Every situation good or bad
presents an opportunity. It’s up to us if we use it for our good or bad. Same logic
applies in business. Let me explain it with a very recent example. This is very
popular topic nowadays in India. Indian Prime Minister Narendra Modi recently announced
that old notes with 500 and 1000 denominations will no longer be valid. This step
is taken by Indian government to act against black money.
This news came on November 8th,
2016 in the evening somewhere around 8 o’clock in the evening. Old notes of Rs
500 and Rs 1000 were going to be invalid from midnight of 8th
November. Everyone thought that it’s a big problem as they won’t be able to
transact. However very few saw an opportunity in it. On the same night I got a
text following message from one of the supermarkets
‘We are OPEN till 11:50 pm TODAY.
We welcome you to shop at the nearest store’.
This store turned this situation
into an opportunity, whereas others thought it was problem. They tried to
maximize their sales within few hours of one night. Management should be very
fast in responding to any unusual change in the market. Often government policies
have impact on business. In every situation management should carefully analyze
circumstance and find how the business can benefit from it.
Responsiveness is key for every business to
derive benefit from any and all changes happening
within its environment.
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