MANILA, PHILIPPINES -- Empire East President and CEO Atty. Anthony Charlemagne Yu sits as a panelist in the recent Kaya Natin! webinar titled "The Role of Business During a Pandemic". The business tycoon shared his insights on surviving crises, its differences, and the underlying opportunities for transformation amid the pandemic.
Alongside Atty. Yu are household names in the business and government sectors including former Senator Bam Aquino, Chairman of Kaya Natin! Movement, and Mr. Harvey Keh, VP for Operations of McBride Corporation and Malabon City Business Community Head.
The webinar revolved around how businesses adapt to the changes brought about by the health crisis and what big enterprises can do to contribute to the small-scale businesses, employees, consumers, and the economy.
In his piece, Atty. Yu highlights the strategies businesses can acclimatize to counter the abrupt changes and how they can use this crisis as an opportunity to transform their organization.
"First, we have to acknowledge that there are some things that are out of our control. We need to focus on the basics and direct our full attention to the things that we truly have control over- our own actions. The objective is to try to “create certainty in uncertain times," explains Atty. Yu on how external factors such as instability, complexity, and resource scarcity are all things beyond our control, thus business leaders are expected to operate and respond to these changes objectively.
He also pointed out the importance of keeping expense on new developments like digitalization, transmutation plans, and the full integration of technology in marketing, particularly in boosting businesses' online presence.
At par with this is restructuring plans and reevaluating the market's needs and demands.
"You need to have a plan that leads to the activity. And base the plan on the needs of your market rather than your own. The question one must always ask when confronted with a crisis is this – what do people need now? What do people want now? And respond to that need! This is the most important time to be market-responsive," shares Atty. Yu on the importance of being flexible and having a plan that is aligned with consumer behavior.
Moreover, the discussion progressed with the need for the business community to be adaptable. Since most businesses did not foresee the drastic repercussions of this crisis, they are forced to make hasty decisions for their constituents’ end. Companies are also compelled to restructure, reorganize, and rethink of alternative solutions to save their businesses.
Atty. Yu believes that business leaders should "encourage initiatives and original ideas, think of ways and means to improve the processes, upgrade skills, learn new things, and do things differently" if they want their businesses to thrive during this time.
He also added that while external factors are things one can’t control, we should not be paralyzed by this sense of helplessness.
“Instead of a crisis, think of it as an opportunity to transform.”
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