THE Covid-19 pandemic, soon to be endemic, is causing massive business disruption, endangering the existence of small and medium enterprises (SME).
Many businesses can no longer thrive as before. A new approach is required, and it requires innovation. However, innovation is generally associated with high risks, long gestation period and requirement of special talent.
Can SME afford these? Definitely not. So, what is the solution? Normally, invention precedes innovation, however, there is no need for this.
We invent to solve an existing problem. How about turning it around and getting a solution first, then looking for the problem? Though we may not realise it, if we look at major breakthroughs, most of them follow this “solution first, then find the problem later” approach.
When the first smartphone, the Blackberry was invented, the keyboard occupied nearly half of the phone’s surface.
The first thing that Apple did was to eliminate the most essential part of the smartphone, that is to take out the keyboard. So, now you have a much bigger display screen. This non-inventive solution created a lot of benefits.
First, it gave the phone a bigger screen. Now, exploring other uses – you can watch movies on it more comfortably, it is easier to take photographs, you can enjoy video games, you can draw sketches, you can see clearly who you are talking to. Doesn’t this simple principle of subtracting the most important component result in a practical innovation without much effort?
How do you apply this to your business? Let us take a look at the restaurant business. Take away the most essential component – its dining customers. Now examine its benefits: You can serve more customers, you save space, you need not employ so many waiters, you cut operating costs. The answer is, of course, engage the services of a delivery company such as Grab Food and Food Panda.
Even AirAsia has jumped on the bandwagon. The same principle can be applied in the retail business. You do away with your shopfront and use Lazada, Shopee and Alibaba. Many international unicorn businesses have adopted this technique too – AirBnB: Largest hotel in the world without owning any rooms; Zappos: Largest shoes company in the world without any shops; Campbell Soup: Selling soup without water; Dyson fans: A safer fan without visible blades; Virtual office: Office without workers.
To apply this to your business, follow these steps:
1. Look at your business or any other business;
2. Take out a critical component;
3. Explore its benefits; and
4. Come out with a new way of doing business.
It is that simple!
Dr Yew Kam Keong, chief mind unzipper, Mindbloom Consulting. Comments: letters@thesundaily.com
