Learn or die, businesses told

By Mia A. Aznar

Sunday, April 1, 2012

AS most small businesses are family-owned, a business consultant believes there are three reasons why family-owned businesses fail–their inability to accept change, unprofessional personnel and no proper succession.

Francis Kong, a business columnist, motivational speaker and host of Business Matters radio program, said a business that refuses to learn anything new is headed for trouble.

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He lamented that many businesses that have grown suddenly stay stagnant because its owners refuse to learn new things.

“Rather than learn, they just give up.”

Kong was a speaker at the recently held Success Talk Series organized by PLDT SME Nation for their clients.

Kong told participants that there should be no age limit when it comes to learning.

These days, he said it is technology that is driving change.

Technology

“If you are not invested in technology, you lose by default,” he said.

He noted that many refuse to shell out funds for technology to upgrade their systems.

“Don’t be afraid of expense. Be worried if you have no sales.” He added that a person who keeps on learning never grows old. Kong encouraged those present not to be afraid of asking experts about things they do not know.

Another reason he noted for business failure is the lack of investment on its human resources.

“If they are earning money for you, you should pay them well. Get them trained. Send them to seminars.”

Kong said most of us fail to see that the best resources are not underground but are all around us.

“Human potential is either unused or underused,” he noted. In a competitive
environment, Kong said creativity should come together with innovation and entrepreneurship and unleashing the human potential of workers can do wonders.

He also urged parents not to discourage children from pursuing degrees in fine arts or any creative courses. “Consumers now are no longer just consumers. They are creators.

Now, they have the tools to create. We have to use that generation because we need to do business with the precision of an engineer but with the touch and feel of an artist.”

While he believes maintaining a business means constantly growing, pursuing growth for the sake of growth alone is dangerous for business.

“Growth should be the natural byproduct of doing the right things consistently well.”

Kong also lamented that children of business owners also have no interest to take over.

He noted that in some cases, it has to do with how they were brought up. He believes parents should make their children see that doing business is fun and fulfilling.

Fresh ideas

He added that after the children graduate from their prestigious schools, parents should be able to let go of the business and allow their children with fresh ideas to take over or suggest changes to adapt to the times.

“You reach the pinnacle of business, not from how much money you make but with the lives you have helped, the families you have supported, and the needs you have met.

The money is just the reward from society for a job well done.”

Published in the Sun.Star Cebu newspaper on April 02, 2012.