6 Tips to Weather through the Storm for SME

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6 Tips to Weather through the Storm for SME

Feeling the pinch, SME? As the economy is getting challenging, here’s 6 tips for you to Shake & Spear Your Business extracted from “The Journey” workshop:

Romeo says:

  1. Invest in Talents

  • It’s important to have a strong team, hence invest in building internal and external relationships and leverage the collective wisdom of their network is essential.
  • A good relationship will get you though the tough time even if your business doesn’t.

 

  1. Look for Opportunities

  • Focus on the opportunities that arise
  • Change the mindset from “World Economy” to “My Economy”, it is how you react to your environment
  • “Think global, act local” is good mindset to have because you observe the general environment and ask yourself how you can thrive in it
  • Explore to the gaps as the boundaries are no longer as visible as they used to be.

  1. Be Prepared to Change

  • Business is about sustainability and the end game is about staying alive until the next payoff.
  • Business should test its boundary and look beyond their present horizons without fear.
  • Look at the big corporations as models, and recognize own strengths lie in being small enough to be flexible and adaptable to change

 

  1. Be Pragmatic and Generate Options

  • Don’t be idealistic, but be pragmatic in work and make sure everything done is within the means.
  • Be able to see possibilities in everything.
  • It’s important to know your options because the more options you have, the better off you are.
  • Self aware and constantly question whether you are doing everything the right way.
  • Be humble and be curious, your competitors are your best friends when it comes to learning and generating options

 

  1. Find a Good Partner

  • A successful entrepreneur requires trusted partners and a strong web of connections
  • Be aware of the wolves in sheep’s clothing.
  • To maintain the trust, you have to declare, constantly observe and check on where amendments should be made in the partnership agreements
  • Never sleep on any issue, especially the smaller ones but address them as they arise as this will build trust.
  • How you do anything is how you do everything.

 

  1. Contribute to Society

  • Look at all aspects of the business, including social contributions that can help maintain the longevity of the business.
  • All businesses should be driven by a sense of purpose that goes beyond the facts, figures, reports and etc.

 

Source: The Edge, Unlisted & Unlimited pullout on 11th January 2016

By | 2017-08-11T10:57:15+00:00 August 11th, 2017|Management Journal|0 Comments