Tuesday, July 12, 2011

Making money during depression

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Making Money During Economic Depressions

We have had a depression for so long now that people have almost gotten used to it. “I’ve been down so long, it looks like up to me”, said an old song appropriate enough for these rough times. The lower levels of industrial activity are taken for granted and seasoned businessmen are only on guard against further deterioration rather than positive upward movements. The government has the tough choice of cutting expenditure while having to spend in innovative ways.

Sure, there is bad news galore. All sectors of the economy are doing badly, the latest casualty being computer education. IT came before that with the September 11 fallout. Even pharmaceutical stocks, which enjoyed robust growth, are showing signs of slowdown. The backbone of industry, steel and automotive sectors, are both faring poorly. Whereas the former has a combined investment of Rs. 0000 crores, the returns are pitiful. In the automotive sector, all three segments, cars, trucks and tractors are going downhill; gains are fleeting and disappear almost the moment they appear.

These times sound the proverbial alarm clock for businessmen as they grapple with this situation from their perches on GK Road and the far-flung industrial areas of Shapar, Metoda and Aji. Rajkot continues to be a significant supplier of iron and steel goods to the auto sector. The city’s ancillaries have been dragged into the mire along with their consuming parent companies.

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What can a businessman do during recession? Indians, they say, are long on analysis and short on action. So lets launch into an action plan right away to chase the recession blues away. Here are some dos

Become creative Old solutions will just not do. Need not be something earthshaking; could be a mundane thing as Hajmola’s packaging shows. From unwieldy glass bottles, they went into pouches and saw their sales multiply. Creativity is something that is required if you are to find your niche and protect it. Look at how Mahindras have made an ambitious plan to get into the Defense business as well as innovate with customized cars.

Strategize Recessions are clear signals that things are not working, as they ought to. Perhaps the company needs to look at its internal profile and see whether it really matches the environment. It may be time to let that old business line fade away rather than incurring more and more expenses for declining returns. Ashok Leyland came up with innovative product positioning to beat recession, whereas competitor Telco stumbled.

Know your customers Don’t put off that customer satisfaction survey anymore. This is the best time to put it to work for you. Call a nearby commerce college and get a couple of eager students to do this for you. Get close to your customers, find out what they really want and what they consider valuable in your product and what they do not. Timex in their first round in India, found that plastic watches don’t sell because they are perceived as being cheap stuff. Make traditional functions like accounts, production and stores meet your customers and get to know their likes and dislikes. You will be amazed at how easy it is.

Cost control Vs cost reduction Bad news travels fast, but even faster are ill-conceived cost reduction programs. The goals are nearly lost sight of and, businessmen start pinching pennies where they shouldn’t. Research and advertising are frequent casualties, just when they are desperately required. The company would do well to concentrate on its major costs and plan on controlling those rather than slashing everything across the board.

Your trade/industry association Only the seasoned committee-person ever wants to attend association meetings regularly. Others avoid these with polite excuses or white lies. The businessman would do well to network with the other members of the trade or industry and fill in the missing gaps of information.

Involve your whole team All too often, Indian businesses have only one strategist the Boss. We are all aware of how the boss is right, always right, and all that. Valuable alternatives and perspectives are lost when this narrowing of focus takes place. It would be a good idea to involve your whole team. At least those who have some experience in the main line of activity. You want to make sure that even that little itsy bitsy idea is not left out of the revival strategy. Don’t plan on doing everything yourself.

And finally, some information for that worried businessman who wonders whether there is any business that is recession-proof. A study carried out in America found that three categories do very well during recessions dry cleaners, budget restaurants and shoe-repair businesses. Now put that in your pipe and smoke it.

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