– crises present unique opportunities for businesses to thrive

By Gabriella Chapman
WITH the current situation across the globe, and other repercussions on Guyana’s economy, one can conclude that the possibility exists for an economic crisis, should the situation remain for a prolonged period, and should the necessary measures fail to be implemented.

In an interview with Management and Leadership Expert, Rosh Khan, who is the President of the Master Class Institute (the official licensee of Franklin Covey), he underscored that now is not the time for businesses to panic, but rather, to work together and try to pivot from the situation, into a role that will lead Guyana into survival mode through a crisis.
Khan said there are many factors at play right now that increase the possibility of a failed economy.

“There is our elections dispute, there is Coronavirus, and of course we have got the oil price wooers as well. So ultimately I think these three things can have a massive impact on Guyana. What we do going forward, in terms of what measures we put in place, will determine whether or not there’s some sort or recession, depression, or collapse. It’s hard to predict the future, and that is why we have to focus on what can we do to mitigate any of the potential fallout from the situation. Private sector alone is not going to figure this out, government alone is not going to figure this out, and civil society alone is not going to figure this out. I really think this is going to require everybody to put their heads together to see what we can do to ensure that we don’t see a collapse,” Khan said

He explained that there are many underlying factors that may cause a collapse.
“Financial issues based on how much money is going to be circulating in the economy, I think that is one of the biggest factors. If we stay in a sustained lockdown mode, it means commerce is not moving through the economy. And if commerce isn’t moving through the economy, then it’s going to lower our spending power. If this happens, then we have an issue. So ultimately we have to figure out how can we preserve and how can we find other measures to create small businesses, create economic alliances, find opportunities online, and as people are lockdown and they’re home, Internet still exists. So how can we pivot, using the tools that are at our disposal, to ensure that we don’t fall into some sort of financial hardship that’s sustained over a period of time,” he posited.

GLOBAL COMMUNITY
Also part of the interview was General Manager of Franklin Covey, Dennon Lewis, who said attention has to be paid to the global community, emphasising the picture is even bigger when you look at it from a global standpoint.

“We live in a globalised community so it is important to note that even as we look inwardly at what is happening, it is important to pay attention to what is happening to the rest of the world. Because a lot of the things that we use on a day-to-day basis, are important, and so these are commodities that are being produced elsewhere in the world. What we are experiencing here is in some ways minute, in comparison to what is happening elsewhere in the world. So if production slows down in other parts of the world, most times persons produce first for immediate needs, then external. The external is what gets exported. So if their production is slowing down, that means they wouldn’t have as much excess that is used to satisfy markets like Guyana which is very small in comparison to the global market. Taking that into consideration, should be something that we use to have the foresight to not only look for ways in which to increase income, but also for ways to save the income and resources, the various things that we use on a day to day basis,” Lewis explained.
Khan injected: “At this point in time, it is so important that business owners don’t panic. I think we start there. You want to ensure that you’re making the best type of decision that you can make, the most strategic types of decision you can make. You can’t do that if you’re in panic. We look around the world and we see a bunch of people buying an excess of toilet paper. That is caused by panic. What we have to do is take a big step back and don’t panic and understand that there are economic cycles. The world has gone through pandemics before. We’ve had the Spanish Flu before, we’ve had SARS before, so it has gone through pandemics. We’ve also gone through recessions and depressions before. So we have to know that there is light at the end of the tunnel, it may not feel that way but there is light at the end of the tunnel.”

He explained that what has to be ensured is that everyone knows that they are in that economic cycle. If persons understand the cycle and their position, then persons can focus on what they can control.

“These are all the things that you can be concerned about, that you have no influence over, then there are those things that you can influence, that you have control over. So be smart about focusing on controlling your attitude. You control your belief system, you control what you say and what you do. So that when you’re doing that, you’re spending energy on being proactive as opposed to all the news that’s coming your way and you just trying to react and you’ll be like a pinball syndrome, you don’t want to do that. Once you’ve got your mindset right, because it all starts there, once you’re clear, you have some sort of structure in your mind, then you can move into specifically what can we do,” Khan said.
He advised that now is a great time for businesses to take a big step back and examine what needs to be shifted; how they can use this time to build the right mindset; what skills they are weak in; and what skills are needed to be acquired or sharpened or worked on, for the new economy.

“This is a great time to think about training. And also, what are the tools that I need as a business owner to help me get through this, not just to survive, but once we get through this, how can I thrive,” Khan said.

CREATIVE
Added to that point, Lewis said that it is also an opportunity for businesses to get creative so that services they’re offering do not stop.

“Like some companies are offering free delivery to ensure that their numbers stay healthy as we go through this period. So having some training to really get individuals to understand how I can do this, because you might know the what, but it really takes a deeper understanding to know how I can plot this out so that my business stays on top of this wave. And I think that is very important at this time,” Lewis said.

Khan noted too that business should not stop marketing and training.
“This is the time to ramp up your marketing and do it smartly. Not to do it in a tone-deaf manner, but tailor your message accordingly so that it resonates with the people you’re trying to reach so they see what you offer as a service to a greater good, based on everything that is happening right now,” he said.

Khan also pointed out that in a down market, some businesses will get hit more than another, based on the services they provide and the relevance to the situation at hand.
To this end, he said this is where vulnerable businesses have to try to change their target market, reduce expenses, and find a way where they can pivot; use what they have, to pivot based on what the market may need.

He also explained the law of the harvest, which he said is most recommended to prepare for a crisis.

“The law of the harvest is where you have to understand what your seasons are. And as much as you’ll have the summers, it also means that at some point you’re going to have a winter. And what we’re going through right now is somewhat of an economic winter. It comes down to the stories we hear as a kid, with who store up the food and who didn’t.
“This is an opportunity for us to open our eyes and pay more attention to how we should be doing businesses, how we should do business going forward,” Khan said.

Ultimately, he said that businesses play a major role in ensuring a country’s economy stays pumping. Hence, the necessary measures ought to be implemented by these businesses and companies to ensure the financial security of the country.