How do we, who are in legal and compliance services can not just Survive but Excel in tough Time during this Pandemic of COVID-19
A lot is being said and heard about finding Opportunities from Adversity for CS and Lawyers who are in practice. We all have attended number of webinars and sessions about the topic in past almost 57 days, since 25th March 2020 when in India Lock Down is announced to curb the spread of COVID-19.
I am sharing my thoughts as Practicing Company Secretary (PCS), though it is not “One-Size-Fit-All” formula or solution, nonetheless I find that with the use of our IQ, EQ and SQ (Spiritual Quotient) we can survive and excel also, during this tough time as an Independent and Entrepreneur Professional breed who are in compliances of law. I believe CS are best fit as a solution provider for any Start–ups and MSMEs. If we, follow certain principle we can see a new beginning and prospects during this uncertain and bleak time.
1. Have confidence: Everything Start has an End too. We must not lose confidence in our skill and analytical mind. We need to show up smartly with innovative ideas to provide solution to our client. During this time we have learnt how helpless a person is, but as a society we can fight strongly, which has taught us that we all are connected. If we sharpen our professional skill, upgrade the knowledge with a pinch of Empathy and learn new meaning of services to humanity and to our client, it will not only change our future but also of the generations to come.
2. Look at the larger picture: We must try to crack larger problem and look at the situation from all perspectives and not through myopic lens, to find what is form me in it? We must design blueprint of our area of service for next 1-2 years, break it down to monthly, analyze and assess it in measurable terms and be flexible to revisit and modify our plan. We must not get attached to the result and take the baby steps with determination to keep excelling in giving and then getting. There are many new avenues and sector will be opened where we can provide our services like Technology Sector, Cyber Security, Data Protection, Data Scientist, Data Regulator, Big Data Analyst, IPR in new product or solution with AI and ML, Immigration Law, Surveillance Industry, health Industry with Tele Medicine, Community Impact Analysis and law around it, CSR policy, Environment Policy, Tele Education Policy, Policy for Human Behavior in Society and last but not the least, new policy for Agriculture and Farmers Markets ( Mandis) for healthy products for healthy society.
3. Address EQ of Team and connect: Human is the biggest asset and we need to understand our Team and the problem of each member of the Team. Involve them in the decision making for the vision of organization. Have courage to tell them without any sugar coated words about challenges that the organization will have in short term and motivate them that together we can bring changes and adapt the situation. Leaders are those who inspire, influence and enable the Team.
4. Do not compromise on values and ethics: This is the intangible asset and the most precious one. The reward is not measurable but believe me it is immense and so do not compromise for short term gains in this tough time also. The goodwill should never be underestimated and compromised. No quick fix solution works in service industry. No Jugad and no quick fix. The deep rooted ethics and values will be certainly seen by our clients and it’s much more rewarding than we think.
5. Communicate: This is the greatest and the most powerful key during this period with a Leader. Communicate to our Team about what is expected from them and show them realistic plan of organization. Communicate to our Clients about how we can add value to their business. Understand their business, products and services and we must be proactive to suggest solution.
6. Choose to be a Leader and be the change: History has witnessed that during the tough time, innovation will be at its pinnacle. Trust it and choose wisely with focus on what we can change and not the situation, what we cannot change. For being “the Change” we must think about potential and not the problem.
7. Blame or Bloom : Be the solution provider and agile with great discipline. Our attitude will make us win over the situation. The Team connects with the vision of the Leader so let us set an example by our action and look at positive side of every aspect. Instead of being critic and blamer, let’s be Bloomer and see the Change
8. Collaborate to be lean on expenses : Cash to be conserve during this tough time. We should be open for collaboration with IQ, EQ and SQ. Try to minimize fixed cost and overheads, work on variable cost with the like -minded people. Collaboration will bring irreplaceable prospect.
9. Adopt Technology : Technology driven transformation is the need of an hour in legal and compliance sector. AI powered solution and Machine Learning will bring speed in providing solution for routine and mundane work at a very low cost and at the same time it help to scale up the service even while work from home is a new normal. One cannot shy away more from Machine. It is boon for mankind and not a curse. Accept it, enjoy it with curiosity, and learn how to use it. We are not going to write programming of machines but can learn how to make use of it for our advantage to save time so we can go on higher end of pyramid and lower end can be done by machine.
10. Be relevant and Re-invent –The success comes to those who love what they do and demonstrate their client how relevant is their services. Take risk, as nature has forced us to be out of our comfort zone, so let’s re-invent and find WHY, WHAT and HOW we can achieve, what we desire to achieve.
All the best to all of us and lets be together in excellence in our services