Written by Queenie Yee
Tech In Asia 2018 aims to help businesses grow by building connections with prominent industry leaders and experts in the community. Chris Yip, our Finance Director, shared his knowledge at the conference as one of the panellists.
With more than sixteen years of experience, Chris discussed ways the audience can overcome obstacles in growing their businesses at a business and sales roundtable.
In relations to Kaodim’s development, the company has celebrated many milestones while dealing with countless challenges over the past four years.
Chris shares that to overcome obstacles, one must, first, accept failure. “Success comes with many trials and errors. If a product becomes a failure, then persistence in selling or keeping it in the market is pointless. Denial can only lead to a huge loss.” The next step is to look for a silver lining and focus on enhancing what works.
The company should monitor their cash flow and make their decisions accordingly. While making the decisions, business owners should take into consideration, with an open mind, of any possible ways to improve the business by looking at issues from diverse perspectives.
More importantly, Chris advocates honesty and transparency to earn the trust of consumers, which brings long-term benefits to the business.
Having a focused target market will provide a clearer picture of what the business should improve on. A target market will have specific needs which give the company direction. The company should stay humble and be attentive to their customers, and not make decisions based on assumptions. Another key to gaining favor from consumers is to provide them with what they need at the right time rather than forcing them to believe that they need your product.
Lastly, to keep the customers coming back for more, the company must have the courage to create and innovate but not lose sight of their goals in satisfying the needs of their customers.