With regards to customer dependency, PDS Multinational now aims to have none of its customers contributing more than 15 percent to the whole group's revenue. Currently, its top 20 customers contribute to 70 percent of the total revenue.
The company is running an on-boarding platform for entrepreneurs to source and produce apparel for the world's leading retailers and brands and PDS Multinational has also made available the introduction of collaborative tools, such as a joint profit and loss statement (P&L) to enhance partnerships among its on-boarded entrepreneurs.
"Just in the last 12 months, based on this collaborative business model, we probably generated $200 million of revenue, as people got aligned," Seth says.
In order to help hard-hit garment factories, such as those in Bangladesh, which lack adequate credit insurance facilities, PDS also sponsored a webinar with BGMEA, leading Bangladesh banks and AON to share its knowledge on how to manage business risk.
"We have set-up a central team to monitor all the costs and make sure all receivables are collected on time to bring utmost cash into the system to avoid any issues," adds Seth.
PDS also set out to minimise net worth dilution in order to keep its balance sheet strong and meet all statutory liabilities and compliances as well as its banking commitments. It reached out to its customers and employees to keep their confidence up, eager to retain its top talent and ensure it can scale up its business as soon as the situation normalises.
Compliance is still also key as the group’s production around the world needs to match standards of big retailer brands such as Walmart and Tesco.