PROPERTY developer KSK Land partnered with Leaderonomics and Common Ground to provide insight into building sustainable business models targeted at small and medium enterprises (SMEs) in the F&B industry.
The panel discussion on Recognising Opportunities in Adversity was live-streamed via the Facebook pages of KSK Land and Leaderonomics, addressing the various issues faced by these SMEs in light of the Covid-19 pandemic.
Topics included “Importance of Business Sustainability”, “Identifying Opportunities during an Economic Crisis” and “Knowing How to Pivot Your Brand Strategy in a Highly Competitive Industry”.
Leading the forum were KSK Group chief executive officer and KSK Land managing director Joanne Kua and Leaderonomics founder Roshan Thiran.
The other speakers were KSK Land project director Richard Soo and KSK Land brand director Jonathan Liang.
The sessions were moderated by Crisis Management Centre founder Nordin Abdullah.
The panel pointed out that financial planning was not the only element to ensure a successful and sustainable business.
The key to resilience lies in the relationship between business financials, branding, supplier management, product development and other factors.
“One of the measures we put in place was how our teams collaborated, ” said Kua.
“Due to my experience in tech start-ups, we implemented the agile framework which enables our team to be nimble and respond to changes quickly and effectively.
“This is how we stayed ahead of the curve and it is a key component of our efforts to maintain long-term sustainability, ” she added.
Roshan emphasised on the importance of learning, especially during the pandemic.
“In order for you to run any business sustainably despite any crisis, you must constantly learn, unlearn and relearn.”
Businesses are built on integrated resources that run systematically to maximise returns on profit.
“For a business to run sustainably in the long run, it requires effective and efficient resource management that prepares the organisation for challenging situations.
“Entrepreneurs must learn how, when and where to allocate and reduce their capital to maximise returns, especially during a crisis, ” Roshan said.
Kua added: “It is important to recognise when you need to pivot your business, and what will help you achieve not merely short goals but also grow in the mid to long-term.”
During a crisis, businesses are prone to be reactive, rather than proactive.
In many cases, entrepreneurs will constantly change their brands to fit market trends and forgo the key elements such as brand consistency and quality.
“While it is important to keep up with trends and listen to customer feedback, you need to be clear about what value that only you can bring to customers.
“Once this is clear, it is critical to ensure this value is delivered consistently and constantly, ” said Liang.
To provide more opportunities to the F&B scene, KSK Land launched the Platter Accelerator Programme last month.
In addition to financial support, the programme will furnish restaurateurs with mentorship, business strategies and workshops to help them transform their businesses to be more sustainable and flexible in facing future crises.