5 business investments for the future singapore business review

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Information about 5 business investments for the future singapore business review
Business & Mgmt

Published on February 17, 2014

Author: gyannagpal1

Source: slideshare.net


A business investment manifesto for the 21st century.

Answering key questions like- What does the playbook for the future look like? and What business investments will generate the best returns on this new hard economic plateau? among others.

Search LATEST >> Search Home Sections Exclusives Contact Us Singapore's 2013 fiscal surplus predicted to record $5.9b Events Tip-off Contributors Advertising OCBC held hostage by Wing Hang Bank Here's the potential impact of new regulatory measures on SGX revenue COMMENTARY HR & EDUCATION | Contributed Content, Singapore Published: 05 Oct 12 1630 view s Recom m end 77 8 41 5 business investments for the future BY GYAN NAGPAL The last year has been a revealing one. Many businesses, struggling with the sputter and stall nature of the global economy, have started to realise the unsympathetic truth. This isn’t a recessionary valley between two growth peaks. It is a plateau. A new normal. Look around you and the evidence is in plain sight. Yet, for all the pain, we do see a few smiles. For every bucketful of firms who are consolidating or losing ground, there are a handful who are winning. Some businesses are even booming. Even in Singapore, which habitually winces at every bump on the global economic highway, we see pockets of excellence and high growth in every sector. Closer analysis reveals why. The losers are looking backwards; and hoping for a return to times when their business and capital investment models were viable. They spend precious hours trying to predict a V, U, W or L shaped recovery. The winners on the other hand, have cut their losses and gone back to basics. They are prudent, willing to eschew the status quo, and don’t blame Europe or China for their problems. They realise that every problem is actually an invitation to change, and to learn. If this is indeed a new normal - and we won’t see too many governments, organisations and individuals return to the profligate ways of the past - what does the playbook for the future look like? What business investments will generate the best returns on this new hard economic plateau? Google + 1 232 SINGAPORE BUDGET 2014 MORE NEWS What you need to know about Deloitte's Budget 2014 wish list Keppel Club, Marina Bay Golf Course failed to score lease renewal 721 view s 2 biggest themes to watch for in Singapore Budget 2014 Singapore NODX slipped 3.3% in January Courts Asia hit by weaker retail sales in Singapore Retail sales slid 5.5% in December 2013 Keppel snags $1.07b worth of new orders in early 2014 1514 view s Here are analysts' 4 wishes to Singapore's 2014 Budget 894 view s RELATED NEWS 3 biggest things to watch out for in Singapore Budget 2014 DBS closes 2013 with 7% drop in profits to $802m Why 2013 was better than expected for the Singaporean taxman Chart of the Day: This graph shows why stiffer labour measures are looming Daily Briefing: Singaporeans' biggest CPF complains; Singapore Airlines cabin crew's surprise choir show Job ads in Singapore dipped 0.2% in 4Q13 4059 view s SIGN UP FOR NEWSLETTER Enter email FOLLOW US GET DAILY UPDATE IN YOUR FACEBOOK FEED Singapore Business Review Like 9,243 Sponsored Links How to make the first 5 seconds of a phone call count Want to train your retail and front-line sales staff to sell better? Run your business without fussing over your

I have five suggestions. In the future, winning businesses will invest in – Run your business without fussing over your financial and corporate needs 1. Knowledge - It is our pace of learning that drives our pace of change. Investments in increasing our understanding are powerful enablers of ideas, innovation and creative solutions to new problems. But learning must be a daily activity and embedded in the job. Forget the old fashioned training program. Invest instead in increasing learning on the job, staff rotations, peer dialogue and in providing unique experiences. 2. Customer intelligence - Customers today are more aware and better informed than ever. And a globalised world means businesses are no longer protected by domestic boundaries. You now compete both on quality and price with the best in the world. How should you respond? By letting customers drive your change. Listen carefully to them. Involve their ideas and feedback in product development. And don’t waste money educating them. Invest your money learning from them. 3. Relationships - Invest in your alliances. The mantra of today’s economic world is “we win together, and we lose alone”. Find your allies, cooperate to increase your reach and reduce your cost. Outsource and reduce overheads. A lean and collaborative business that plays to its strengths has a better chance of navigating the future, when compared to a siloed, lumbering megalith. In this new world, collaboration trumps complexity any day. MOST READ 1 Take an exclusive tour at TripAdvisor's 6,000 sq ft Singapore headquarters 2 CapitaMall Trust launches retail bond offering paying 3.08% annually 3 SGX securities crashed 44% to $22.5b 4 Is Singapore's property m arket still haunted by liquidity nightm ares? 5 Singapore visa reform could generate 500k new visitors 6 Parco Marina Bay at Millenia Walk shuts dow n on 24 February 4. Experimentation - For 30 years authors and consulting firms have tried to convince us that success can be copied. By adopting a GE process, we can become the next GE. Sounds incredulous, but it’s true. We have spent billions of dollars and millions of hours trying to be someone else. The age of best practices is dead. The age of experimentation is upon us. 7 Hor Kew Corporation's executive chairm an Dr Aw Leng Hw ee passes aw ay 8 Singapore hoteliers saw flat Chinese New Year 9 Singapore Airshow 2014 w raps up trade days w ith deals w orth $32b 10 OCBC held hostage by Wing Hang Bank Now invest the same money and time in trying to be your best self. Invest in developing your own methods, products and strategy. Remember, inquisitiveness is still a virtue, but copy less and experiment more. 5. The Employment Contract – Arguably the most important of the five. Today, data tells us that the contract between employee and employer is at its weakest point in recent history. In good years, voluntary employee attrition goes through the roof, and in bad years, layoffs do the same. Trust is eroding, and eroding fast. This needs our focus and investment – and just throwing more money at talent isn’t the answer. If they don’t enjoy coming to work, more money may make their body turn up, but their mind will still be in bed. Invest instead in helping employees achieve their goals. Both professional and personal. Invest in their ideas, and they will turn up to see them through. And train your managers to manage a changing employee. In specific, a more assertive, empowered and purposeful professional. COMMENTARY RESIDENTIAL PROPERTY The silver lining for property investors in Singapore in 2014 BY ALEXANDER KNIGHT 3911 view s Innovate the workplace, encourage flexible working and champion diversity. Realise that if only half your headcount is engaged, the other half on your payroll are actually benefiting your competition. LEISURE & ENTERTAINMENT The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Singapore Business Review. The author was not remunerated for this article. MEDIA & MARKETING 3 things Singaporeans can learn from multi-billionaires BY JACKY TAN 3593 view s What Singaporeans must learn from Anton Casey's Facebook mishap BY IDRAN JUNADI 2647 view s ECONOMY Gyan Nagpal Gyan a CEO and Principal at PeopleLENS Global Associates is an aw ard w inning talent strategist and leadership coach, w ho is deeply invested in researching changes to the global talent pool. 7 most successful businesses to set up in Singapore BY SATISH BAKHDA 1959 view s ECONOMY

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