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Global business strategies in turbulent times*

Prof S P Garg

Jaipuria institute of Management, Jaipur, INDIA

(sp.garg@jaipuria.ac.in)

"Never let a crisis go to waste."

"business as usual" is not the answer.

"Let's not just survivelet's thrive."

Turbulence is good since it separates the good from the bad,

"You will be paranoid only if there is constant turbulence."

There is an old Chinese saying: May you live in interesting times! The Chinese dontmean this in a good way. To them, interesting times are times those that are uncertain and

confused, when no one quite knows what will happen next. Interesting times are the times

that test ones skills and resolve.

Our failures are because of our lack of commitment to our cause, our inability to accept

meritocracy and our indifference to honesty and want of a good work ethic amongst our

leaders .No external enemy but performance can lead India---------- Narayana Murthy

Were entering The Age of Turbulence, not the age of chaos,

Turbulence defines the unpredictable and sometimes

undetectable patterns that external factors place upon businesses

across the world in these uncertain times,.Chaos is something that happens to companies as a result of their

lack of preparedness to take steps to detect and deal with turbulence,

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Approaches adopted by different companies in tough times

The right leader at the right time - and beyond? No place for the go-it-alone manager

Retrenchment is not the first option :employeescould be up-skilled, multi-skilled or made more productive through innovative HR practices

Focus on measures of fitness :strategic, financial and emotional focus and perseverance is the name of the game constantly look for new opportunities and possibilities energise ourselves through small victories People First Strong financial discipline : eye on Cash and credit :cash is king) Revisit the business plan regularly Cutting of costs and overheads Constant communications with staff and customers Deepen the customer dialogue Collaboration and alliances Stick to core competencies Believe in core values Focus on Innovations Implement changes quickly and decisively: Effective management of Risks Engage and support the supply chain: generating creative tension develop commitment of employees to helping each other Mobilize appreciation for key constituencies

*Note prepared on the basis of published material of different companies andstudies made by various Consultancy companies worldwide.