The COVID 19 pandemic has affected every continent of the world for over a year now, but there’s still hope of light at the end of the pandemic tunnel.
We had chance to sit down with King’s Road Angkor Premium Office & Property Management Chief Executive Mr. Ban Vibol to discuss the difficulties of doing business during this challenging time and to see what the future holds…
1. Question: How is the pandemic affecting the way your management operates?
There has been a big shift in how our management operates. During the onset of the pandemic last year and onwards, we immediately implemented staggered working hours and safety protocols conform to the Ministry of Health’s directives to avoid any risks. As at King’s Road Angkor Premium Office & Property Management, we treat our employees as a family and need to take care of them during this pandemic.
2. Question: How has the pandemic affected the business sectors?
The pandemic has seriously disrupted the economy in a global scale. We are a globalized society and the economic performance is relying on the balance of trade, specifically in Siem Reap where we are based. The city was hit hard by the tourist downturn, greatly impacting the F&B, retail and property development sectors. The economy is projected to contract by 2 percent in 2020 according to reports by the World Bank.
3. Question: So far, how has King’s Road Angkor been able to balance the short-term needs and long term interests during this challenging time?
During this time, we have restructured our funds with an emergency cash management system which enabled us to balance our company’s resources. In the long term, we’ll continue to observe the property market and have already drafted a strategic plan to be implemented by the 2nd or 3rd quarter of 2021.
4. Question: Do you see any opportunities arising from this crisis after the worst of it has passed?
Indeed, I can clearly foresee how the business paradigm can shift. We as humans are resilient, and our behavior and habits will adapt to the new normal. This will enhance the business sector to take the lead with more virtual & digital concepts in relation to the clients and company interaction. In return, the use of internet technologies will increase to provide quick and fast access for businesses. This will be the key opportunity after COVID 19!
5. Question: Do you have any other insights that you can share to our readers, especially business entrepreneurs during these uncertain times?
I think we need to treat ourselves as an airplane pilot responsible for the safety of our passengers and crew. We don’t know when the plane might encounter turbulence or other issues during the flight, but we need to react fast to let the plane safely arrive to its destination. This analogy applies to managing a business: FOCUS and FLEXIBILITY are key elements for business survival during these challenging times. By following a clear direction and showing decisiveness, we and any other business can turn adversities into opportunities.
Indeed, especially during this pandemic, every business must be decisive and plan properly to overcome the existing challenges and move forward.