3 effectives principles in the mid-Covid period
Today, I want to give you 3 effectives principles in confronting the Covid pandemic onslaught. Many businesses are dying and we are talking about thriving? Yes, there is no reasons why we cannot be thriving. When the times are good, there are still businesses going bankrupt and in bad times there are those who make big, real big. So, what is the secret? The secret is always this, we based our strategies on principles not values. What do I mean by that? You see, principles are a set of strategies that defy any economic situation, and more often in the macro perspective. In other words, they are resilient and adaptable to any economic situation? Some commodities fall into these categories, like daily needs – rice, bread, milk etc. We can be sure that 99 Speed Mart do very well in this lock down in Malaysia. We can take a clue into the products that can defies any economic climate from there. Firstly, apply the Golden Rule in every aspect of our business. For a detailed explanation of the usage of Golden Rule, can refer to my previous articles on it. This is the most important principles to apply. Now, in this tough time, many are paying their suppliers late, trying to drag the payments. From day 1, if we practice the Golden Rule principle, we will not need to resort to this kind of action. Everyone is doing the same thing, laying off staffs, cutting pay, downsizing etc. We do not have to imitate them. Well, start now, utilising the Golden Rule and when the economy bounced back, we will be doing it in a better way. We need to be different because we are not a follower but a leader. That leads me to the second principle, i.e. utilising the contrarian principle. Again, refer back to my earlier postings on the principle mentioned. Contrarian principle is thinking ahead by “thinking in reverse”. Or the opposite of what the masses is doing. It is taking about innovations, proactive measures that propel any business forward. If we are doing what the masses are doing, we will be sharing the cake with so many players. Yes, it is like the “Blue Ocean Strategies” principle. We are contesting in the Blue Ocean not the Red Ocean! How many coffee shops spruce up selling the same old thing? Let me give you a fresh idea, how many of you are targeting the diabetic community? Do you know that in Malaysia, an estimated 3.9 million adults in Malaysia aged 18 and above have diabetes? What is the menu in most eating fraternity? Yes, noodles, rice-based meals. In other words, Carbohydrates related food. Why not invest in Keto diet food? Thirdly, in every crisis, there is an opportunity. It is time to buy those business who want to sell it, or acquire the good staffs that were laid off. We have so many choices, believe me, it is not rock bottom yet, because by next month, we will be beginning to see the heat. Already there are hundreds of thousands being retrenched. This are the three pointers for the time being… From The desk of Joshua Tan
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