In a recent survey* of more than 500 entrepreneurs in Hong Kong and other Asia countries from various sectors, surprisingly more than 50% of respondents reported that their businesses have been positively impacted or not impacted at all by COVID-19.
Summarising their learnings, apart from the hardworking, passion and resilience qualities of the business leader, it is the flexibility of the business model and the strategic direction they have in diversifying their revenue steam to online and direct-to-customer and expand to overseas markets that have proven strong pillars of business continuity.
Business Overcoming Limitations in COVID
Cost. Cashflow. Profitability.
31% of business leaders-respondents expressed being flexible in shaping its business model in times of crisis is a strong survival skill. Access to real-time data of the business is expressed as a key factor to support the fast reaction ad decision for any opportunities arise during the tough times.
Without any complicated spreadsheet and formulas, you can have full visibility of your business down to line level. Learn more.
Team disruption. End-to-end process gaps.
66% regards core business cloud software is important or very important to their business success to lower cost and enhance flexibility.
Enabling your team to work seamlessly on one single set of data wherever they are, helps minimize disruption of quotation and credit terms validation, sales operations, order fulfilment and financial closing.
Finance and Accounting minimize workarounds and time spent on disparate systems as fast as in 100-days. Learn More.
Customers. Markets.
52% of interviewees target new types of customers.
51% of interviewees introduce new products/services.
35% of interviewees introduce new delivery channels ( online, direct-to-customer).
Reaching out to the new target or global markets with online or direct-to-customer channels requires smart inventory management to ensure orders are instantly fulfilled and inventory replenished for store credibility and customer satisfaction. New SKUs of new product lines or services means much more than adding a few lines to the system but can impact the whole operation and logistics. Managing inventory for your traditional distribution channels and online channels can cause exponential work for your existing team yet meet the new standards of customer expectation.
Inventory Management on the cloud enable direct-to-customer business model of distributors and wholesalers. Learn more.
38% of business leaders in Hong Kong rate business software as important and very important to their business success, at One Pacific, we work with large/mid-sized business and high growth innovators to plan out a digital journey to cope with the fast-changing market and in tough times. See these happy clients that we interviewed and be part of the community.
*Entrepreneurs in Asia-Pacific survey was conducted by Frost & Sullivan sponsored by Oracle NetSuite in Feb 2021. For details please refer to Oracle NetSuite’s blogpost.