12 lessons from polls 2024
Elections 2024 and formation of the third NDA government have several lessons in governance and strategy for corporate India.
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1. It’s not lonely at the top
Competition is maximum among those who want to reach the top. Consequently, the market leader cannot afford to be complacent. Even companies that have been category leaders for decades must remain agile to protect and expand their turf. For example, Asian Paints has been facing competition from several players foraying into the paints sector.
2. Competition is good
Competition can be beneficial if a company’s management explores opportunities to cooperate with competitors to arrive at win-win solutions. For instance, domestic pharma companies compete with MNCs in India, but also collaborate with them to sell their in-licensed products.
3. Listen to feedback Having one’s ears on the ground and paying heed to what your foot soldiers say will pay off much more than any third-party feedback. Employees working on the ground need to be empowered to share their discerning market insights, especially regarding rivals. Managers, in turn, must be trained to listen to those reporting to them to better shape the decision-making at the top.
4. Communication is key One of the most clichéd words in corporate jargon is ‘communication’. But its importance is typically undermined. How effective are channels used to communicate to and from the organisational hierarchy? Do they weed out miscommunication, or encourage the grapevine to spread
