Please spend time reading this note. This will help you to navigate these tough times created due to Covid-19. This is important for all of us, our families, our clients, our investors and our suppliers. Note that, everything is uncertain till there is any clarity on Covid spread in next few weeks. Hence, whatever is written below may change as the situation changes. Nobody in the world has any definitive answers today, nor do we. Hence, to face this tough time together, it is also important that we exercise collective decision making involving each member of the Xoxoday family. However, prevention is better than cure, and hence let’s collectively take all preventive measures to fight this new threat to humanity. Extraordinary situations call for extraordinary measures. Many of the measures outlined in this note are temporary and are purely with the intention to successfully combat the challenges that Covid-19 has created.
Health: Health should be your top priority. Take care of your and your family’s health and wellbeing. Good time to start indulging in healthy practices with regards to food, hygiene, fitness, yoga, running etc to keep high immune levels. Avoid any unnecessary travel and continue work from home unless you need to be at the office. Reduce visit to hospitals for regular check ups, postpone medical interventions if not urgent. However if you find yourself experiencing any cold, cough related symptoms which are relevant to the current situation then visit a good doctor immediately. These suggestions are in line with the views expressed by our PM on 20th Mar, however, please exercise self discretion while making final decisions.
Family: Spend time with your family and be with them. Attempt to keep yourself adequately updated on the world situation however do not panic or allow your family to do so. Read books, play indoor games, dine together, just like old times. Don’t be a carrier of corona virus during any social meetings or travel to home.
Good Habits: Good habits like healthy living, basic disciplines of life like savings, going back to the basics, cutting down any unnecessary personal spends will be helpful to all of us and our families.With limited indoor options, you can take up developing new hobbies and habits like reading, spend time on upskilling, introspect and utilize this time keeping yourself meaningfully occupied.
What are the economic and market situations: COVID-19 has led to forced slowdown to almost snail movement in the global markets. There are opinions from experts that this slump may take time from 1 month to 2 years to bounce back to normalcy. The world may experience another recession impacting jobs, salary levels, consumption and unnecessary spending. However, this impact is across the globe equally for everyone, almost everywhere. Hence, the cost/benefit arbitrage issues won’t arise and the world would move to a new normalcy. The world might go back 1 to 20 years in terms of its spends, cash, valuations, lifestyle, investments, savings, consumer habits etc. However, people who have good discipline in life around lifestyle, savings and spending will not find any issue during this time.
Our Strengths: The best part about us is that we have gone through adversities in the past and have come back very strongly. Being largely bootstrapped, we have handled tough times in the last 7 years. We have a great team who is always willing to go beyond the call of duty. We have a large client base. Our revenues have seen no impact so far. We have good relations with our customers, suppliers, investors and the society. Let’s leverage each of our strengths.
Opportunities in Adversities: They say that, Tough times don’t define you, they refine you. The new economic conditions will also put forth various hidden opportunities. Let’s leverage them sooner than later. Let’s use this time to push our limits, do whatever is possible to increase revenue and reduce costs. Let’s hold on or delay initiatives which may be too experimental or moonshots.Every small contribution from everyone will help the organizations. Somethings that you can do –
Work from home and remotely: Your commitment, ownership and accountability while WFH has been awesome. Let’s keep it up. Some of the best practices for effective remote working are below.
We have been in a VUCA (Volatile, Uncertain, Complex and Ambiguous) world since some time now. Due to the Coronavirus outbreak, it's like a VUCA 2 world which is even more uncertain. Uncertainty might be the new normal and change might be the new constant for a few quarters.
Darwin’s age old theory on ‘Survival of the fittest’ would be very relevant whether its about our health, our talent, our business models or the society as a whole. Hard times will always reveal true colleagues and true business fundamentals. Finally, a diamond is nothing but a chunk of coal that did well under pressure.
We thank you for all your support that keeps us going, sail through tough times and grow one step at a time. Your presence provides a sense of confidence & resilience that we are not alone. I am sure you and your loved ones would be doing fine and taking all due care for safety of self and those around.
Thanks & Regards