If u own a business, the above title will be on ur mind as it does in mine, as to how best juggle it all and at the end balance it.
Sharing as much as I possibly can as it's all ongoing and very fluid.
I own businesses in pretty much of SEA, small and medium scale, nothing big.
In Thailand and the Philippines, its tied to the tourism industry, a few boats to bring China divers out, it's basically kaput right now - I'm paying salaries, rentals and servicing credits.
Dug into my savings and set aside 6 months worth of cash to keep it afloat without any business flowing in.
So cash is indeed king.
In Singapore and Indonesia, it is children entertainment (toy machines) and food outlets.
Somehow its still making some money but I've set aside a contingency budget to keep it afloat for 6 months, towards paying salaries and servicing rentals on outlets. Luckily I don't have to service any credits on those businesses.
I do co-own a manufacturing plant in Malaysia and its pretty much tied to business with Singapore, its still making money or at least when the contract runs out.
As for my small plantation, it was never making money since the beginning but I'm almost near the end of servicing the credit on it. I've been neglecting this part of my business since its tied to tribal land and it just causes me too much heartache to pour my time into it.
As for my JOB, in an MNC, there's cost cutting measures, there's also borrowing from HQ at a 0.5% interest, but I suspect business will start to drop in the coming 2 months and take about 6 months to recover AFTER covid 19.
So gent's, brace urselfs, set ur business continuity plans to sustain for a minimum of 6 months AFTER covid 19.
Depending on where, Govts are helping out some, at least it can mitigate some cost to keep workers paid, etc.
Try not to retrench workers, especially those at the bottom levels, it will hurt them the most and it will also hurt you in the long run.
Any ideas or experiences from others will be welcomed, since everything is fluid at the moment.
Sharing as much as I possibly can as it's all ongoing and very fluid.
I own businesses in pretty much of SEA, small and medium scale, nothing big.
In Thailand and the Philippines, its tied to the tourism industry, a few boats to bring China divers out, it's basically kaput right now - I'm paying salaries, rentals and servicing credits.
Dug into my savings and set aside 6 months worth of cash to keep it afloat without any business flowing in.
So cash is indeed king.
In Singapore and Indonesia, it is children entertainment (toy machines) and food outlets.
Somehow its still making some money but I've set aside a contingency budget to keep it afloat for 6 months, towards paying salaries and servicing rentals on outlets. Luckily I don't have to service any credits on those businesses.
I do co-own a manufacturing plant in Malaysia and its pretty much tied to business with Singapore, its still making money or at least when the contract runs out.
As for my small plantation, it was never making money since the beginning but I'm almost near the end of servicing the credit on it. I've been neglecting this part of my business since its tied to tribal land and it just causes me too much heartache to pour my time into it.
As for my JOB, in an MNC, there's cost cutting measures, there's also borrowing from HQ at a 0.5% interest, but I suspect business will start to drop in the coming 2 months and take about 6 months to recover AFTER covid 19.
So gent's, brace urselfs, set ur business continuity plans to sustain for a minimum of 6 months AFTER covid 19.
Depending on where, Govts are helping out some, at least it can mitigate some cost to keep workers paid, etc.
Try not to retrench workers, especially those at the bottom levels, it will hurt them the most and it will also hurt you in the long run.
Any ideas or experiences from others will be welcomed, since everything is fluid at the moment.