WEATHER THE STORMS

Life doesn’t always go your way. In the world of business, unexpected events that may directly or indirectly affect your setup can crop up. Besides learning how to roll with the punches, you will also need to think about how to sustain your company through tough times. Here are some things you can do when you hit a roadblock: 

Hang on. Is your business something you do “on the side” just for the fun of it, or is it the be-all and end-all for you? Only you would know the amount of effort, sweat, pain, blood, tears and, of course, money that you have invested in your business. If the thought of winding down your business fills you with heartache, by all means persist, despite an economic crisis, loss of reputation, or whatever other challenges you may face. Never say die, remember? 

Diversify. Picture this scenario: You are an owner of a chicken rice eatery in Shanghai, where the latest strain of the deadly bird flu has just struck. Do you simply resign yourself to your fate? Well, don’t – think of a solution instead. Must you only sell poultry? Are there other business opportunities you can explore while the problem is being resolved? 

Cash in on the crisis. What do you do when the consumers’ confidence in your product is shaken? An example is the recent horsemeat fiasco in which the food outlets of an international furniture chain was involved in. After investigations made on its outlets in Singapore were made, and their famous and highly popular meatballs were proven to be horsemeat-free, the chain scored a marketing coup by offering their meatballs at a rock-bottom price for just a day. As a result, they sold loads of meatballs, regained their consumers’ confidence, pulled even more people into their stores, and made the headlines. Now, isn’t that clever? 

Get help. If a crisis is rapidly worsening and shows no sign of abating, think of concrete measures you could take. For instance, should you borrow some money, downsize your operations, or persuade your staff to take a temporary pay cut? What’s important is to adopt a never-say-die attitude. 

Employ gimmicks. At the height of the SARS health scare in 2003, room occupancy rates in Singapore were at their lowest due to the outbreak. As drastic measures had to be taken to bring in sales, numerous hotels offered room rates at unbelievable prices to entice Singaporeans to opt for staycations instead of travelling overseas. This tactic applies whether you are operating an airline (ticket prices to Japan plummeted after the 2011 Fukushima nuclear disaster), a restaurant (affected by the mad cow disease, bird flu) or a small shop (struggling with sky-high rentals). 

Start over. If, despite your best efforts, you are unable to tide over the rough patches, clean your slate and start again. Steve Jobs was still able to reach his creative potential after he got fired from Apple (the company which he created) when he was thirty years old. He did not let that deter him, and started a company called Pixar; and the rest, as they say, is history.