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"Advertise heavily, launch aggressively"
I realised then that in this market situation we needed to be proactive—we had to think of a strategy that could give our consumers a reason compelling enough to come out and buy.

"Cement relationship with your employees"
The slowdown is a great time to try and get talent, particularly from outside the country.
"Be your own eyes and ears"
The downturn transformed the king of retail in India both as a person and as a businessman.
"Be nimble on your feet"
As everyone started to realise the true depth of the trouble we were all in, we quickly evaluated our options and decided that we needed to take bold steps rather than retreat.
"Stay with your long-term goals"
If in a downturn you have made a knee-jerk reaction to your long-term play, it's the biggest mistake you could have made, says Screwvala.
"Saved 150 days in time and Rs 100 crore in cost"
Downturn helped the power company commission a plant five months ahead of schedule—and set a national record.
"Read the shifting wind"
We should not rush into decisions and take things step-by-step.
"Don't cut down on marketing, innovation"
Enhanced levels of communication—both internal and external—and innovation saw Nokia India through the downturn.
"We gave workers option of upgrading skills or quitting"
The downturn had a devastating effect on the export-oriented apparel units.
"Good isn't as good and bad isn't as bad as they look"
When things look good they are not as good as they look and when things look bad they are not as bad as they seem to be.
"Now we think of housing as manufacturing"
After a bruising year, an aggressive disposal of assets and going beyond non-premium housing helped Unitech bounce back.
"Don't push profits at the cost of stability"
Keep business operations simple and nimble in a world where companies have diversified across geographies and currencies.
"We linked hikes to performance"
As a growth company, there was only that much you could do to squeeze wastage, expenditure and "must-dos" such as training.
"Keep cash flows positive"
"I met all,100 per cent of our employees"
One of the stories I strongly believe in is that if you are in a race car and your brakes fail, the best option is to open the throttle and get ahead of everybody else and turn to the bank.
"Raise funds when they are available, not when they are needed"
Last year's economic maelstrom put the hotel business through a period of unprecedented challenges.
"A slowdown is a time to optimise assets"
Vedanta's strong cash reserves (Rs 33,000 crore as of November 2009) along with a focus on optimising value-addition helped convert the downturn into an opportunity.
"Do not rely on a single economy"
Larsen and Toubro (L and T) was affected due to the slowdown—particularly the products businesses, which include switchgears, construction equipment and industrial bars.
"Expect shocks to occur than be surprised by them"
The crisis has scarred businesses but the speedy economic recovery could easily blind them to the need to institutionalise the learnings.
"Too good an opportunity to waste"
It was a recession that made Balakrishnan an entrepreneur. The recent one has prompted him to change his revenue model.
"Invest in leaders, even at premium"
Blackstone's back-to-basics approach in the downturn has helped its portfolio companies come off lows with 3-to-5 times rebound.
"The first deliberate call we took was not to lay off anybody"
The diversified group decided to reskill all surplus workers.
"Government had to step up its demand"
The downturn affected the government as much as India Inc. The outgoing advisor to the Government of India details its impact and its lessons.
"Stick to the knitting"
Coca-Cola India have had 13 quarters of very strong growth, with the last four being over 30 percent and the last one clocking 37 percent.
"The time to build frugality is when there is no need to"
The recession taught Wipro the importance of innovation, optimising resources and being the best-cost partner of its clients.
"Help your customers even in difficult times"
Oil was at an all-time high at over $135 per barrel just before the financial meltdown. Then oil crashed to a low of $35 per barrel in January this year, bringing down any fresh demand for pipes from the global oil and gas industry.
"You have to be visible as a leader"
Transparency is a standard operating procedure for communications during a downturn.
What I learnt in the downturn
An economic slowdown—that's what it was in India—isn't necessarily a time to batten down the hatches, as India Inc.'s brightest leaders reveal in this package on "What I Learnt in the Downturn".
"Focus on the big and basic"
The downturn didn't alter our vision of transforming from a trading business to a creator of infrastructure.

2010-01-10

Digital

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Editor-in-Chiefs note

From the Editor-in-Chief

I am willing to bet that every businessman in India, irrespective of sector or size, lost something in the global financial meltdown.

Letters

Down Memory Lane

It was the best of times, it was the worst of times...so wrote Dickens ages ago but his words hit home even today.

BT More

Looking ahead

Celebrities on what the new year holds for them.  

Of raging bulls and wild boars

Kushan Mitra gets a chance to put the Lamborghini Gallardo LP560/4 through its paces at the Irungattukottai race track outside Chennai.

All Aboard!

Every new year comes with a bunch of hot new destinations to visit, in India and abroad. When travelling abroad in 2010, you can choose from the obvious places. But what about off-the-beaten-path destinations?

Watching The Wheels

The most eagerly awaited autos that will hit the streets this year.

My Stuff

It’s all about the travel for Yogesh M. Shah, Co-founder, The Backpacker Co.

Goodbye,Goodbye?

They are expensive today,but the Amazon Kindle and Barnes and Noble’s Nook will redefine the way we read.

In the Shadow of Royalty

A weekend at one of the best hotels in the world is good for your health.

A Varied Decade

The decade in music proved once again that if you know where to look, there's a lot of great music out there.

Fresh off the shelf

Bring in the new year with these brand new buys.

The real deal

The first thing you should do this year is grab these wines. The second thing—drink them.

Say cheers!

Here's our lowdown on some of the most desirable single malts, champagnes and vodkas that you'd want to acquire this year. Oh, and some nifty furniture as well!

The books that shaped my life

Every issue, we ask a prominent businessperson about the books that made them the people they are today. This month: Naresh Wadhwa, President and Country Manager, Cisco, India and SAARC.

Imran Khan

Imran Khan has led  a wide and varied life and deserves a definitive biography.

The X factor

SUVs in today’s context need to do more on road than off it. The X-Trail is one such car.

Letter from the editor

Welcome to the new year! In fact, welcome to the new decade! And, of course, welcome to a new issue of MORE, your monthly guide to the high life.

Careers

"CAT failed us"

The first computer-based common admission test (CAT) was anything but smooth. BTpresents first-person accounts of two students who sat for CAT 2009.

Focus

Year of the 'big' small car

There is now a growing class of buyers who want a small car — but not one that is your typical small car. And the car-makers are only too willing to oblige.

Good banks, bad lenders

Indian banks were reluctant lenders in 2009 amidst the slowdown. The incipient economic recovery, though, could turn the tide in the new year.

Rebound too early?

The jobs are back. Will hiring gain momentum in 2010?

The attention grabbers

In the business of advertising, 2009 belonged to the Fast Moving Consumer Goods category.

A student remembers Prof Samuelson

Dr Asim Dasgupta, West Bengal's Finance Minister, was a doctoral student at the Massachusetts Institute of Technology (MIT) from 1970-75. Dasgupta briefly came under the spell of Paul Samuelson—an institution at MIT and the first American to win the Economics Nobel—who passed away on December 13. He remembers his former teacher:

2003 yet again?

PSU stocks will be in the spotlight in 2010, if the government walks the talk on disinvestment, circa 2003.

Event