This is a management lesson from the streets but via Linkedin. I saw this post by one of my contacts and realised that there is lesson to be learnt from here.

During times of recession or low sales, what does a corporate do? This is what I think they do:

1.Cut costs – reduce advertising and training costs.

2.Cut prices.

3.Offer extended credit, even to un-credit worthy customers.

And, what does the man on the street do?

1. Advertise more – the Paytm (E-Wallet) ad is proof of this. And I am sure he has invested time in learning how to use Paytm.

2. No credit extension – Just offer a better and easier way to pay. And I presume

3. No cutting of price. With this facility the hawker may even be charging a premium. And no one would even bother to negotiate.

So, do we need a business degree to teach us what to do in tough times?