Tuesday, February 17, 2009

Difficult times as a test of your character

Sales meeting was long as usual, we started at 9 AM in morning and concluded around 7.30 PM. I was physically and mentally drained from the session, however a renewed spirit to make some changes in the way we do our business. 

Most companies are already facing the heat, such as the computer related industries and oil & gas related business , it is scaling down it's operation and refocusing on more profitable revenue. The Malaysian Automotive Association (MAA) is forecasting more than 12.4% drop in new registration due to factors such as inflation. fluctuating commodity prices, customer buying pattern, foreign exchange rates, government policies and the global economic impact. The lowered automotive sales will be a domino effect because a lot of vendors and suppliers are involve in the making of a car.  Most of these vendors and suppliers and also providing their goods and services to the other global brands. It a way, we cannot be too happy if our competitors are facing difficult times as we are all interrelated. If the vendors do not have mass order than the cost of manufacturing would rise and thus making the cars more expensive.

I know some companies are starting to implement customer retention strategy and re-evaluating the business as a whole. Some are restructuring the organisation chart to better improve the speed of delivery. Another common strategy is outsourcing services, which seems to be a good idea to keep the cost under control and level and this have expanded to all departments with high operating cost. Departments such as marketing, IT, training and etc.

I believe that difficult times is like a fire test for the company and the individual. Golds and silver under extreme heat can be moulded into beautiful jewellery. Like wise, our character and potential are tested so we too can become someone even better than before.

My GM told me , that it is important to "open your mind to all possibility". I agree with that as a limited mind closes all doors to new ideas. it is the bankrupt of ideas that often lead to business failure.


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