For Lawrence Chong, CEO of Consulus, and Shiraz Latiff, CEO of Hummingbird International, the key for Asian companies to staying relevant and competing with rivals is not about trying to adopt competitors’ strategies, but by playing up your own strengths. Furthermore, more resources should be dedicated to review work processes and identify innovative ideas.
Building a competitive strategy requires a lot more of looking within and understanding the strengths of your team. It is much like managing a football team; how well the team scores is dependent on training, team composition and how well the coach understands the dynamics adopted for the season ahead. In order to maximise performance, the following are necessary:
- Identify key staff by how they play
- Find a reason for which to fight
- ‘Stay hungry. Stay Foolish’
Lawrence Chong and Shiraz Latiff are contributors of a series of opinion editorials for Ceylon Today.