I AM ENOCH LOW
" The key to Small Business survival in this pandemic starts with an idea or concept, i.e. it is better to travel 10,000 miles (means gaining experience) than read 10,000 books (meaning cannot walk the talk). And ... better still is to have a Modern Elder direct the way - I am one of the shortcut for SME owners/executives to use."
Enoch Low, SME Business Analyst
Wise people seek help, work, and learn from a well-read and reliable person of know-how. Much wiser people make them highly valuable to a company and benefit from adopting such skills.
I don't need to have a similar background with you to be worthy of emulation. Tech, retail, and healthcare businesses can benefit quite a bit from me.
You need not discredit me because I owned an actual business that employs over 100 employees, created over a thousand jobs, and generated over 800 million annually in tourist receipts.
I retired 5 years ago as an IT designer & developer, and I am back trying to play a positive role in this COVID-19 pandemic.
COVID-19 has changed consumer spending and almost every aspect of our daily lives.
Spending is down across all retail shops, as lockdown measures have restricted what we can spend money on.
Another spike can see eateries and retailers in those clustered locations being shut again.
Economic consequences of the coronavirus pandemic have meant consumers are less inclined to spend more, with many expecting their household income to continue to fall in the coming months.
Time spent indoors, however, has caused us to spend more on home entertainment and groceries.
The penetration of users venturing into e-commerce will continue to rise. Nielsen’s COVID-19 dipstick in March 2020 found that 69% of people surveyed who bought household goods online for the first time during COVID-19 will do so again in the next 12 months.
Livelihoods and businesses are turned upside-down! How prepared are you to mitigate the impact, improve sales revenue while minimizing risks? It is WAR now. Do you know which battle to fight sequentially?
This is a massive RESET. Recovery depends on the return of customers - but the way they buy from you will never be the same. Now that all your weaknesses are exposed, what are going to do to rebuild your edges?
One of Dr. Drucker’s most famous contributions to management consulting is “the five questions.”
What is your mission ?
Who is your customer ?
What does your customer value ?
What are your results ?
What is your plan ?
T O D A Y
Ask any small retail or food business owners or their executives with some decent IQ, they will likely respond with "Can you walk the talk"?
Then follow by :-
I WANT MY BUSINESS TO SURVIVE THE PANDEMIC ... ALSO MY FAMILY'S WELL BEING
MY CUSTOMERS ARE EITHER STAYING AT HOME OR NOT INCLINED TO SPEND
MY CUSTOMERS VALUE MORE HOME ENTERTAINMENT AND GROCERIES THAN MY PRODUCTS AND SERVICES
MY RESULTS ARE UNDERSTOOD ... PLUS I DON'T HAVE AN EFFECTIVE DIGITAL STRATEGY
MY PLAN IS HOW TO SOLVE THE ABOVE PROBLEMS BEFORE MY BUSINESS AND I BOTH GO BANKRUPT!
HEAR WHAT OUR SINGAPORE MINISTER SAY AND EXCHANGES AMONG THE DISTINGUISH PANELISTS
Some of us shook our heads and lamented,
" Business battles cannot be won by MONEY ... even with all our billions in reserves. Reskill and retool ? Fine but we are bleeding every day! "
To the panelists, more than a few commented with the popular SINGAPORE slang,
"TALK COCK SING SONG!"
Singapore retail BUSINESSes RECOVERY from the pandemic STARTS WITH DATA AND RESEARCH BUT ...
FOCUS ON THESE KEY POINTS NOW:
The "amplification" of consumer behavior and its effect on your business during the pre and post-pandemic.
The current state and relevance of influencer marketing and the winning tactic in social media - from SELL to HELP
Impact and evolution of engagement in face-to-face sales and marketing
How are you going to fit analytics and data into humanizing marketing
What tactics can make your customer, the marketer
How are you going to personify trust in your marketing
Continue to learn new things and push yourself to be in a constant state of reinvention
If you and your business are "doing it right" with the evolution of customer engagement, you can recover the fastest and build new competitive edges.
Don't become too obsessed with technology and their Martech stack - they've lost touch with real humans, real customers, and real emotions.
Two-thirds of your marketing is occurring without you and or your employees. This is not a time in business marketing for iteration, this is the time for bold and dramatic change.
"Stay awake" to shifts that are occurring in day-to-day marketing. Making good decisions and doing the "right" thing will win in the end.
Harassing or pressurizing your employees with "WHYs" won't work.
DON'T PANIC TO DEAL WITH YOUR BUSINESS UNCERTAINTY
simply because consumers are staying at home and those outside are less inclined to spend on "looking good" ... other than groceries, safety and or health products, and home entertainment
When no customers walk-in or customers just simply not buying, bosses feel anxiety and very likely questioned "why ...", "how come ...". Such a response can be toxic if you make it a habit for bad days, especially during this period of time.
Get everyone to research "How Can Our Business Survive The Pandemic" Discuss seriously on actionable ideas to keep employees positive and turn on a different part of their brains.
If you stop your brain from being reactive to bad sales, you’ll make better decisions. Positive thoughts quiet fear and grossly minimize toxic interactions.
Don't keep reminding yourself or employees that our Singapore governments have turned to proven public health measures, such as social distancing, to physically disrupt the contagion.
And doing so has severed the flow of goods and people, stalled economies, retrenchment and gross salary reduction all over, and is in the process of delivering a recession. It is a disease itself!
You should start by taking stock of what you know from my website and what others don’t know and assigning a factor of importance to each.
To dwell on something impossible — like trying to figure out how long this disease or recession might last — takes away your power to make good decisions.
What are the unknowable factors and out of your control? Let them go. Focus on what is certain - the SEVEN key points above.
Acknowledge that business uncertainty during this period is NOT a personal failure. No point telling yourself "How did I let this happen?" Why wasn't I am more prepared?"
Now that my daily sales can be ZERO or just a few hundred dollars, how to pay my fixed costs? If this continue for another 6 months or even longer, looks like my years of hard work is heading towards bankruptcy.
But this level of uncertainty and operation loss is NOT your fault. And just saying that out LOUD is empowering ,,, and very true.
Don't be afraid to exert self-compassion and say, "Here is what we don't know, but we are going forward based on what this website teaches us what to do and also what are the bold and brave actions to take."
We may make some mistakes along the way, but that is far better than waiting to "die" standing. The only thing we are in control in this pandemic is our response and the decisions we make.
Focus on just THREE known priorities.
Right now in this COVID-19 crisis, many are focusing on conserving cash, responding to customer’s immediate needs, and taking care of my family and local employees, as well as those on S Pass.
Those certainly are three critical goals, and the right ones, no matter what uncertainty there is in the world. How about you? What are your Big Three? Exploring new business strategies? Committing to a period of immersing in the world of digital marketing and re-script your sales engagement pitch and other new habits?
Pick three. Focus like a laser. The uncertainty will fade away. This is liberating because if you try to respond to every distraction you’ll be completely sapped of energy.
By the way, I’m convinced this is a solid business practice at any time. Every decision contains at least a small factor of uncertainty. So focus on the three priorities you can control.
5. Focus on positives actions - even if they are imperfect.
Where you focus your attention determines your emotional state. When you fixate on the problems that you’re facing, you create and prolong negative emotions and stress, which hinders performance.
When you focus on actions, you create a sense of personal efficacy that produces positive emotions and improves mental performance.
You can present your products, services and testimonies on blog post.
You can start presenting your product offerings through live streaming and videos. If don't know, it is time to learn these skills because they are government funded up to 98%.
You can help prospects and customers through personal phone calls and how and when your products can meet their needs.
You don't need to follow a plan, because there is no plan for this. Just trust your gut and be diligent in upskilling yourself.
By immediately focusing on positive action — even if it was imperfect — you can feel like you have some structure in a universe of business uncertainty. You don't even need to try to be perfect.
Your videos can be plain and simple. Just show up and apply your business, sales and marketing skills to the situation at hand.
Taking positive action, even when you’re winging it — and we’re all winging it — provides footing in an uncertain time.
6. Stop asking "What if?" they aren't the real problem.
"What if?” can get a hold of your mind and hold you captive. Keeping you stuck, never moving forward, or progressing with a knot in your stomach.
What if I fail? What if I go bankrupt? What if I look like an intellectual idiot?
There’s no place for them in your thinking once you’re focused on the Big 3 and your plan. The what ifs will answer themselves. You can’t change that. You can’t dwell on the unknown and business uncertainty or you’ll go nuts.
You need to believe in yourself and start every day feeling "I've got this". To own your uniqueness, have fun and not feeling guilty about it. The virus is not in your control. Unemployment is not in your control. The economy is not in your control.
What’s in your control are the decisions you make and taking positive actions on those decisions.
Does this help?