Wealth coach and best-selling author Chinkee Tan says businesses can thrive during the lockdown and even beyond.
Chinkee Tan says that even during the community quarantine to stop the spread of COVID-19, businesses that made adjustments were able to continue operations. Tan says that when the lockdown is lifted, the same adjustments will still be needed as the economic situation faces a new normal.
In his interview with CNN Senior anchor Rico Hizon, Chinkee Tan identified the businesses that can position themselves ahead of the trend.
Food Industry
Tan says the food industry is one of the biggest winners in the ongoing situation because people still need to eat.
“Why? Food industry definitely Agriculture would still keep on going because people need to eat. Like for example chicken, vegetables, meats. And then how can they transport if definitely groceries would be one of the biggest winners here right now. Aside from groceries, bakeries. Bakeries also would be really in demand. So, these are part of the food industries,” pointed out Tan.
Health and Wellness Industry
The wealth management mentor also points out how health and wellness will now be one of the priorities of people coming off a global health crisis.
“Then next, the health and wellness. When we talk about health and wellness definitely pharma companies who sell vitamins… these are going to benefit and definitely worthy of transport, the medicine, it will be through drugstores. Also, medical supplies like for example we’re talking about face mask. We’re talking about alcohol. These are the industries that would keep on growing,” said Tan.
“One industry that we should also look out is what we called as the Insurance industry. Why? Because people will be more concerned about their health. Because they know for a fact, once they get hospitalized it would cost them much. Part of health also is what we call life insurance. People will be more aware because of the deaths that are being experienced because of this virus.
“Last industry in terms of health and wellness will be Telemedicine. Telemedicine will be big and huge because doctors and patients cannot touch each other at the same time face to face, they would go to Telemedicine.”
Technology Industry
The Positivity Mindset advocate says that technology would be playing bigger roles because everything is being done online.
“Down to that, is what we call technology right now because of the entertainment, the streaming services like Netflix, Amazon Prime, YouTube.
“Online gaming will be also big. And last but not the least, definitely online shopping will be really huge,” Tan predicted.
Transport Industry
Finally, the last industry that will benefit since they sell online, the transport industry would be a recipient of all the deliveries. Let’s talk about the delivery of the food of supermarket because I do believe that this will be already a lifestyle,” he told CNN.
Chinkee Tan also said there are only three choices for an entrepreneur, business owner, or employee.
“Its either you die, you survive or you thrive. Die in a sense if you refuse to change, if you do not change, you’ll become extinct. You do not innovate you evaporate right now. If you will wait for things to go back to normal, I don’t see it going back to normal.
“Let’s say if the quarantine is lifted in April 30, I will ask you and all the people who are watching, ‘Will you go out?’ definitely I doubt people would go out because it’s on wait and see mode. Right now we are on a survival mode for businesses and employees. So, you’ve already start changing and adapting. There are certain industries who are willing to change and adapt to thrive,” Tan shared.
Tan also shared a story of a seller in Farmer’s Market who learned to adjust to the needs of the market.
“I asked how was your sales? She was really so sad. Her sales dropped by 80%. From 30,000 daily to 50 on a good day, right now it’s around 6,000 to 10,000. After our several talks I gave her some advice, and after a week. I gave her a call and I asked how’s your business right now? She said my sale right now is 50,000 average per day to 80,000 on a good day. So, I asked her what did you do? Well, I just need two things, number 1 online and number 2 delivery.”
The host of the award-winning show, Chink Positive is also one of the Filipino and Filipino-at-heart vloggers you should watch in this time of quarantine.
CHECK OUT MORE TIPS from Chinkee Tan:
3 Things To Nurture To Be Successful in 2020.
SEND CHEERS to Chinkee Tan for giving tips on how businesses can thrive during these lockdown times and the new normal that comes after the community quarantine is lifted.
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