Distress Company

Some days ago, I learnt or I can say I recollected in my mind that whenever you want something don’t just think positive. Always ask, why do I require? I asked myself “why am I working as a business consultant?” And received answer that I like to interact with entrepreneurs and that lead me to come in consulting business.

Being a consultant, I always believed that businessman should interact with other businessmen. He should meet and network. It gives him many insights and learning. So, with this thought, I grab the opportunity to visit Synova Gears with one of my client and met Mr. Jamanbhai Patel one of the director of the company. I would like to present his thoughts on Distress Company and what we can do to not face this type of situation.

First and foremost let me throw some light on what is the meaning of Distress Company. I am sure enough many of you must be juggling with the meaning of the title. “Distress” generally means that the company is having difficulty dealing with its liabilities.

Now. Let’s see major points which help distress companies or I can say what we can do to not getting listed in Distress Company.

•Does your company have old employees?
Generally it has been observed that being an entrepreneur we always believe in our old employees because they have given their sweat and blood. And actually they did. But whenever we try to implement any types of system or hire any type of consultant then these are the people who always oppose. But now, the time has changed. We have to hire new employees (new blood) because they are ready to change and adopt. Or else it will be better if we walk with combination of both.

•Are we unable to recruit people?: Generally it has been observed that we always depend on external agencies for recruitment. During my consulting experience, I found in many cases that my client’s requirement was sales people and placement agencies were sending people with accounting experience. I would like to share one example. One of my client required Mechanical Engineers, so he had approached Placement agencies. They sent Mechanical Engineers. During the interview. When client asked about micro meter, then he was surprised that majority of the people were not aware how to hold micro meter. I am not against any placement agencies but, I just want say that use are own sources & circle. May be it is possible that we can recruit people within time period.

•Difficult to survive in price war?:

During the discussion of this point Jamanbhai stated that sometimes it is necessary to enter with Low Price and then create your brand. Before that we have to make sure that our QCD (Quality, Commitment & Delivery) should be proper. In this competitive world if we are unable to provide quality, not able to fulfill commitment and not able to deliver on time then we have to think for our existence. So, work on your QCD, then start marketing with 360 degree and create your own brand. So that we can take our own price.
Friends these are some points which we discussed with Jamanbhai – Director of Synova Gear. Apart from these we had discussed many points which I will share with you in next article. 

Today’s entrepreneurs don’t have all answers, yet they succeed because they are smart enough to know when to ask others for their input. So, keep asking questions. Remember one thing जवाब उसीको मिलता हे जो सवाल पूछता हे. & अच्छे जवाब उसीको मिलता हे जो अच्छे सवाल पूछता हे. Curiosity is the greatest teacher  in 21st century. So, keep asking.