India’s Reliance Jio Platforms is the world’s most ambitious tech company. Founder Mukesh Ambani has made it his dream to provide every Indian with access to affordable and comprehensive telecommunications services, and Jio has so far proven successful, attracting nearly 400 million subscribers in just a few years.
The unparalleled growth of Reliance Jio Platforms, a subsidiary of India’s most-valued firm (Reliance Industries), has shocked rivals and spooked foreign tech companies such as Google and Amazon, both of which are now reportedly eyeing a slice of one of the world’s largest telecom markets.
Amidst a global pandemic, Reliance Jio has not only managed to survive in this volatile economy but has also managed to scale their business successfully. In the following blog, we are going to talk about the necessary steps Reliance Jio must’ve taken to thrive and uplift their business in this global pandemic.
Every business has to operate on the same firm pillars that most businesses run on. These pillars being finance, operations, marketing, sales, team. Taking a hard glance at these pillars and questioning their pertinence today is a crucial step to thrive in a situation of a global pandemic. Following this action helps immensely in the blooming of a business.
Exploring new options
Institutions should consider whether their service or product is still appropriate to consumers. If a business’s customers are gone, they are going to have to adapt to the needs of the current situation. This scenario means companies need to look to their resources and capabilities to draw new customers using existing assets just like when a clothing manufacturer starts putting out face masks.
Keeping patience while securing investments
Every company needs resources to run, and the question that crosses the mind of every entrepreneur/ founder in these challenging times is from where they will acquire these resources. Many funds have sufficient capital to extend for the upcoming years, and they may not shy away from it. This time is when recognising the gravity of the condition and turning it favourable for the corporation is all that matters to let it sail smoothly.
Embracing the cultural shift due to the pandemic
For many, the global pandemic revealed weaknesses and rendered many conventional strengths useless. Technology being the widespread denominator for most companies’ flexibility between the crisis has had significant social shifts such as individuals working from home and uniting with colleagues via collaboration tools and video-conferencing platforms.
While online services and sales were previously increasing in many countries, the pandemic has launched online retail into overdrive. More than just food and home solutions, the need for services, extending from entertainment and training courses have all progressed. Major businesses have capitalised on the notable cultural and behavioural shifts of the past several weeks so that they carry across into a non-COVID life.
Examining the feasibility of the business model
Considering the market is shifting every week, it is imperative for a business to reflect on their business model and reevaluate where their business stands as per the presumptions concerning the cost and revenue. This time is also essential to track cash flow and prevailing financial metrics. It is also necessary to assess the impact on brand-new collections, sales, credit cycles and potential bad debts.
The world is still in turmoil right now. What’s more, this disorder has sparked a significant economic, social and technological reconstruction that is playing out before our eyes. We won’t return to our old ways of working, living or doing business once the most critical of the crisis has passed. The way Reliance Jio has reigned victorious amidst this pandemic is an example and motivation to upcoming entrepreneurs to manage their businesses. To learn more about how to scale your business and grow exponentially, visit us at www.smmart.co.in.