Starting a business will always be a milestone that deserves to be celebrated. Our SME Friends of ANEXT have learned first-hand that the true work starts after launch. The ribbon-cutting only marks the first step in a long journey that SMEs must be prepared to take – balancing milestones with challenges like dealing with slow suppliers and potential cash flow issues.
To navigate these issues adeptly, business owners should cultivate an open, adaptable mindset. By tapping into their creativity and accepting diverse ideas, they can uncover solutions that might not be obvious at first glance. We spoke to three entrepreneurs and discovered how their readiness to reimagine how they can run their business differently, along with adopting an innovative mindset, helped them be truly open for business.
Be open to change – and grab the opportunity when it comes
Sourbombe Artisanal Bakery founder Genevieve “Gen” Lee found her calling at her home kitchen, where she started churning out her signature sourdough bombolinis.
“I’m always asking myself, ‘how do I do something to capture people’s attention again?’” says Gen. “We are a known brand, which is good, but how do I introduce new customers into my business?”
Gen believes that your product and its proposition should be the starting point of every creative endeavour. “For new business owners, focus on the product at hand. Make sure you have a very good product, solid branding,
and then do your best and see what happens.”
Doing your groundwork on the product prepares you to capitalise on trends quickly and act on spur-of-the-moment insights.
Use customer feedback as basis for reimagination
Xinyi Yap founded her perfume brand Carden SG out of her personal passion for scents – but the brand’s success is actually grounded in giving customers what they ask for.
“Our mission is to curate fragrances tailored to different moods, aiming to transform scents into affordable options for everyone to enjoy,” Xinyi explains. “And as with any customer-facing business, it’s important to look into their needs and wants.”
Customer sentiment influences every decision Xinyi and her team make with the product – from pricing to ingredient selection to marketing. “We believe that modern business thrives on a consumer-to-business approach – developing products based on consumer input rather than solely on our assumptions about their needs,” she says.
Carden SG takes inspiration from their customers’ feedback to reimagine scents – putting a spin on familiar fragrances or inventing new ones. “Many of our customers have even transitioned from expensive luxury brands to our offerings, appreciating the significant savings and the opportunity to experiment with a wider range of fragrances,” she adds.
Look at the numbers to make an informed leap
Stanley Tan, second-generation owner of Windflower Florist, began his business by exploring and promoting new floral concepts. The business broke into the scene by introducing dried flower arrangements to the market – a product that customers weren’t that familiar with yet.
“We were (and still are) aggressive in pushing dried and preserved flowers to the market, exploring a wider variety of flower types and new designs,” Stanley explains. “We believe this significantly sets us apart from our competitors, and we’re hoping that we are well-positioned to be a brand that the audience remembers us by.”
Stanley runs Windflower with out-of-the-box ideas fueled by his imagination and intuition, validating these ideas using metrics like revenue, gross and net profit, operating expenses, and Return On Investment (ROI).
“I tell my team, ‘let’s base our decisions off numbers,” says Stanley. “If I want to achieve 30% year-on-year growth, what are we going to do?’ Then we work backwards.”
Based on what the numbers say are possible, “maybe we’ll dabble in a certain product line, maybe we can do more experiential stuff like workshops, or maybe I can go into retail and open a Windflower store in some mall,” Stanley explains.
He’s also confident he has the support he needs to finance these initiatives thanks to a loan he took out from ANEXT Bank. The loan is what funds his digital marketing initiatives: “I use the amount to pump into acquiring customers so I don’t touch my current cashflow,” he says.
Be open to possibilities
SMEs like Sourbombe Artisanal Bakery, Carden SG, and Windflower Florist are proof that entrepreneurs don’t always need the financial backing and expert support of multinational corporations to run a successful business. Some tips to help on one’s entrepreneurship journey includes having an open mindset to new ideas, a willingness to listen to customer feedback and guide decisions using hard metrics.
Ready to reimagine your own business? Get inspired by leadership lessons from the innovators and disruptors on the Open For Business podcast – listen on YouTube or Spotify.
