Companies

Anand Mahindra advises companies to adopt new ideas and innovation like start-ups

Hemani Sheth Mumbai | Updated on June 08, 2020

Mahindra Group Chairman Anand Mahindra on Monday said that companies will be exploring solutions to get operations up and running as offices begin to slowly reopen starting today as part of government’s Unlock 1.0.

“As offices begin to slowly open today, most companies will be exploring what I call ‘Sanjivani solutions’, i.e. a potion for emerging from a Corona-induced coma. A good time to share some of the thinking of our Group leadership on how we might hit the ground running,” Mahindra tweeted.

The Mahindra group chairman advised companies to adopt a “startup” mindset to develop new ideas and innovate.

“Adopt a start-up mindset. Which means: a) Become as lean an Organization as possible b) Nothing is sacred; all business models open for debate. Create ‘feedback loops’ that constantly test product/market assumptions c) Share ideas & data across the company at warp speed,” Mahindra said.

Mahindra also advised businesses to “clean up” their portfolio and raise sufficient capital for the journey ahead.

“Do a Marie Kondo style clean up of the portfolio and bid goodbye to those initiatives which don’t fall into your narrative of a successful future. 3) Raise sufficient capital for the journey of evolution. It’s not a short trip,” he said.

Mahindra has been vocal about the impact of the current crisis on businesses and the steps that companies should take to combat the same since the beginning of the Covid-19 crisis in the country.

“The ‘VirusCrisis’ presents business with challenges but also some unprecedented opportunities: “We’ve acquired a precious resource: time for reflection. Use it to review strategies & portfolios. Press the Reset button & recalibrate all costs & overheads,” Mahindra had said in a tweet.

“Associates will have more time: solicit their ideas for business improvement. Use the lull to build deeper personal relationships with customers. We don’t know how long the containment might drag on, but prepare the business for a U or even V-shaped recovery!” he had added.

Offices will begin to reopen across non-containment zones around the country starting today according to the latest guidelines by the Centre. The Ministry of Health on June 4 had also released a detailed SOP for reopening of offices which included guidelines on staggering of office hours, lunch hours and coffee breaks as part of social distancing norms.

Published on June 08, 2020

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