In the ongoing war between humanity and the novel coronavirus, the greatest fatality threatens to be the economy. Several business owners are unsure of what the future holds and are anticipating permanent shutdowns due to a lack of sales.
In a recent conversation with Patrick Duong, CEO of private equity consulting firm Talent Evaluation Group, he asserts that there are in fact several sectors that stand unaffected in the middle of this chaos.
Patrick builds highly effective business development strategies that produce results, evidenced by well over a decade of leadership experience helping companies grow brand recognition, revenue, and profits. “I am heavily involved in the financial back-end of the health and wellness industry and I’m here to help guide my clients through mergers, acquisitions, buying and selling their companies, particularly during these times,” he declares.
Patrick expresses several optimistic sentiments for the health and wellness industry. “Investors with deeper pockets will create more stability within the industry,” he believes.
However, for business owners operating in other industries, their unease is not so easily laid to rest.
Don’t Be Afraid to Innovate:
Many of the greatest businesses in the world are the ones who challenge the way things are done. In an era where the whole world is turning on its head, the definition of a new normal depends on entrepreneurs who have enough courage to chart a new course.
Patrick subscribes to this school of thought. He adds, “Desperation forces people to question the status quo. In good times, people may be less inclined to rock the boat, but when investors and customers are bolting for the doors, you have no choice. That’s probably why some of the world’s great companies were founded during recessions.”
Patrick’s favorite business anecdote is the story of how Steve Jobs brought Apple back from the brink of extinction.
“When Steve Jobs returned to take the reins in 1997, Apple was facing a crisis,” Patrick retells. “Too many products, too little focus, not enough revenue. Steve Jobs shaved Apple’s product lines by 70 percent.”
Patrick believes the key to surviving a tough time in history as a business is to stay true to your strategic core. “Even the best companies can become bloated and undisciplined during the good years and forget the core competencies that made them great,” he remarks.
Believe In Yourself and Your Brand:
One often ignored fact about business success is that for the brand to succeed, the owner must be capable. In Patrick Duong’s best selling book “Don’t Change, Just Get Better,” he addresses this phenomenon in a chapter titled; People Don’t Quit The Company, They Quit The Boss.
In Patrick’s firm, he implements a method that keeps him ahead in the race. “Everyone on our team is mobile as the army infantry and we all want to grow our start-ups together. Our employees are our biggest investors.”
Patrick’s fervent belief in his brand is reflected just as intensely in every one of his employees. He continues, “I went ALL-IN and the folks who believed in me had gone ALL-IN as well. Building our start-ups and getting it to be successful is our only option.”
This is definitely a quality worthy of emulation.
Photo Credit: Johnathan Nguyen