Businesses urged to rethink strategies, act fast to survive

CEBU, Philippines —  While the business sector in general is hard-hit by the crisis, immediate response to the current market needs is crucial to stay afloat as the entire economy transitions to the new normal.

In a virtual training organized by the Employers Confederation of the Philippines (ECOP), e-commerce frontliner Janette Toral cited a hotel in Cebu, which was quick to establish a food delivery business.

Toral said a hotel in Cebu is not just relying anymore on guests coming, but is now delivering food.

“Even the hotels changed the way they do business, deciding on new service components that they need to focus on and explore that as a revenue source,” she said.

According to Toral, there is no way to go but transform but it would require rethinking like maybe venturing into food, (and) not only food, “we talk about novelty food, healthy food. You can also venture into e-commerce, sell goods that are not usually accessible to people and (cater to) new customers segments, customers that you never served before but because of the new normal. You might really need to look into them and see how you can serve them,” she added.      

Toral also urged the need to “learn, unlearn and relearn” how business processes can be improved.

“We have to unlove whatever processes we may have to do because if we are so in love with the processes that we have today, it will be hard for us to adapt to digital transformation. See how you can change the way you do things right now so that you can serve your clients better and remain in business for a longer time,” she recommended.

Toral said business owners can also work with partners especially in this time of pandemic.

“So don’t look at your customers as a permanent customer. Can you level up your business model to the point that your customer becomes your partner? Can you change the business relationship from a client relationship to a business partner relationship?” she added.

Entrepreneurs are advised to develop business models and offerings that fit the needs of the market as they prepare for digital transformation amid the coronavirus disease 2019 (Covid-19) pandemic.

Toral said transformation is not just about technology, but it is also the way how one does business.