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We are undoubtedly passing through one of the most unprecedented testing period of time, in modern human history. A small, invisible but dangerous Corona virus has shaken all the countries, developed, developing, or underdeveloped. It has affected people of all religions, regions, belonging to various strata of life, rich or poor, young or old and generally bringing pandemonium across the globe.

Business is being affected in such a way, which has never been seen in peace time in human history. The expanding grip of Corona has not left any industry untouched. Almost all industries are looking into a period, which can potentially cause great loss.

So, in these testing times what an industry can do? Is there something that can be done at all?! Not much can be done individually, or as an industry (except in a very few industries such as Pharma, Health sector etc) except allow this phase to go through. But one thing is for sure. Once this Corona virus is contained (and it will be done in matter of time!!) the economy is going to bounce back very strongly.

So, it is important for the top management executives, and leaders, instead of just worrying about a thing which they have no control on, to keep considering best future options, and be ready, when economy rebounds. I put my thoughts on how an industry and top executive can prepare itself / himself in these times.

1. Protect the health of your employees : this is the very least an industry need to do, since you need healthy and fit employees to run your organization when things pick up again. They were your pillars of strength when things were good! So, genuinely execute plans to keep your employees, away from grips of Corona. Execute short term plans, follow Government instructions, encourage everyone to follow advises from Doctors and Health department.

2. New Technologies, Markets and Products: Jack Welch, the late CEO of GE, says "Leaders emerge during trying times." These trying times have changed, possibly in some cases permanently, how business is conducted or how we live our life. Working from home, using lesser resources, increased sense for hygiene, growing respect for environment or nature are few examples. These changes are also creating certain new market leaders or opportunities for future. Keep an eye open for such new leaders, markets or segments.

3. Innovate: Use these lean times to innovate and introduce creativity in your Business, Product / Service and Process. In many industries, things have gone quiet now. What can be better time than these forced "Quiet" times to put your thinking cap on?!!

4. Use Technology to keep in touch: Use several technology tools available to keep in touch with employees, motivating them and participating in the Innovation or creativity exercises.

5. Create an USP for your Business: May be you were busy (Busy being busy?!!) all these days and never had time to think, "What draws customer to you?" or even "What draws customers to your competitor?" Then this is THAT time!! What is that SOMETHING, that will draw more customers to YOU? Try to find answer to this question. Many of your employees may be working from home. But give this challenge to them.

6. Turn competitor into your collaborator: Look for areas where you can collaborate with your erstwhile competitor. It may be beneficial for both of you. In mathematics 1 +1 = 2, but in management and strategy, 1 +1 = > 2

7. Complete pending Maintenance tasks: Complete all the pending periodic maintenance schedules. Though this sounds simple, I have seen industries which just forget these simple tasks, with all employees just worrying about bad times!!

8. Initiate / revisit / revitalize 5S: This can be THE best time, to initiate 5S, one of the basic Lean tools. If you are already doing it, fine tune it, and if you have not started yet, JUST DO IT. There can be no other better time. By the way, 5S can be made applicable even for service industry.

9. Talk to your Bank / Financier: Have a sincere talk with your bank or financier to borrow some time. Even small support can be a big help, these times. Take such requests to Government(s) through your industry association or Chambers of Commerce

10. Community Service: These times cannot be handled by Government alone. Every organization and individual must also play their part. Do your bit of community service at these difficult times. And if you are running an organization, when good times return, you will be seen with gratitude by people. You cannot be seen as "Fair weather friend" by your customers!! So sincerely contribute and participate in community service

11. Train your employees to be "Intrapreneurs" : What an organization need is an Entrepreneur as a manager in its various functions. In other word, an "Intrapreneur". These testing times can be right time, for inculcating skills of an Entrepreneur into most of your leaders. An Intrapreneur comes with better ideas and is more loyal to an organization than just an employee. So skill up your team.

12. Vendors and supplying partners: Your organization cannot exist without your vendors. Their well being is important for your well being in the future. Simply put, do all the above for your vendors too!

13. Build up "Excellence Quotient": And finally as Excellence Consultant, I always advice to build up your and your team's "Excellence Quotient". Invest time in reading books and creating Excellence in your value stream, which will come handy when economy rebounds. This is the right time to build Excellence in yourself, your product and in your process. And similar to quality, Excellence is an ATTITUDE!!!

"Tough times never last, TOUGH PEOPLE DO" - Robert H Schuller