By Now we all know the Risks of Corona Virus to ourselves and our families. Well Being of each of us is most important the probability is quite High in India. Be safe and keep others Safe But there is other risks too – that might impact us severely. Risk to Business and associated Impact.
The New Reality
Customers are in some tough times
- Consumer spending will drop as people are forced to stay home / lose income
- Supply chains will be disrupted causing backlogs and lost revenue
Our customers focus is going to shift to
- Business continuity
- Determining how to limit the impact of the above reality
- Searching for ways to cut costs
Likely Economic downturn over next 3-6 Quarters
As customers look to cut costs
- Projects will get delayed or cancelled
- They will look at how effective our services are in this new paradigm
- They will take a closer look at all spending
If we don’t overdeliver during this time and show that we are valuable partner
- We may lose positions
- We may lose projects
- We may lose customers
- We may be in a position where we have excess bench and little demand due to economic conditions
- Getting new projects when uptick comes will become more difficult
How Do we Manage these Risks
- Find safer ways of working in current Scenario
- Over Communicate
Our new reality – Challenges while Working from home
- Eventually – Most, if not all our work is going to shift to remote from home delivery.
- Our teams will be separated, each person working independently.
- Collaboration / Support from Others may require additional efforts.
- Not even all our customers are used to this working model.
- Hence may have additional concerns/ expectations.
- Work from home during this time will be additionally complicated by kids and family also at home.
- Employees may or may not have a good quiet place to work away from the rest of the household.
- Infrastructure Challenges may pop up all of sudden – Power/ VPN/ Laptop/phones.
Key for Success when WFH
- Get your work done promptly
- Stay Connected - Make sure that you’re readily available via e-mail, phone, text, Teams, Skype and/or conference call to customer as well as team and organization
- Don’t handle personal work during work hours
- Avoid Home distraction
"Remember our Success and Failure is on each one of us – Put your best Forward – It is difficult times like this that defines us."