Plagued by the past SARS pandemic, some of Asia’s top innovation capitals—such as Singapore, Hong Kong, and Taiwan—have fought previous health battles, prompting governments and businesses to put in place stringent measures ensuring the continuation of business operations.
Lauded for their swift reaction to the current COVID-19 pandemic, governments have ensured companies remain running despite the ongoing disruption by enacting business continuity plans.
With the current economic turmoil, it is increasingly imperative to know how to navigate through today’s uncertain economy.
From one entrepreneur to another, here are some tips that have proven to be successful in maintaining strong entrepreneurial prowess through unfavourable economic conditions.
People come first: Unity in the face of adversity
Now, more than ever, building stronger relationships with employees and business partners should take precedence over aggressive competitive behaviour. Strengthening ties with employees build a united team which is important in maintaining the efficiency and resilience of the business.
As employees are at the heart of the business operations, ensuring their positive wellbeing and boosting morale amidst the grim economic outlook can be the fuel that keeps the business running smoothly.
Yet, with the uncertain impact of the virus and indefinite working structures, employees may struggle with anxiety and lack of motivation, aggravating what is already a sluggish output.
Also Read: Lessons from a student entrepreneur on building a successful startup
As such, creating unity through virtual social gatherings or checking in with one another when working from home can relieve the added pressures on the business.
Besides stronger employee relations, building robust connections with other industry leaders is an opportunistic way of forming beneficial ties and potential business partnerships. While corporate events and trade shows are on halt, it does not necessarily mean that networking has to cease.
Instead, networking can evolve alongside the changing business environment by keeping it strictly virtual. Connecting with other industry professionals can keep you in the know of new trends, placing you and your business at the forefront of new innovations for when the economy recovers.
Stay curious—this was how you became an entrepreneur in the first place
More often than not, most businesses are often preoccupied with the productivity and execution of work while the economy is healthy, giving little to no thought for reflecting and planning. When we are overwhelmed by speed and efficiency, our approach to solving a problem is often clouded by merely a solution-oriented approach which may not be the best and most effective formula in the long run.
However, with the slowed economy and free time on our hands, there is more opportunity to reflect on the triumphs and stumbles of the company and source for more innovative ways to improve the problem. Taking stock of what has been done thus far and how operations can be improved is a simple measure that goes a long way.
As entrepreneurs, we have already learned the importance of being nimble and resourceful and today’s uncertainty will put what we have learnt to the test, challenging us to rethink our business decisions and innovate further. Besides, curiosity was the determining factor that launched businesses in hopes of improving services and resolving problems.
Minimising costs does not mean skimping on every penny
When it comes to minimising costs, most would choose to reduce expenditure by cutting production costs and possibly considering retrenchment. However, lowering costs does not have to always be at the expense of employee’s job security but could be at the betterment of the business through streamlining productivity and improving efficiency.
Also Read: Lessons from a student entrepreneur on building a successful startup
Additionally, keeping costs to a minimum can be done with the support of government stimulus packages which can give much needed monetary relief especially when the budget is tight. Currently, trillions will be pumped across various countries to bolster industries and sustain economies hit by the economic slowdown.
For a tiny nation, Singapore has already committed SG$59.9 billion to combat the pandemic and to curtail the economic impact on SMEs. With the recently launched Jobs Support Scheme, the Singapore government has also made it a point to ensure job security and refrain employees from going on no-pay leaves or face retrenchment.
Whereas Taiwan’s stimulus measures totals at over NT$1 trillion and Hong Kong’s initiative under the SME Financial Guarantee Scheme of HK$20 billion will support the operational burden for SMEs.
No doubt the developing pandemic is still marred with uncertainty and unknowns, however, adversities can build the strength and resilience of businesses, positively challenging entrepreneurs to broaden horizons and grow an innovative entrepreneurial spark with the resistance to weather through any storm.
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