Building A Resilient Business
To have a Resilient Business, we need an “ Excellent Business Plan and a Clear Direction for future development “. This is called a “ Business Model “.
A Business Model is “ How the business is going to make Money “.
According to ex-chairman and CEO of General Electric, Jack Welch, business is about winning a game. We must have a better team. Only a winning business can become resilient, progresses further and does many other things including corporate responsibilities.
A Resilient Business starts with a Resilient Leader.
A resilient leader must have 4 Es which sums up to 1 P :
- Energy means a leader is able to work hard physically and mentally
- Energise means a leader can energise a team . No point if only a leader has energy
- Edge means a leader can make a decision
- Execute means a leader is able to complete or guide a team to complete a task
To have all these, a leader must have Passion.
A strong and clear Business Model
The key elements are :
A. Value Proposal
1. Be the Best
a. Before we want to sell something or provide a service to target customers, we must always have a proposal that is of some values to them.
b. People have money, we want money. Provide value to people, they will share their money with us.
2. Be the First :
a. There are people who like to explore and experiment with new ideas and concept.
b. Grabbing this opportunity will give the best leverage of market share
c. This will create an effective communication called the “ Grapevine “ or mouth to mouth communication.
B. Differentiation :
Because there are so many products or services which are almost the same quantity and quality, we need to differentiate to be ahead of competitors.
1. Price :
a. Customers have one thing in common; they want to get the most of the cheapest they can afford.
b. The product features and quality must fulfil customers’ requirements.
c. No such thing as perfect price.
d. We must first get to the price point decision which is competitive to our competitors.