HIGHLIGHTS
- Explore 5 business survival tips amid high volatility from 5 businesses that stand above the crowd: SCG Logistics, Moreloop, CPAC, Siam Kubota, and CPAC Roof Tile.
- To help business stay afloat amid turbulent times, the key is adaptability.
Doing business in times of changes to stay afloat and keep growing is, by all means, a challenge for all businesses. Today, SCG is providing business adaptability strategies from 5 businesses that have been proven to be practical and helpful for business survival. Here are 5 business strategies:
1. Explore New Opportunities: Change is a Chance
Mr. Paitoon Jiranantarat, Managing Director of SCG Logistics Management, noted that today’s logistics business is rapidly growing, but it is among businesses that are likely to be disrupted. SCG Logistics has to adapt and develop new opportunities as the company believes that a crisis always yields unique opportunities. We have transformed our business model from business-to-business to business-to-consumer and incorporated digital technology to enhance service performance, which ensures accuracy and eliminates errors. At the same time, the company has also promoted upskilling and reskilling by encouraging employees to embrace new technologies and work in agile, using a philosophy of 70-20-10 where 70% of learning can take place on the job, 20% through coaching and mentoring and 10% through formal learning experiences.
2. Expand Business and Move into New Territories
Reinvention and expansion can push the business further since the business does not necessarily stick to the same old business model. Moreloop is an online platform that gathers unwanted fabric and delivers the in-demand fabric to businesses to add meaningful value to textile waste instead of being discarded. This business model was expanded from existing business as a textile factory. An identified opportunity can result in a new business, yielding a worthwhile outcome because it does not only add value to existing resources but also enhance Moreloop’s potentiality to make quality products.
Mr. Amorpol Huvanandana and Ms. Thamonwan Virodchaiyan, founders of Moreloop, remarked that key determining factors are:
Adaptability is a must to thrive in a rapidly changing world
Adjust your mindset and gain more knowledge
Try something new as quickly as possible
In brief, the key to business growth and survival in this era is agility and adaptability.
3. Build Network and Be Open-Minded
Another case study that can exemplify business adaptability is CPAC, which has transformed from a manufacturer into a provider of services and solutions. Mr. Chuchoke Sevakunarkon, Construction Solution Director – CPAC, said that CPAC took an active approach to better understand customers and gain their insights to develop solutions that genuinely respond to their needs. We adopt the mindset of agility to seek the solution. And sometimes, you don’t need to do everything on our own as we can create partnerships with experts both at home and aboard.
A crucial thing is about embracing the mindset: open-minded, fail fast, learn fast. This approach can accelerate learning and experience at speed. Everyone has potential, so they should explore more opportunities to add value to the business.
5. Adaptability is Key; There is no Formula for Success
Another strategy stems from SCG’s business experiment, which has transformed itself from a manufacturer to a provider of products and services. Mr. Dayin Kiatkwankul, Marketing Director – Roof Business of CPAC Roof Tile Company Limited, said that the company has discovered that old home renovation has become a trend and it drove SCG to tap into services by providing old roof renovation. This change is among challenges as providing services is different from manufacturing that SCG has been familiar with. The challenges have motivated team members to learn and understand customers and their needs, leading to upskilling to improve employee’s capability to serve customer needs. The important thing about human development, which make the employee realize how the change is good for them and customers. On top of that, technology should be implemented to provide increased convenience, i.e., drone technology used to inspect roof conditions to help seek a solution for pre-construction planning. All efforts are to help business embrace change and break free from the same old formula and pursue new business approaches to identify growth opportunities and potential in the future
All these strategies suggest that all businesses have to be adaptive to change to better meet customer needs and explore new opportunities in the unknown territory and take risks. The incorporation of digital technology to enhance work efficiency and performance has become essential to keep business afloat amid uncertainties. The key to business success today you need is not old-school practices but adaptability.