What if Shri Narendra Modi runs your business?
You may be a believer or a non-believer, a follower or a critic – but one thing everyone must agree that Mr. Modi is a master manager and knows how to run the show. He will surely go down in the history!
Have you ever wondered if we can apply Modism to your day to day decision making? How does it affect our HR policies, financial planning, marketing, technology, laws, competition and various other matters.
As a Growth and Turnaround Advisor, here are few interesting Modisms that we can try and apply in our businesses.
Modism No. 1: Outside capital can spur and revive current business
Money is to business what blood is to our body, free circulation of both is very much necessary in the life. Modi recognized this principal very early. During his term as, chief minister in Gujarat he knew that fiscal deficits is something the nation should work on.Reviving India`s fledging economy constituted the central theme of Mr. Modi. He focused on attracting Foreign investments in India by initiating the Make in India scheme in September 2015, announcing the ease of doing business allowing 100% FDI in almost all the sectors.Taking this into mind, a businessman must plan the cash flow in order to stay on the field for the long run. One needs to strategize the outflow based on the requirements at the same time always check the inflow equity vs. debt.
Modism No. 2: Hire the right man for the right job!
Every Business follows a plan even if it’s not written down in a document. But developing and implementing strategic change needs a team who can execute the way it is required. Mr. Modi is a visionary and a hardcore strategist. One would be aware of how Mr. Modi successfully headed the Pragati Project where as many as 180 out of 350 stalled projects in the states in key infrastructure areas which were delayed for several reasons for a period of 4 to 15 years were on track again. This was done with the help of dedicated team of cabinet secretary P.K. Sinha, who reviewed various delayed projects in the centre and placed for discussion on the Pragati portal based on their relevance. This helped Modi to speed up the infrastructure in India. In business one should take a note that hire the best man for every job.
Modism No. 3: Back your team
सरकार वो ही, मुलाजिम वही, दफ्तर वही, फाइल वही, आदत वही, लोग भी वही। काम हुआ कि नहीं हुआ
Mr. Modi has been in the forefront when it comes to developing skill sets amongst the citizens of the country. To get the work done one needs to solve the problems faced by the employees for their smooth functioning. Mr. Modi knew that the grievance redressal team was stacked with a backlog for various reasons. When went into the roots he realized that the team was divided into 2 areas due to lack of space and physical processing slowed down the processing of petitions.Within few months the process to free up the space to integrate the team was done and online petition platform was formed which reduced the processing time as well as helped to move toward paper-free environment. In the same manner one should help all the employees in every department of the company to develop essential competencies so that they can work efficiently and effectively and also motivate and encourage the young managers and leaders of the company which will help the company to have a sustainable growth for the future.
Modism No. 4: Use technology to eliminate middlemen
Procurement has always maintained an essential role in the business and has a link to the business success, whether by reducing cost or by sourcing for key material for the organization’s operation. Recently, the role of procurement has become more critical in the ever-increasing competitive market to be cost effective. Just like he has eliminated the need of middlemen by connecting the producer and buyer by creating a marketplace. This should be replicated in the company’s business model by which the total cost of procurement of products and services will considerably go down.
Modism No. 5: Market Market Market!
Marketing serves as the face of the business. Everything in the business depends on marketing. No sales equals to No company. One needs to develop a brand by promoting the product and creating awareness among the customers. This will give a competitive edge in the industry. The best example is Make In India which he promoted during his foreign trips by holding meetings with businessmen of the countries concerned. He globally promoted and increased the brand equity of India.
Modism No. 6: Take decisions and be persistent
Willpower is that inner fire that gets you past the naysayers, obstacles, challenges and inevitable failures. No one can give it to you, and no one can take it away. Use it as you see fit. Mr.Modi`s willpower and vision in making India bright and puissant has helped him to grow. With all his strong desire and decision power he is attracting the world towards India. There are always ups and downs in the business. This can be overcome if one has the willpower to go ahead and tackle the situation.
Modism no.7 Simplicity:-
No matter how complex a task, break it down to the simplest elements!
Thus, if our Respectable Prime Minister were to run my business then there is no doubt that the business will witness a sound and steady growth while satisfying all stakeholders like customers, employees and suppliers. He will be successful in creating a sustainable and robust business model. We would love to hear your thoughts on some of the modism that can be effectively put to use in day to day businesses.
This article is penned by Khushbu Gandhi, Investment Adviser, Moneybee Group.