Strengthen fundamentals: Now’s the time to set standards in corporate governance. We’ll look hard at what we are doing and make sure we reach global standards. We’ll use the time to create efficiencies in spheres where we couldn’t earlier. We’ll restructure some parts of our operations, and create new systems and processes. The current mindset is more aligned to change.
Communicate more: We’ll communicate more with all our stakeholders. This downturn is a crisis of confidence, so we’ll talk to the market and our investors and employees, and tell them what we are planning to do every step of the way.
Stay focused on our product: We’ll be very careful about our brand and the quality of product we are offering. When things get bad, it is easy to stop paying attention to smaller things that make a huge difference to the customer. We have to make sure that our customer interfaces work well: we fly on time, our planes are clean and our staff friendly. We cannot afford to fray at the edges just because larger issues are taking our time.
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Think cost: We’re looking at all our costs at a company-wide level and doing an audit of our customer interfaces. We find that people are more amenable to change in a downturn. So we’re looking at everything we’ve been spending and have launched a renewed drive to cut costs.
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"We find that people are more amenable to change in a downturn."
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Find opportunities: For a business, a downturn actually represents a fabulous opportunity to acquire assets, which were otherwise highly overpriced. Even softer assets, such as skilled people, become more affordable for small-medium enterprises in this time.
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