ILONGGO entrepreneurs were encouraged to take advantage of technology to keep pace with the “very volatile” modern business environment.
Technology drives changes in the business landscape, renowned motivational speaker Francis Kong said at a gathering of micro, small, and medium enterprises in Iloilo City.
Highlighting the importance of technology and database management in today’s digital economy, Kong told the audience in the event in June that “data is the new oil.”
“Any company that has data will run the business,” he stressed. “A company that has a rich source of active database, they will have an edge over business.”
Now more than ever, with the threat of a global trend of toward protectionism and the rise of populism, there is no certainty in any field of business – anything can be disrupted – Kong further said.
But “the one currency you need to pursue your business, whether you are going out on your own or [establishing] your own business, is communication,” he emphasized. “Communication is the lubricant of execution. How to convert business into a story is the future of business.”
Moreover, business planning alone is not enough to keep companies, especially those that are family-owned, relevant in a tech-driven business landscape, Kong said. He recommended that these businesses continue to reinvent themselves.
“Annual business planning today is no longer very reliable. Business plan, you got to do that, (but) right in the middle of your business plan, you shift strategy. Everything is very, very volatile. … Businesses will now have to reinvent themselves, or else they will find themselves at the receiving end of a very inconvenient disruptive economy.”
On the use of technology to help family businesses survive, Kong identified technologies – considered the main drivers that will change life and businesses – that entrepreneurs need to watch out for: (data) network, sensors, robotics, artificial intelligence, synthetic biology (3D printing), genomics, internet of things (IoT), and universal basic income (financial platform).
“Infrastructural shift: wala kang digital, wala kang technology, you are out of the game,” Kong said.
But he cautioned Ilonggo business owners about buying too much, unnecessary technology. “Don’t just buy technology. Buy the technology that is suited to your business. Do not waste resources. Ask. Ask. Ask (experts).”
Kong is himself a successful entrepreneur: he founded a clothing company and has widespread work experience in manufacturing and retail. He said he used to work for a retail chain in Iloilo, arranging mannequins – much to the audience’s surprise.
Finally, Kong reminded Ilonggo MSMEs that their purpose in doing business is to help solve problems.
“Making money, making a profit, is society’s reward for doing a job well. The purpose of doing business is to solve problems, to provide means, to provide for a need. If there are a lot of problems, there is more business,” Kong said./PN
