This article by Coreen is published in Linkedin:
It has been awhile since I last posted something. Hopefully, at times like this, I can leverage on my years of career experiences, observation and continuous learning to share…
Well, as some of you know, I started a new chapter in my life exactly a year ago. From gracefully bowing out of my shining corporate job, to completing a master’s degree from burning the midnight oil over the last 3 years, while, taking the courage to establish my very own hospitality consulting company yet, not forgetting spending good quality time with my loved ones. Did I take on more than I can chew?! Yikes….but still, I was adamant it would be my very own version of the “road less travelled”. And, so grateful that it turned out to be a promising start in this new chapter (even though there were a few bumpy moments) and gaining Clients whom trusted my company deliveries.
Today, after one year in this new chapter, there have been many waves of external uncertainties – unstable economy and political situation, to the new covid-19 pandemic which is crippling many livelihoods in this world; it seems like humanity is facing quite a rollercoaster ride. And, in such times, individuals and companies should step back and take the opportunity to zoom in and reflect, re-evaluate and redefine “sustainability”.
Here are 7 practical ‘Innovative Solutions’ which organisations, companies or investors can adopt and consider;
- Rebuild a fit and sustainable Organisation Structure. There’s hardly any space for non-productive employees anymore (those who do not know the real depth of their role or job scope).
- Appoint leaders and functional managers whom are transparent and sincere (those whom are willing to face the truth, have great integrity and listen to the “right thing”).
- Create a FUND which can hold your operational and labour expenses for at least 1 to 2 years. Empathy goes a long way to building a sustainable business and companies should lead the way in protecting good employees and their livelihood as far as possible.
- Stay pro-active in planning for short, mid and long term. Avoid “paying the price” on mid to long term successes with short-sighted plans. There are no quick fix.
- Having a single plan is perhaps not good enough, nowadays. In such a vulnerable world, having ‘Plan, A, B and even C’ could allow companies to think ahead, be prepared and stay agile.
- To seriously start embracing DIGITAL platforms, AI robotics and Technological support. The machine can work harder for us and create sustainability. Long term operational cost are manageable.
- Outsource at a different level! Reconsider leveraging on Consultants or Experts to be part of your support team, temporary solution key players to lead projects, conduct trainings, develop frameworks and manage complex assignments. This will help reduce a high percentage of your company’s fixed labour cost, without compromising on achieving the ultimate outcome, quality standards or consistency.
As we pray and hope the current crisis will go away quickly, I think more importantly, we can surely learn to embrace life with far more agility, humility and embrace innovative solutions to thrive on.
To all the readers here, do continue to stay safe and stay strong!