It is a war and those who fight and survive might become heroes of tomorrow.
Top inspirations I learned from this crisis are as follows:
1. As a company or a government, risk management is super important. Those who manage the risks well and planned ahead could possibly overcome hard times and survive strong.
One of the key principles for risk management is to distribute the risks over multiple buckets. To a B2B business or country, the key competitiveness would lie in supply chain management, getting the right suppliers and deliver to the end buyers. In the past, the key decision will be primarily influenced by the cost factor. In a low-risk environment, it would be fine. However, in a high-risk environment, this may break, and cost could be much less a factor than the following two factors:
This reminds me of the fruits suppliers in SG's supermarkets. Even for oranges, it could come from different sources, in SA, U.S., Egypt, etc.
This also applies to Fooyo's businesses, not only the consulting businesses, but also smart tourism products. The end buyers for our consulting services would be the MNCs, government agencies and entrepreneurs who need to get a project developed. To them, they could have chosen other suppliers out of the prices, however, they choose Fooyo and weigh other factors more than prices.
Top inspirations I learned from this crisis are as follows:
1. As a company or a government, risk management is super important. Those who manage the risks well and planned ahead could possibly overcome hard times and survive strong.
One of the key principles for risk management is to distribute the risks over multiple buckets. To a B2B business or country, the key competitiveness would lie in supply chain management, getting the right suppliers and deliver to the end buyers. In the past, the key decision will be primarily influenced by the cost factor. In a low-risk environment, it would be fine. However, in a high-risk environment, this may break, and cost could be much less a factor than the following two factors:
- The reliability of the supplier
- The alternative choices in case of the supply chain breakdown.
This reminds me of the fruits suppliers in SG's supermarkets. Even for oranges, it could come from different sources, in SA, U.S., Egypt, etc.
This also applies to Fooyo's businesses, not only the consulting businesses, but also smart tourism products. The end buyers for our consulting services would be the MNCs, government agencies and entrepreneurs who need to get a project developed. To them, they could have chosen other suppliers out of the prices, however, they choose Fooyo and weigh other factors more than prices.
- The reliability(mainly the experiences, and past project deliveries)
- Risk of breakdown(This still could improve. We also optimize our own suppliers: own staff in SG and Chengdu, and other freelance partners.)
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