How did your business navigate the Covid crisis? Did you learn new innovative ways that grew the business, or did you stagnate in the same old models? To navigate a huge crisis and still grow as a business calls for adopting new models or products that fit in that particular time and moment.
In this episode of the Page 1 Podcast, Luke Peters speaks with Atul Vir on how his business navigated the 2020 pandemic through innovation after 30 years of operation. Atul Vir is a hands-on CEO, seasoned entrepreneur, inventor, and author. He started his business Equator Advanced Appliances in 1991 which he operates on the principles of strong ethics and superior customer service.
Listen in to learn how Atul and his team were able to reimagine and reengineer his company to a favorable and growth position during the pandemic. You will also learn the importance of staying prepared and flexible as a business in any phase of the economy.
Key Takeaways:
- How to focus your business specialization on what the customer needs and wants.
- The importance of having the product inventory in advance to keep growing a business during a crisis.
- Why businesses should stay prepared and flexible even after the pandemic.
- How to use empathy to anticipate customer needs when developing products.
Episode Timeline:
- [2:49] Atul describes the innovative products they sell at Equator Appliances and their focus.
- [5:00] How they reimagined and reengineered the company during the 2020 pandemic to make it their best year in 30 years.
- [8:20] The steps and risks they took to overcome the Covid challenges and stay in business.
- [11:51] How the pandemic taught them to plan for product inventory in advance to avoid delays.
- [14:48] How they navigated cost increases by introducing newer models that fit in a new selling price.
- [17:53] Why it’s uncertain whether the cost of production will continue being high or not after the pandemic.
- [21:02] The innovative outdoor refrigerator and air conditioner Atul came up with, in 2020.
- [23:11] How Atul has learned to understand the customer needs and wants to innovate products.
- [25:16] The different markets Equator Appliances has been able to support during the pandemic.
- [30:22] How some businesses failed during Covid plus how the appliances market will proceed post-pandemic.
- [33:54] The engagement and support Atul and his team are offering to Covid victims in India.
Quotes:
- “Empathy starts by showing concern for not yourself but your customers.”- Atul [24:41]
