand materials to their customers.

4. Increased control in expenses

With the unprecedented business shutdown across America, businesses will be increasingly looking at ways to have a greater degree of control over their expenses. These will include businesses requesting shorter contract durations, emergency clauses and provisions in agreements, ways to have a more easily scalable workforce utilizing temporary workers and temporary agencies, and an overall desire to lower expenses, especially recurring expenses.

We have witnessed firsthand nearly every client of ours express the need to reduce expenses, not just as a result of the virus but also as a practice they want to continue into the near future. While this is a good business practice regardless, the pain felt during this economic downturn will create scars that will likely last years into the future.

Make sure your business has answers when your customers ask for ways they can be saving, reducing contract terms or protecting their business from future disasters and catastrophes.

5. Even more remote employees

Lastly, with the previous four trends is going to come the fifth — an even larger shift to remote employees. Many businesses that fought the trend of employees working remote are now realizing that in being forced to shut down their offices, remote employees are still efficient, effective, economical, and something millennials and Generation Z demand. 

With more remote employees comes the increased need for all of the first four points mentioned. This trend is something that started over a decade ago, but it will continue to be amplified in this new decade and following the COVID-19 outbreak.

These trends will be relevant not just in 2020, but likely well beyond. Making decisions and positioning your company now for these changes in the business world will make sure your business is ready and at the forefront of the new remote, digital technology revolution.

Source: Entrepreneur India 24 May, 2020

Don’t Let Digital Transformation Make You Less Human

We all understand that customers and colleagues should be treated with respect — and we all know, too, that digital technologies can get in the way of that happening. Whatever the “job to be done,” key communications tend to become less direct and more impersonal when the job’s digitized. That’s just the nature of the beast: Apps and other technologies are doing a lot of the work that people used to do — and you can’t train an app to have empathy. It doesn’t help that engineers tend to optimize efficiency, rather than user experience, when they redesign work flows.

This isn’t a straightforward problem; it’s not possible or desirable to turn back the clock on digital transformation, of course, and it’s not always easy to re-engineer operations without losing the personal touch. That said, this is a particularly good moment to remember that efficiency won’t get you anywhere if emotional intelligence isn’t built into your operations. Because of Covid-19, your employees and customers are working under extraordinarily stressful conditions.  Many of them are isolated and forced to work with new technologies, fast.  They’re worried about their jobs, their health, and their loved ones. You need your employees to work harder and smarter than ever before, and you need your customers to be patient and loyal — and none of those things will happen if they don’t feel valued, respected, and heard.

Fortunately, there are common-sense ways to keep the importance of human experience front-and-center even as you update your operations.

Keep an eye on incentives – especially if you centralize services.

Maersk, the giant container ship company, has long operated with a high degree of rationality; it has unusually advanced IT systems.  Several years ago, the company set up a Global Shared Services department with the goal of boosting efficiency via digital oversight of all the scattered logistics operations supporting shipments, including the call centers.

The new department wanted to improve call center performance and, with that in mind, introduced key performance indicators (KPIs) and standardized online forms.  Instead of a general mandate to help customers, call center staff had a “tick-the-box” approach, where they could offer certain kinds of help only if the customer’s situation met certain criteria.  Staff also had a four- to five-page form to fill out after every call, so the company could learn from customer complaints. Bonuses were tied mainly to the KPI for the number of calls an agent covered each day.

This well-intentioned plan fell flat, however, as many agents felt pressured by their remote taskmaster. They started to check off a heretofore rare explanation for a shipping problem —“force majeure” — meaning that something outside the company’s control had delayed or damaged a shipment.  For force majeure cases, agents had to fill out only a single-page form, so they could move quickly to the next caller – i.e.,  they didn’t need to spend time understanding the customer’s problem or looking for solutions. Customers, needless to say, were not happy. The agents were gaming the system, but the company had essentially created incentives for them to do that.

After a sharp fall in the stock price and a $2 billion loss in 2016, Maersk eliminated Global Shared Services and gave each region autonomy in how it ran logistics.  Most call center employees now got common-sense metrics that yielded much better information about customer problems.  Customers were happier, too: The company’s worldwide Net Promoter Score doubled in a single year.  Local autonomy undoubtedly introduced some inefficiencies, and the regions now had to negotiate with each other over common challenges rather than rely on the central department. But the greater connection to customers made that worth it.

The same thing happened on a wider level in 2017, when a devastating cyberattack forced the company’s entire IT system offline for a week. To keep shipments on track, employees had to leave their screens and call customers and dock managers, and in some cases even drive over to the port.  It was absurdly inefficient, and profits took a short-term hit. But managers say morale and productivity rose substantially once everything was back online. People suddenly got to see and hear the people they were working with; they weren’t just entries on a screen. The newly energized organization went on to eliminate a variety of nonsensical policies, and earnings more than doubled in the year after the attack.

Find the right tool for the job.

The Dorchester Collection is a group of nine world-class, elegant hotels, and it wants to stay that way.  To ensure excellent service, back in 2017 it gave its hotel staff detailed digital checklists with such items as “Ask guests about newspaper delivery —but don’t show a religious or political preference,” and “Mention the option of room service.” Some of the items  were focused on getting the staff to relate to customers in a human way, for example: “Look the guest in the eye for three seconds as they approach the counter for the first time.” The company used mystery guests to grade the staff, and those whose eye contact was too short — or too long — saw their pay docked.

The elaborate guidance left the staff anxious, focused on the checklists rather than on how their guests were actually doing.  They stopped truly seeing the guests as individuals, and instead treated everyone the same. The Dorchester tried a different tack. It dropped the checklists, and encouraged the staff to use their judgment when interacting with individual customers.  Then it launched an internal initiative, “If Walls Could Talk,” with stories about interacting with famous guests: The house piano player who grudgingly allowed someone to sing along — who turned out to be Whitney Houston. The staff member who told Frank Sinatra on December 7, 1941, that Pearl Harbor had just been hit. This kind of story encouraged staff members to see their guests as real people — and to see the hotel as an institution with a glorious past. Checklists can be a powerful tool, of course, but not when you’re aiming for highly personalized service.

Change the presentation culture.

People have been making fun of slide presentations for years, yet companies seem to be using them as much as ever.  Slides are so efficient at displaying information quickly that we can’t resist.

But we can. London-based Standard Chartered is one of the world’s largest retail banks, with extensive operations in Asia and Africa. At some point leaders realized that PowerPoint presentations were cutting down on the most important kinds of communication. At meetings, people focused on the slides and paid little attention to the presenters. So the bank substantially reduced slide usage in 2018. People no longer focused on the detailed information (which could, of course, be communicated in other forms). They started to make eye contact and to treat the presenter’s talk as just the starting point for discussion.  The sheer volume of information fell, but nuanced discussion and collaboration shot up.

Remember that digital communication sometimes works better than traditional communication. 

When the Baltic Sea froze over in 2015, it really was a case of force majeure, but Maersk’s customers still complained.  The call center agents tried to explain, often without success.  But then the company had its ship captains take photos of the difficulty of navigating through the ice.  It posted the photos on a Twitter account, “WinterMaersk,” and cell agents pointed people to the account.  Many customers suddenly appreciated what it took to deliver their cargo and weren’t so upset over delays.  The company gave that newfound sympathy partial credit for securing an uptick in orders the following year.

Most companies appreciate the importance of relating to colleagues and customers in a human way. They offer training courses in emotional intelligence and communication skills. But when it comes to designing their operations, they too often default to what looks to be the most efficient, digitally-advanced approach. Fortunately, we can gain many of the efficiency benefits of technology without sacrificing the human touch, so long as we stay focused on customer satisfaction and employee engagement.

Source: HBR 20 May, 2020

10 Awesome Tips for Being a Better Leader

Let's be honest. Being a great leader ain't easy. As in an effective, inspiring, well-respected leader for your company.

The good news is that we've compiled this list of awesome, actionable leadership tips that will have you running your business...like a boss -- a good one. Some are relatively basic but are important reminders. Others, well, perhaps you've never considered before.

Consider these tips when upping your leadership game:

1. Lead by example.

Leaders need to show, not just tell. If you want your employees to be punctual, make sure you’re there on time -- or even early. If professionalism is a priority, make sure you’re dressed for success, and treat everyone you interact with (both in-person and online) with courtesy. Set the tone and your employees will follow it.

2. A little humility goes a long way.

There’s a difference between a leader and a boss. While both are in charge, a leader shares the spotlight and is comfortable crediting others. While it might seem counterintuitive, being humble takes more confidence than basking in glory. Your employees will appreciate it, and your clients will, too.

3. Communicate effectively.

Effective communication is imperative, both in the office and in life. Great leaders make sure they are heard and understood, but they also know the importance of listening. Communication is a two-way street, and making the most of it will have your company zooming forward instead of pumping the breaks.

4. Keep meetings productive.

As the saying goes, time is money. So, of course, you should want to limit tangents and other time wasters during meetings. If you trust your team to do their job, there should be no need for micromanaging, and meetings can run swiftly.

5. Know your limits.

Even the kindest, most caring leader has limits. Set your boundaries and stick to them. Knowing what you will not tolerate can save everyone in the office a lot of frustration, and keeping boundaries clear means there’s no confusion.

6. Find a mentor.

No man is an island, as they say. The best leaders out there know when they need help, and they know where to turn to in order to get it. Nobody can know everything, so finding someone you trust for advice when things get tough can make all of the difference.

7. Be emotionally aware.

While many people advise keeping emotions separate from matters of business, business is ultimately about relationships between people. To make these relationships last, you need to be emotionally intelligent -- to be sensitive to different points of view and different backgrounds. When using your head to do what’s best for your company, don’t forget to have a heart.

8. Watch out for (and avoid) common pitfalls of leadership.

Everyone makes mistakes, but some of them are avoidable. Being aware of common mistakes, while not focusing on them to the point that they become self-fulfilling prophecies, can be the first step toward not repeating them.

9. Learn from the past.

To once again quote an adage, those who don’t learn from the past are doomed to repeat it. History, recent and otherwise, is filled with examples of successful business models and spectacular business failures. Think about what the people you admire do well, and consider what went wrong for those who end their careers mired in scandal or disgrace. Lessons can be found everywhere.

10. Never stop improving.

Great leaders -- indeed, great people -- are constantly learning and always trying to improve themselves. There’s always something that you can work on or a new skill to master. Be sure to keep your mind open to new ideas and possibilities.

Source: Entrepreneur India

Technology: How Cloud Is Turning Out To Be an Effective Tool For Companies During COVID-19

Most companies, whether big or small, have adapted the work-from-home concept to run their businesses during this time and so it is very important for companies to support their employees to work in an effective and efficient way.

Coronavirus has turned out to be a great problem across the globe. It not only affects the health of people but also, the health of country’s economy.

The pandemic has affected the sales, IT, procurement, transportation as well as several other sectors in a troubling way. It has injured many industries and the departments within it.

However, cloud is something that every business is looking forward to. The cloud is considered a cost-effective tool, that every business must use for the security and working efficiently.

Most companies, whether big or small, have adapted the work-from-home concept to run their businesses during this time and so it is very important for companies to support their employees to work in an effective and efficient way. The cloud helps employees to work in a more secured and professional way regardless of their location.

Cloud is mainly considered for security purposes and also for its return on investment. Cloud computing in India has a significant presence is rapidly growing into a full-fledged environment. It facilitates consumers as well as business establishments to utilize applications without installation and gives access to their personal files across the Internet.

There are three major cloud-deployment models:

Public Cloud

Public cloud is mainly used by small or emerging Businesses. The public cloud is defined as computing services offered by third-party providers over the public Internet, making them available to anyone who wants to use or purchase them. They may be free or sold on-demand, allowing customers to pay only per usage for the CPU cycles, storage, or bandwidth they consume.

This type of cloud environment is appealing to many companies because it reduces lead times in testing and deploying new products. However, the drawback is that many companies feel security could be lacking with a public cloud. Even though you don’t control the security of a public cloud, all of your data remains separate from others and security breaches of public clouds are rare.

Private Cloud

Private cloud is also known as an internal or enterprise cloud resides on company’s intranet or hosted data center where all of your data is protected behind a firewall. This can be a great option for companies who already have expensive data centers because they can use their current infrastructure. However, the main drawback people see with a private cloud is that all management, maintenance and updating of data centers is the responsibility of the company.

It’s mainly used by large firms.

Hybrid Cloud

Hybrid cloud is a cloud-computing environment that uses a mix of on-premises, private cloud and third-party, public cloud services with orchestration between the two platforms. Hybrid cloud computing enables an enterprise to deploy an on-premises private cloud to host sensitive or critical workloads, and use a third-party public cloud provider to host less-critical resources, such as test and development workloads.

Hybrid cloud is also particularly valuable for dynamic or highly changeable workloads. For example, a transactional order entry system that experiences significant demand spikes around the holiday season is a good hybrid cloud candidate. The application could run in private cloud, but use cloud bursting to access additional computing resources from a public cloud when computing demands spike.

Source: Entrepreneur India 20 May, 2020

5 Principles for Responding to Customer Reviews

Understanding how to respond to online reviews is essential for businesses across all industries. Indeed, 89% of consumers read business responses to online reviews. How should manager responses differ for positive and negative reviews? How does manager response time impact online reputation? Should manager response times differ for positive and negative reviews? While some online platforms, like TripAdvisor, Yelp, and Google, offer managers general guidance on how to respond to online reviews, answering these questions has — until now — been far from easy.

To help managers responsible for responding to customer reviews, we examined more than 20 million online reviews across four different platforms: TripAdvisor, Expedia, Hotels.com, and Orbitz. Based on the analyses of the length and the content of manager responses for each online review, we offer five principles that can enhance online reputation regardless of platform.

Principle 1. Address a positive online review by providing a generic, short response.

Surprisingly, we found that managers need to be careful even when responding to positive reviews. While a simple “thank you” had little impact, more customized responses — perceived as promotional and thus viewed as disingenuous — negatively affected future reviews.

Principle 2. Delay responses for positive reviews.

Furthermore, managers can mitigate the negative effect of response time by delaying responses to positive reviews until after the review reaches the second page of reviews (for example, TripAdvisor shows 10 reviews per page). The delayed response allows the positive review to be buried behind newer reviews (all platforms in our sample automatically sort reviews from newest review to oldest review and are not bumped up after a manager response). By doing so, managers obtain any direct, positive effects from thanking a reviewer without negatively influencing future reviewers.

Principle 3. Respond to all negative online reviews.

Negative online reviews impact buying decisions and potentially lead to some consumers avoiding some businesses entirely. To reduce the damaging effects of negative online reviews and the potential loss of a significant share of customers, we find that managers should engage in responding to an online review primarily as a complaint management strategy. A manager’s response to a negative online review potentially prevents a subsequent negative review, because a future reviewer can observe prior complaint management interactions for a complaint similar to their own.

Principle 4. Address a negative online review by providing a tailored solution to the specific complaint.

Additionally, managers should customize their response to each negative review to increase the quality of their complaint management. Specifically, managers should communicate actions they have taken to rectify the problem(s) expressed in each negative review. By addressing the reviewer’s issue, the manager can potentially appease an unsatisfied customer and show subsequent reviewers that the firm cares about customer complaints and issues. Thus, an organization can proactively manage service recovery efforts.

Principle 5. Respond quickly to all negative reviews.

Finally, manager responses to negative reviews should be timely, so that a manager’s response is visible to future reviewers. The faster the manager responds to a negative online review, the faster the reviewer is appeased and prospective reviewers can see that the manager and the firm are dedicated to solving customer complaints in a timely fashion.

Mitigate the bad, maximize the good.

While in our analyses, both independent and chain businesses benefited from the strategies outlined above, chain businesses saw the most lift from using it. Why? Customers expect independent businesses to interact more with them and they are not surprised when they receive a response to their comment. Indeed, our analyses shows that responding to reviews in the manner we suggest doesn’t improve an independent company’s reputation, while it does for chain businesses. Still, following these steps are important for both independent and chain businesses because responding to reviews is not just about improving reputation, but limiting potential damage.

In an age where customer word of mouth can quickly go viral, these five principles provide a proactive approach to service recovery efforts by placing more emphasis on manager responses to negative reviews, which helps mitigate potential future negative reviews and maximize the benefits of positive reviews.

Source: HBR 14 May, 2020

Find Your Pragmatic Path through Radical Uncertainty

The challenge during times of unchartered uncertainty is to find a pragmatic middle ground between acting thoughtlessly and not acting at all, say Howard Stevenson and colleagues.

These are times that none of us have seen before. Amid the radical uncertainty of the coronavirus pandemic, fear has reared its ugly head medically, economically, financially, politically, and socially. We all would love to know when life will return to “normal” even if it is a different normal than what we have previously experienced. Many companies are running ads or issuing CEO messages that say: “We are in this together.” Perhaps it is more important for leaders to convey Jerry Seinfeld’s message: “I’m here for you.”

The point may seem trite but it reflects the importance of our ability to trust in our relationships. We each should do our best to keep our relationships reliable and predictable, to be someone on whom others can count during the incredible uncertainty and anxiety we all are experiencing.

To get through this, professionally and personally, here are a few suggestions for things we should do and some we shouldn’t do.

Big-picture observations

The first thing we should do is understand how complicated the problem is. This is especially true when as Dr. Anthony Fauci states: “The virus will give us the answers.” Will contracting the disease provide immunity? How long will immunity last? When will a successful vaccine be widely available? What will be an acceptable vaccine trial? How fast will the virus mutate? When can mass testing begin? When will it be safe to loosen social restrictions and reopen businesses? Other questions depend on the answers to the medical questions. Will government funds for the disadvantaged people and businesses be sustainable? What will happen to inflation? Will food supplies last? How will we educate our children? When will the economy recover? Will my business survive?

Equally important is the need to be clear about what we know, and what we don’t know. As in all crises, there are also a number of unknown unknowns that will become apparent with the passage of time. Then we must be honest about the three categories, especially when communicating with those who depend on us for advice and leadership. We must be willing to explain why we can’t answer all the questions. Credibility is a critical commodity in a crisis and it must not be wasted. “Who to trust” is a question that everyone is asking.

The first thing not to do is believe those who claim to have definitive answers to these big questions. The data to answer most corona virus questions with certainty doesn’t exist. We won’t know for five years if immunity lasts five years. We can’t understand mutation without history. No one knows what level of risk society is willing to bear to reopen the economy. No one can predict with any certainty how shopping patterns and consumer tastes will change. No one can be sure when people will feel safe enough to travel so that the hotels, airlines, restaurants, and ski resorts will become economically viable again.

The second thing not to do is make long-term bets. In budgeting for operations, for example, lots of effort is wasted by thinking that we can project with any accuracy the timing for getting the answers to the important questions that will define the new normal. Complete confidence has never been possible about the future. Process planning and scenario planning make more sense than fixed projections because they focus on answerable questions. What is required to remain solvent per month? What startup costs will be required to return to “normal?” How can we estimate what beyond normal operations must be committed now to emerge more strongly out of this crisis? What can we afford? What are the implications for our staffing model?

Individual-level observations

On an individual basis there also are things we should not do and those that we should do to mitigate the volatility in our current environment, thus making our lives and those of others as orderly as possible. The first imperative is to resist the temptation, which radical uncertainty exacerbates, to panic. While hoarding paper products may seem like a “safe” option for us, it is likely an overreaction that will deepen the uncertainty for others. The second imperative is not to overestimate your knowledge. Factor the possibility of the unknowables into your decision-making but do not wait for perfect information to make decisions. We have to make choices every day. Freezing is as bad as overconfidence. Remember French philosopher Henri-Louis Bergson’s injunction: “Think like a man of action, act like a man of thought.”

“How do I spend my time and my money” is a question that requires rethinking during a time of crisis. Thus, the third thing to do is to be more reflective about our routine activities. These days, we need to plan more carefully because small decisions can have dire consequences for ourselves and for others. Consider the newly stressful task of grocery shopping. Should I order groceries online for home delivery or go to the store? If I do venture out, which store and when? How can I safely clean and store my purchases? We have to consider how our actions and communications can help overcome the effects on our critical relationships during social distancing. Many of us also are eager to help address the urgent needs and deep-rooted problems presented by coronavirus but need to consider what we can realistically and meaningfully do. Choices are required, personally (financial donations? hands-on (volunteering?), and professionally (commitment of company resources?).

Another “should do” in these trying times is to cultivate empathy. Understanding our impact on others is not the same as agreeing with them or even being sympathetic. Empathy involves considering a serious question: “How can I act without increasing the uncertainty in the lives of others?” Wearing a mask won’t guarantee your safety but it will make the people that you encounter less nervous and may even reduce the spread of infection. Visiting your elderly parents or holding an important meeting in-person may increase your sense of control and confidence, but are you helping or endangering others to reduce your own uncertainty?

The challenge during times of radical uncertainty is to find a pragmatic middle ground between acting thoughtlessly and not acting at all. We each would like to know whether our actions will lead to the consequences that we seek. So would others. Hopefully, the suggestions offered here will increase the predictability of our actions and those of others, and help all of us to navigate the coronavirus crisis by conveying to employees, colleagues, friends, and family that “I’m here for you.”

Source: Harvard Business School 15 May, 2020

Leadership in crisis: Lessons from the past

There is no rule book for crisis. But leaders of today can take some pages from the journey of leaders from the history of crises and better manage the current pandemic and its impact on people and work.

Times of crisis can make or break leadership. Uncertainty, ambiguity, managing anxiety of self and others, finding opportunity in chaos, there is a lot a leader has got to go through and do in times of crisis. Currently the world of work is dealing with one of the greatest crises, a global pandemic, outbreak of COVID-19. The crisis is surely one of its kind but this is not the first time the world is going through a crisis. World wars, recession, great economic depression, and the outbreak of Ebola virus, among others, are some of the other catastrophes leaders from different parts of the world have had to face in the past. 

Some companies and leaders couldn’t cope through these adversities. But then there were others who were much more resilient and dynamic and navigated themselves and their teams through the storm towards a better future. 

The leaders of today can take some pages from the journey of leaders from the history of crises and better manage the current pandemic and its impact on people and work. Whether it is the former U.S President Franklin D. Roosevelt who dealt with the banking crisis, Ernest Shackleton, the Antarctic explorer who survived isolation miles away from civilization with his team of 27 other men, or leaders at IBM, Netflix, GE and Apple that not only survived but thrived at the time of economic recessions.  

Here are some lessons for leaders from the past: 

Clarity and Sincerity

In the gloom of the Great Depression — the unemployment rate was 25 percent in the United States of America and Franklin D. Roosevelt took office. When every bank in America had locked its doors and the crisis was at its peak, Roosevelt was quick to make decisions and communicate the same to everyone with utmost clarity. Arthur Schlesinger Jr., in the second volume of his ‘Age of Roosevelt trilogy’ describes, “He dictated his remarks to his secretary, Grace Tully, looking at a blank wall, trying to visualize the individuals he was seeking to help: a mason at work on a new building, a girl behind a counter, a man repairing an automobile, a farmer in his field.” 

As Abraham Lincoln also once said, “If given the truth, people can be depended upon to meet any national crisis. The great point is to bring them the real facts.” For business leaders it is absolutely essential that they bring the real facts to people in this time of crisis and make them part of the process while dealing with this difficult situation. Whether it is Amazon's Jeff Bezos memo to the employees or the heartfelt video message of Marriott's President & CEO Arne Sorrenson, leaders are ensuring that the employees’ anxiety over job security and business continuity is kept in check.

Move in tune with time

One of the most common things among businesses that survived and thrived in crisis has been their ability to quickly adapt to changes. Leaders who have accepted the new ways of living and working in the past have been able to take their company to greater heights. Whether it's IBM that automated most of its processes after The Great Depression or Netflix and Apple that innovated new modes of entertainment. 

The global health crisis looming over the world of work currently has also triggered some new work and business trends. It has accelerated the pace of digitization as most businesses operate remotely, it has shown how some roles can be easily done remotely; further, the tight budgets will lead to leaner teams and probably impact the demand of gig workers as well. The leaders have to quickly acknowledge these new ways and rework on their business and people strategies. 

Grit & Determination

Liberia was experiencing impressive economic growth when the country was hit by a new crisis: the outbreak of Ebola. The economic recovery was smashed and civil society, which was recovering from past horrors, took another blow. It was grit and determination that helped Ellen Johnson Sirleaf, Africa's first elected female president, lead a whole country through that crisis. All the steps taken to fight the crisis, from writing a letter to the global leaders to educating the entire community about the crisis lay on the foundation of strong grit and determination of Sirleaf to tackle the problem and let it not take over the present and the future of the country. 

Similar grit and determination to save their businesses and employees’ careers is required among business leaders. While firefighting the short-term challenges, they have to continuously work on the bigger picture as well. To ensure that all the employees stay motivated even amid all of this chaos, they have to lead by example and be self-driven to not only save but make their business and talent thrive. 

Coherent culture 

One of the relevant examples in this period of social distancing and isolation is Ernest Shackleton, the Antarctic explorer whose ship was locked in the ice in early 1915. His ship sunk, leaving him and his 27 men to fight for survival thousands of miles away from civilization. Our situation is extreme in a very different way. However, there is a key leadership lesson that can be drawn from his story of survival. It was the collective determination he fostered in his men to beat the odds that helped them survive more than 18 months on the ice. Shackleton focused on the engagement, outlook, and cohesion of the team.

To survive the pandemic leaders of today have to work on enhancing collective determination, solidarity, and building a shared purpose among their team. A coherent culture will help dial down fear among employees and ensure less chaos at work.

Finding opportunities in times of crisis

Each crisis brings with it newer opportunities, as old habits get disrupted, people’s mindsets get influenced and lifestyle changes. 

In the Great Depression, General Motors (GM), for instance, acted decisively to savage its cost base, allowing it to cut prices by as much as 70 percent on its top-of-the-range cars. The idea was to align its product offering to a consumer with less money to spend. Hence, GM stole market share and achieved higher margins than Ford on similar products. 

The COVID-19 pandemic will also influence consumer’s spending habits and preferences, the business leaders have to hence closely monitor these changing needs and prepare for them in advance. Although it seems to be unclear when the situation will get better, leaders need to have a plan in place. They have to identify the new business opportunities and ascertain the required skills for materizaling them and prepare their workforce for the same.  

There is no playbook for crisis. No two crises are the same. But each crisis has the ability to transform us and leave lessons for the generations to follow. So take some of these lessons and bring them to practice as you ride along a treacherous path. 

Source: People Matters 08 May, 2020

Crisis gives the opportunity to find loopholes: Samir Modi

The founder & MD of Colorbar, 24Seven and Modicare feels that every individual should utilize this time to brush up their skills and take up new crafts to enhance their learnings.

Samir Modi, Managing Director & Founder of Colorbar and 24Seven and Modicare is an intuitive entrepreneur, constantly striving to bring new and radical ideas to life. After thoroughly analyzing the contemporary consumer behavior and trends in the Indian cosmetic product offerings and convenience retail chain, Samir established Colorbar Cosmetics and 24Seven Convenience Stores. In an exclusive interaction with People Matters, he shares how he is firefighting the crisis and how the world of work will change post-COVID-19. Read the edited excerpts here-

What are some of the leadership lessons that have guided you in the current times of crisis?

As a leader, I have always been guided by my mantras of Soch Badlo and Samirness - my biggest strengths for all times. I’ve always leveraged different thoughts and perspectives, tackled such situations with a fresh approach as reflected in my mantras too; Soch Badlo – which means think differently and Samirness – Put your heart into your way and approach to work.

Who is the one leader who you consider an inspiration in the firefighting crisis?

It is very important to always have a fresh perspective and preparedness to deal with unexpected circumstances like these. Also, as a leader, it is of special importance to have a role model to look up to and draw inspiration from, and for me, that inspiration is Steve Jobs. He has been a stark example of determination and resilience for me. Steve was resolved to engineer products and solutions to enable ease and efficiency – he fought hard for it and created Apple, arguably one of the most successful businesses in human history. “Sometimes life is going to hit you in the head with a brick. Don't lose faith.” – this famous quote by him has always encouraged me during trying times.

Along with him, I also admire Richard Branson for his gumption and the sense of belonging to his workforce.

According to a survey, 93% of high performing organizations believe crisis uncovers talented leaders. In your experience of managing crises, how relatable are these results?

Leaders must see opportunities everywhere and, in my opinion, a crisis provides leaders the opportunity to address the loopholes, overcome obstacles, and help people and businesses recover more strongly than ever before. A crisis is a runway to take a flight with resourcefulness and efficiency. These are the times for leaders to adapt to the new norms while leveraging their farsightedness and preparedness. Leaders are born out of such unexpected times, born to contribute to the larger good of scaling economies in the longer run.

Should the world of work be ready for the new face of leadership post COVID-19?

We are looking at a new world post-COVID-19, a world that will not be like the one we lived in - at least not for a while. It does not really solicit an overhaul of leadership, but definitely sets a podium for the emergence of newer champions. New leaders who will bring in a novel approach towards risk mitigations, speedy recovery, and a sustainable and inclusive growth. It is an opportunity for organizations and communities to let the innovative captains take charge.

The current crisis has majorly impacted the workplace. How are you managing this pandemic along with your CHRO?

As we gradually embraced the Work from Home culture, we rolled out a few initiatives for our employees and partners to see the bright end of the tunnel. Enclosed are some of the initiatives we have taken so far:

We are reaching out to provide care and cover to our employees – insurance of INR 5 Lakhs has been provided to each employee at Modi Enterprises specifically for COVID-19

We have enhanced hygiene & sanitation at our workplace basis COVID-19 norms.

We are also investing more time in learning about our employees’ values, strengths and interests to experiment and figure out various ways of working.

What are some of the major decisions you took recently that have kept things under control?

With the Coronavirus (COVID-19) outbreak, it has been difficult across industries to keep up the business momentum. In order to control the cost in the current situation, I recently took a decision to re-align the fixed costs and remove all unnecessary expenses.

Do you believe that employees should lay more emphasis on upskilling themselves keeping in mind the future company goals & use the time to plan post lockdown?

Yes, I believe so. Even though it is a lockdown, it comes with endless possibilities of growth. Employees, in fact, every individual, should utilize this time to brush up their skills and take up new crafts to enhance their learnings- which in turn could add substantial value to their personal and organizational growth in the future.

What is going to be the biggest challenge for the retailer of 2020?

There is no question what retailers across the globe are facing currently is unique. This is the first event that is majorly impacting our in-person business, highlighting the need to be prepared for everything.

Retailers’ biggest challenge would be the customers and how to interact with the customers while abiding by the social distancing norm. Apart from this, safety of staff and their customers would be another concern that will have to be prioritized.

Source: People Matters 07 May, 2020

Predictions, Prophets, and Restarting Your Business

Businesses are starting to plan their re-entry into the market, but how do they know what that market will look like? Frank V. Cespedes warns against putting too much trust in forecasters.

“Predictions are risky, especially about the future,” according to a popular expression. Still, business is inescapably about the future—that’s what managers’ decisions are about. In the current crisis, we have daily grand predictions about “new normals,” and managers must restart their business and make decisions based on assumptions about the future.

The problem: Most of these prophecies about what is to come are basically straight-line extrapolations of a few weeks of data or sermons about what that prophet believes should happen. These won’t be of much use to business leaders making cold, hard decisions about returning to the market.

Here’s a common prediction: Social distancing forces people to do more buying online and communicating through social media, thus accelerating a permanent, big shift after the crisis to more ecommerce and virtual models. The evidence, however, is not so clear-cut.

“A PROBLEM WITH MEGATREND PREDICTIONS IS THAT, EVEN IF THEY TURN OUT TO BE GENERALLY ACCURATE, THEY’RE NOT MANAGERIALLY USEFUL.”

In the first month of social distancing in the United States, online sales at Walmart and Target indeed surged by double digits compared with the year-earlier period—and so did in-store sales as well as sales of jigsaw puzzles and walkie-talkies. It’s not clear what we learn from panic buying. So let’s look at what was happening online before the virus of 2020.

Ecommerce has been part of the internet for 30 years. Books.com was selling online while Jeff Bezos was still working on Wall Street. After decades of tax-free sales, ecommerce was just 11.4 percent of US retail sales in 2019, according to the Department of Commerce. Meanwhile, social media usage on the major platforms had been essentially flat over the previous four years. (In fact, social media usage had declined among Americans less than 35 years old, and the only age group using Facebook more were people 55 or older, according to Edison Research.) As a marketing medium, online channels were cluttered and increasingly viewed with suspicion as media attention to foreign hackers raised awareness of cybersecurity issues.

Combined with the ability to block ads, the growing costs of acquiring customers online, the experience of “Zoombombing,” and controls on consumer data by EU regulators and others, it’s unclear how much buying and selling will be done online in the future.

So, what’s a manager to do given the uncertainty of both predictions and prophets? Here’s some advice to CEOs, CFOs, sales managers, and others who allocate the major resources in most firms. Whatever else you do in thinking about the future of your business, pay attention to the following:

Shorten selling cycles

The crisis demonstrates, painfully, the importance of cash. In his famous essay "The Yield from Money Held,” the economist William Hutt described cash in your pocket or on the balance sheet as “a fire engine when there are no fires.” Or, as the song in the musical Oliver puts it: “Money in the bank, that’s what counts / Money in the bank in large amounts.” The selling cycle is usually the biggest driver of cash out and cash in: Accounts payable accrue during selling, and accounts receivable are mainly determined in most firms by what’s sold at what price and how fast.

In surviving and recovering from a crisis, increasing close rates, the efficiency of a sales model, and its segment focus are strategic issues, not only sales management tasks. Consider: when commerce resumes, what’s the impact on your business from shortening selling cycles and accelerating time-to-cash by one week, two weeks, or more? If you don’t know, find out now and work to shorten ramp-up time and increase productivity in your sales team after the crisis.

Consistent messaging to customers

A problem with megatrend predictions is that, even if they turn out to be generally accurate, they’re not managerially useful. Companies sell to customers, not to a trend, and priorities must be set. Make sure that key customers are aware of supply disruptions or other problems. Do not assume that, in a global pandemic, “everyone knows.” They are absorbed with their own business issues.

Big accounts drive a disproportionate amount of a company’s revenue (the 80/20 rule), and reliance on large customers has grown. Publicly traded US companies must disclose any customers that account for more than 10 percent of their revenue. A study of this data found that, in many industries, these buyers represented 20 percent to 25 percent of sales by the second decade of the twenty-first century, up from less than 10 percent two decades earlier. In other words, even before the pandemic, there was a big change in the customer portfolio of many companies.

Your salespeople must send consistent messages, not ad hoc responses. Don’t leave this aspect of crisis management to emails about your “commitment” to customers, or telling salespeople to “stay focused and take care of customers.” That’s an invitation for fragmented responses, multiple promises, and longer-term costs to the brand and strategy. Managers must manage. In an extended disruption, it may even be in your long-term interest to find supply alternatives for a customer. Few quota-carrying salespeople will or can do that.

Use data, don’t hoard it

Important data is account profitability, your cost-to-serve customer A versus customer B. My experience on boards of directors and in work with leadership teams is that “vision” discussions are fun, and quarterly financial results are tracked closely. But despite much talk about big data, the customer information required to survive and then restart the business after a major downturn is often lacking.

One reason is that, in many firms, the relevant information is effectively the “property” of an individual rep, not the company. That makes it difficult to set account and segment priorities. Use the current frightening hiatus from business-as-usual to get this data and establish a process for keeping that front-line information flowing and timely. Otherwise, “customer focus” will remain a perennial slogan, not an organizational reality. Oversight over this activity is as important as it is in the capital budgeting process, innovative ideas in the virtual crisis war room, and the speech about resilience.

It’s unclear whether social distancing has made people more eager to transact online, or whether it simply demonstrates the limitations of communicating virtually. The historian William McNeill documented in Plagues and Peoples how epidemics were a recurring norm, not the exception, for millennia. Meanwhile, buying and selling have been social as well as economic transactions since the Greek Agora, the Grand Bazaar in Istanbul, malls in the twentieth century, and through decades of internet use. Will months-long confinement change that deep-rooted human behavior?

Get back to basics

Finally, for what’s it’s worth, here is my prediction: The coronavirus will eventually abate and few will remember the many false predictions made during a crisis—but you will still have to live with your business decisions.

Do your best to separate hype and headlines from market-driven data and options. When much of the world economy is shut for weeks and possibly months, cascading bankruptcies and higher debt loads probably mean a tightening of purchasing decisions and capital expenditures in many consumer and B2B markets. Your business-development efforts will need to be more focused and productive after the crisis. Start now and take care of these customer basics before you possibly follow a prophet into the wilderness.

Source: Harvard Business School 04 May, 2020