Attain scale: The seeds business is attracting large, multinational players. So we want to attain scale to compete with them. One way to grow fast is inorganically, through acquisitions. We have already acquired controlling interest in two companies. Since valuations are more reasonable this year, we are on the lookout for the right kind of companies.
Increase product basket: We plan to increase our product range. So far, cotton seeds have fetched almost three fourths of our revenue. But now we want to expand our base to include more varieties, such as rice, corn and other vegetables.
Add more features to existing products: Our consumers are farmers, who want to increase productivity, and hence, profitability. We want to leverage bio-technology to help them. We’ll bring in better technology to introduce more traits into our seeds. For instance, introducing a disease-resistant trait to our rice seeds will help the farmer improve productivity.
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Analyse operations carefully: We’re looking at all options to cut costs, postponing new investments, realising our outstandings sooner, and removing all flab. This is how business should be run normally, but it becomes even more important to analyse the business carefully in difficult times, and become lean and efficient.
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"Loyalties between the management and employees get built in times like these."
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Remain positive: We will interact more with employees, make decision-making more participative and do our best to retain valuable talent. Loyalties between management and employees get built in times like these. If the senior management of a company stays positive and confident, and is able to communicate what plans they are making, then it goes a long way in inspiring confidence among the junior employees.
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