Some common questions are thriving in businesses as “How do changes occur in businesses?”, “When is the best time to make those changes?” and “What actions have to be taken to attain positive impacts on changes?”
Changes come as opportunities in our minds when we face difficult times in our daily life. Nowadays, most businesses seek changes for continuous improvements. The concept of continuous improvement is known as “Kai Zen” and it is originated from Japan. It can be translated into Kai means “Change” and Zen means “Good” meaning people make changes for better outcomes.
It is very broad to say the appropriate time to make changes because some changes inevitably require huge resources and some seek changes for continuous improvement. By this time, the extreme effect of COVID-19 is severely devastating to the global economy and most of the small, medium enterprises (SMEs) have been heavily affected with the shreds of evidence by losing sales and profits, employee layoffs and even closing their businesses as the consequences of COVID-19. The impact of this outbreak could pose a vicious cycle of dampening businesses and increasing the unemployment rate.
The World Bank says that Myanmar’s Economy is severely dealing with COVID-19 and the Economic Growth in a baseline scenario is projected to drop from 6.8 percent in FY18/19 to just 0.5 percent in FY2019/20. If the pandemic is protracted, the businesses and operations can be seriously affected by a huge loss and the growth rate of the economy can be tough to rise again. As the growth of the country’s economy much depends on the businesses, the founders have to seek better ways and to adapt to those serious events. This is so-called “change” and we have to embrace the “change”.
Even the economy and the world have been struck by the pandemic, people have to look for ways to overcome, survive, and improve. Businesses try to adopt new strategies and tactics along with the tide of the Digital World instead of using the ordinary system. Embracing the new tradition into the business is not easy to control because many challenges and threats can be occurred during or after changes. It might be difficult to accept for the employees of the company. If you are hesitant to take advanced tradition in your business, try for continuous improvement in the daily operations of the system. Make employees understand the concept of continuous improvement. As the employees understand and practice the concept of ‘continuous improvement’, they can conquer the barriers of the changes. Many smaller milestones can finally hit the big success. Meanwhile, we can improve ourselves in daily routines in personal life or day-by-day operations at our work then we can gain greater success sooner rather than later. Changes that we can be taken as immediate actions or we can gradually build them from now.
Cashless in Crisis
Let’s assume and focus on current time. The coronavirus disease (COVID-19) is a virus by spreading. Cash is the physical form of currency and valuable widely-usage in doing business. At the peak of the global pandemic, the banks in South Korea and China began disinfecting and quarantining banknotes to slow the spread rate of coronavirus. In this manner, Myanmar Citizens should better encourage to avoid using cash in daily transactions and businesses have to offer cashless payments.
Despite such assurances, the coronavirus is changing our relationship with money as the fear of transmitting the virus on cash is rising, which could accelerate the use of digital payments. Many payment providers are widely available in Myanmar to reduce cash circulation in the country. Business owners have to consider making changes in customers’ buying experience in the checkout process. Dinger comes as a solution provider to have advanced checkout experience as Dinger has been partnering with 14+ banks via API. Thus, once you connect with Dinger, Dinger makes you feel a stress-free zone of payment acceptance concerns with the foremost business model.
As a conclusion, if you are ready to take continuous business improvement, you have to build gradual enhancement in operations. KAIZEN represents “change for the better” to all of our doings and to change for the better, we should focus not only on one sector of the business but also to whole business models (For example, opening an e-commerce store from retail shops is a great improvement for business but we should also consider the checkout options and logistics network to deliver smooth services to your customers). Let the Dinger be a shoulder that your business can grow upon by reducing the resources that you had to spend on payment problems and focusing more on what really matters to boost sales and serve your customers better. Register Here.