3000+ unique visitors, with a peak steady audience of 1500+ members, attended it live webinar on 5th April, 2020 @ 4pm.
Keynote speaker Basesh Gala, business mentor and leadership coach, said in his address that Entrepreneurs must follow the ‘CORONA’ formula to sustain and flourish in tough times:
- C: Cry or CRIA – Members must be positive and be in action. They must accept change, realize challenges and opportunities, be in Innovation and take action.
- O: Opportunity: There could be an opportunity for make-in-India, export, manufacturers, green and sustainable solution providers. Those who are unique, high value for money and with excellent relationships have a better chance of facing the tough times.
- R: Roshni – Sun: Be a source of energy, knowledge, positivity and inspire hope in your network.
- O: Order & Discipline: Simple lifestyles, plan your budgets, calculate break even, improve efficiency and work with data and focus. Working capital management is key.
- N: Network & Partners: Use this opportunity to make key team members and vendors as partners, reduce fixed overheads and create long-term win-win.
- Association Unity: Members must have unity and discipline in creating powerful association. Association must show leadership in setting policies with respect to collections, bad debts and non-trust worthy players.
Basesh moderated the Q&A session. Panelists were Rakesh Biyani (President, CMAI), Premal Udani (Chairman, Board of Trustees, CMAI), Rahul Mehta (Chief Mentor, CMAI), & Rajesh Masand (VP, CMAI). Important points and suggestions in Q&A session:
- CMAI to initiate rating mechanism to ensure transparency and background check on members; and to ensure financial health of the industry
- CMAI to study factoring laws and encourage factoring in our banking system and educate about invoice discounting
- CMAI to undertake arbitration process/cell to assist members for payment, disputes or other hassles
- Unity and co-operation of members must for CMAI to become even stronger and more prestigious association of the apparel industry. This will enable it to represent and help members effectively.
- Uncertain times are ahead for sure; No one can predict; Better to be very focused and increase efficiency, reduce overheads and cost.
- Manage working capital and finance very well; Productivity for manufacturing is key; cost management is also important. Focus on creating & sustaining a profitable business rather than just high turnover.
- Co-operate across the value chain; take care of each other; engage with all – land lords, vendors, customers, team members – explore partnership wherever feasible.
- CMAI is trying very hard to get help on taxation, subsidies, relief packages from authority
- Important to survive next 2 quarters and then plan on expansion.
- Co-operation requested to avoid massive discounting and delay end of season sales to protect margins post lockdown.
- Audiences suggested for ways to get liquidity help, debt, financial relief.
- Audiences suggested to promote and enable Make-in-India
- Audiences appreciated this webinar & showed keen interest for similar webinars
