I met with Imran in Dubai, where we discussed the prospects for financing Russian projects and the opportunities that arise, when we use cross-border communications. I determined the great mind of this person for myself and it seemed to me that there was a great opportunity to let the international reader know more of his thoughts. I always encourage entrepreneurs to learn more, to learn more thoughts and real affairs. Therefore, he invited the distinguished Mr. Imran to share his opinion. He, as always, did it just brilliantly. I advise you to read this interview very carefully with a pencil in your hands and listen to his recommendations. Knowing Mr. Imran personally, I want to tell you - he says absolutely the right things.
Dear Imran, firstly, thank you for agreeing to answer the questions of our platform.
Today we have simple questions that are likely to be of interest to entrepreneurs.
SL -First of all, how do you survive the virus?
Imran Khan -It’s important to understand that the impact of the Coronavirus is real and companies will report lower earnings in 2020 with knock-on effects into 2021. Existing market vulnerabilities are likely to persist on a global scale delaying any current restart of various sectors to Q3.
Cash flow remains the lifeblood of a business and a few steps to take to ensure surviving the Coronavirus include:
- Set up a strong support system for and to protect employees that include organized Work From Home (WFH) schedules not forgetting the all important “Virtual Coffee” to just meet up as a team for just 15 minutes a day to catch up and discuss things as a group including non work related topics.
- Check all your expenses including direct debits and standing orders for subscriptions that are not necessary and reconsider to cancel these in order to protect cash reserves.
- Analyse your company’s cash flow for the next 6-18 months.
- Perform a Scenario-Plan for reductions in revenues over this period as low (30%), medium (50%) and high (75%) and consider the counter measures to put into place to protect your business. Examples could include negotiating supplier payment terms, amending or terminating supplier contracts, options to re-finance or re-structure loans and leases, potential wage cuts and diversifying your business to find new clients, projects or activities.
- Set up a regular “Virtual Coffee” with key suppliers to check-in and provide a real position so that any potential requests for extensions in credit are authentic and more likely to be accepted.
- Governments are announcing and actually paying out business support packages albeit with conditions and these should be reviewed carefully and applied for including tax benefits or suspension of tax payments.
- Further digitize sales processes to boost online sales with team support as well as protecting customer churn via loyalty programs with prioritized service/product categories.
SL-Do you work remotely too?
Imran Khan -Yes with the strict lock-down measures in place, I also work remotely and have implemented a re-organized schedule for my day to include a daily fitness plan as well as implementing “Virtual Coffee” sessions with my staff as well as keeping close to key customer and supplier accounts.
I have also taken the opportunity to continue self-development to learn new skills while this new reality continues to unfold. A fun idea is learning German with my kids.
How long have you been in your current business?
Imran Khan -I’m just getting to two and a half years and I had set up my new business with the flexibility to work remotely including my team clusters to ensure productivity, efficiency and profitability. Of course, face to face was and remains important for key accounts but the same can be managed with a hybrid system of video communication and safe social distancing once the governments provide their recommendations of ease of lockdowns.
How do you think the current situation with the virus will affect the business?
Imran Khan -Generally, a fall in revenues is expected while the direction of most industries is expected to remain unchanged, but there is uncertainty regarding the timeframe.
There are signals of rebound in the Chinese economy where the government is also talking of a rapid rebound. Similar multiple rebound scenarios around the world are a possibility with discussions shaping around a “Sharp V”, “Short U” or “Deep U” as witnessed during previous crisis and driven by containing the medical pandemic and gaining consumer confidence.
We consult heavily in the automotive industry where four megatrends (ACES – autonomous, connected, electric and shared) are shaping its direction and these are expected to remain unchanged except the speed of adoption being affected by the COVID-19 pandemic.
Is it possible for an entrepreneur to easily join in a similar business?
Imran Khan -It’s fairly easy and needs focus. Starting out as a small team, a business must focus on core services and build traction in order to prove reliability, build brand power and recognition for referrals by delivering outstanding quality and value.
How did you create your system and why is it stable in your opinion?
Imran Khan -MIK Consultivo was founded on providing bespoke performance management systems and solutions. The underlying aim is to transform businesses to create efficiency across functions and departments mitigating current volatility and positioning for industry leadership.
Delivering focused quality with an expert knowledge approach we crafted strategies for businesses to remain relevant in the future, coupled with wealth generation and preservation strategies. The latter allowed us to provide cross-functional services to satisfied clients creating a controlled opportunity to diversify our services around Real Estate and Technology Investments all while gaining reputation with our growing client base.
Are there any tips that you could give to people who are just starting their business and it does not matter where they run it?
Imran Khan -Starting a business is a unique idea to work with freedom but with a great deal of discipline. The tools available today are immense and service based businesses need not be restricted to one location, whether that be a building or a city.
The COVID-19 crisis has provided an upsurge of utilizing online working tools such as Microsoft Teams and Zoom where this impact is also experienced by a customer who would also be running their own business. To this end, working to serve customers remotely does not matter to a certain degree. But that final step in certain businesses such as key account winning for consultancy jobs, or a key mergers and acquisitions transaction does require that all important face-to-face customer lunch.
I would recommend to control expenses and develop a strong offering of your organization’s solutions/products that have possibility for upsell and repeat purchase.
It’s critical to think of your business in 3 horizons at any given time: Responding to the current economic climate, Resetting operations and thirdly, Renewing product sales and staff training.
What do you think should be done to start a business and how to start working with investors?
Imran Khan -Any successful business fills a gap in the industry or provides a disruptive solution/product. It’s critical that a strong management team is in place especially when looking for investors.
Depending on the level of equity release founders are willing to give, an equity partner may be found at early stages. Generally a higher stake is offered to seed investors whereas venture capitalists are attracted once a business demonstrates at least a years trading with a unique position to grow into a large business. The current economic climate is ideal to develop a business that has capability to go global while appealing to VC or PE fund money.
Do you do business with Russian entrepreneurs?
Imran Khan-Yes, and the opportunities to do more business are imminent. Some products are not price competitive with Chinese counterparts but claim to have better quality. China’s status of being the factory of the world is changing and opportunity arises for products to compete in international markets with proper support systems. Our firm can help Russian entrepreneurs navigate and succeed in these markets. However, demystifying the ease of doing business in Russia is further an opportunity to attract more business inwards to Russia and it’s neighbours.
MIK Consultivo focuses on 4 key Business Areas and we do business with Russian entrepreneurs across International Real Estate, Oil & Gas, Consulting and Start-up Technology.
Did your thinking change after you started working with partners and investors?
Imran Khan -Yes, synergy is created and finding the right mix for your organization is vital especially if partners want a part of management. With investors, it's important to provide transparent reporting to instill and gain confidence – you may work with the same investors on future projects!
Is there something to say to Russian entrepreneurs and other entrepreneurs who want to start a business?
Imran Khan -Don’t procrastinate. As the famous Russian proverb goes: “It’s better to see something once than to hear about it a hundred times” and so it’s important to act fast, be agile, be better and be more competitive to capture the moment of opportunity.
Have your end sight in view and work towards a “dynamic” plan to achieve your goals step by step with a strategy to integrate risk mitigation scenarios and response protocols into daily operations to quickly switch from normal to disruption modes ensuring your employees are empowered with learnings throughout the business.
We wish the health of Imran Khan personally, his family and loved ones and are confident in the prosperity of his business.
I will give some contacts to Imran Khan so that you can find each other.
Imran Khan | Managing Director | MIK Consultivo
Almas Tower, Jumeirah Lakes Towers, Dubai, United Arab Emirates
special comment - read
Slav luginin
You can leave comments just below the blog. Share your thoughts, write your ideas. Every day more and more readers read us. Subscribe to my facebook and instagram and telegramm https://www.facebook.com/slav.luginin.3 https://www.instagram.com/aodrsinvestplatform/
Comentarios