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Some of the steps that any business can take to act quickly and re-engineer their business models are:
- Aligning current teams to cope with additional demand and meet quality standards, through internal training and transformations
- Allocating funds
- Understanding the target market, their specific requirement, quality standards
- Researching on the immediate past supplier from China or neighboring countries
- Orientation of the team and training
- Marketing in the crisis economy
- Identifying the right market where their products or services might be required
- Reaching out to the right markets and the right decision-makers
- Reinventing their business model to suit the needs of the new prospects
- Positioning and packaging of their organizations, its services or products and capability, and showcasing it to the prospect market
- Investing in building the trust of the brand, so that it can serve as a testimony for the new prospects
- A reality check on the status of COVID 19 in the country, its impact, progress, steps being adopted to contain or eliminate the virus, and its impact on your business
- Back up plans if the Coronavirus impact becomes very significant and poses a threat to running regular operations
- Logistics, supply chain, government norms, etc.
One word of caution here though is that the demand created might be temporary as, once China's industries get reviewed, the buyers might just go back, which one never knows. So, businesses must be wary of this, and take steps to ensure:
- The orders are secured for a decent time frame which allows it to justify the investment
- Quality deliveries
- Building client and consumer trust
- Build their brand in accordance with the basic supplier requirement norms of those nations that it chooses to work with
- Deliver on its promise
- Build a workplace that resonates with the same
- And take the decision to expand only after having a plan to get all the above in place
Sectors in India that are likely to benefit from China's unfortunate displacement are:
- Iron and steel
- Auto and ancillary components
- Engines
- Machines and machine parts
- Pumps
- Clothing and accessories
- Carpets
- Furniture
- Handicrafts