Challenging the Approach in Tough Times
Challenges, like change, are a constant in life and part of the process in being a business owner. With the current economic challenge connecting most Namibian businesses, we are asked to check our abilities to weather the storm. Johannes Gawaxab, the Executive Chairman of EOS Capital, speaking at the 99FM Struggle is Real Panel Discussion held earlier this year, noted that “Cycles and market corrections are part of doing business. This is not going to be the end. This is not going to be the first or the last one, but this will also come to pass. In every crisis wisdom is born, that’s the Chinese saying. So we need to learn lessons out of this.”
To assist us in using the current status quo to our advantage, MYD Smart will in the coming weeks be revisiting some of the business lessons that came out of 99FM’s Struggle is Real Panel discussion as we step up to the challenges in our businesses.
“The very first thing, remove all avoidable, all unnecessary costs from your business.”
“I think as a business what we need to do is, firstly remove all the necessary and avoidable cost. The very first thing, remove all avoidable, all unnecessary costs from your business. The second thing we need to do is to improve customer service. This is the time that you need try and hold on to those customers and focus on them so that they come back, because what you need now is cash. The third thing you need to do is start positioning for when the cycle is over.” Noted Johannes Gawaxab
“Obviously all of the principles of lean and scaling down and cutting costs apply, but I think getting to the door, the decision is do you want to get through the door? The being on the other side of the room is positioning.”
The challenge could just provide the perfect opportunity to readjust according to David Benade, the Founder & Managing Member of dB Audio Namibia, “I don’t like to struggle, so the word struggle is not at word I’m going to be using. I personally call it tight times. If you can imagine a tight spot, you can’t open the door properly. What do you do? You adjust. You go sideways, you squeeze through the door and that’s pretty much the attitude that we employ in our fetal industry, our fledgling, our developing industry, that’s always required of us to be tight. It’s about adjusting yourself, your organisation. Obviously all of the principles of lean and scaling down and cutting costs apply, but I think getting to the door, the decision is do you want to get through the door? The being on the other side of the room is positioning. So that, when things get better we are in the right position. For me most important is, how we approach this. I understand it’s difficult, it is tight, but lets not struggle, lets be positive.”
“As individuals we are part of businesses and that makes an impact on the business. An economy is made up of individual businesses and we need every one of those businesses to be functioning well, to be making innovative plans to look at the future, to be positive and yes to adjust.”
Stefan Hugo, Tax Partner at PwC Namibia noted, “The words that you speak create your future, it is a bit philosophical but it makes a difference in the way that we behave and the way that we act. If I spend my time thinking about opportunities, thinking about positive things that we can do instead of spending time focusing on the negative, it makes a difference in our being. As individuals we are part of businesses and that makes an impact on the business. An economy is made up of individual businesses and we need every one of those businesses to be functioning well, to be making innovative plans to look at the future, to be positive and yes to adjust.”
Phillippus Tromp, the Executive Chairman of Nictus said “I think we always believe that today’s decisions are tomorrow’s problems. I think, especially in these circumstances, you have to have a good look. I agree with what Johannes said, it’s now the time to realign your business. We need to go through this one. I think we will get through this one, I don’t think it’s that bad. We had much worse things happening and I think with a positive attitude you can go through this. You need to realign, you have to look at all the aspects of your business.”
“In my career I’ve been amazed at the resilience that human beings and people in business have when they get under the right pressure or the right pressure to change, to come up with something different and to find a way out and in some way we always, in most instances find a way to survive.”
According to Stefan Hugo, “If you look at the world, it is actually chaotic, things that are happening within a short space of time and things are changing all the time, and it’s like a new set of rules. So an important thing is our mindset. In my career I’ve been amazed at the resilience that human beings and people in business have when they get under the right pressure or the right pressure to change, to come up with something different and to find a way out and in some way we always, in most instances find a way to survive.”
Watch 99FM’s Struggle is Real Panel discussion, the full discussion by clicking here :
The Struggle is Real – Are there Opportunities for Business in Hard Times?