Have you heard of the term SSDD?

In the first half of this year alone, 187 companies in Singapore were forced into liquidation.

That’s up from 146 in the same period last year… and almost double the 95 the year before.

In fact, last year Singapore hit a 15-year record high for compulsory liquidations.

So we’re already on track this year to beat that record again!

Debt collectors say 30% more companies can’t pay their bills.

The majority of debts have also jumped from $20K – 60K last year to over $100K this year.

The biggest problem? Cashflow.

And they’re also right to say these businesses didn’t fail overnight.

Most were already in trouble 9-12 months earlier.

If we looked at what happened in those months… Most probably nothing.

They kept doing the same things.

SSDD. Same Shit, Different Day.

That’s something I always tell my clients, if they don’t reflect, think and develop a Playing to Win Strategy – their situation will NOT change.

If you’re busy firefighting e v e r y d a y and working ‘IN’ your business – no one is working ‘ON’ the Strategic initiatives needed to grow the business.

Oftentimes, this is because these tasks are much more difficult than running the business, and it can get very difficult to take a step back and look at the problem from the outside.

Our Playing to Win™ approach does this by asking 5 categories of powerful thought provoking strategic and cascading questions:

↪️ What’s our Winning Aspiration?

↪️ Where will we Play?

↪️ How will we Win?

↪️ What Core Capabilities must be developed?

↪️ What Management Systems do we need to implement?

These are not one-off questions for your strategic thinking, planning and business plan.

They are the questions you must revisit regularly, especially in uncertain markets.

Because if you’re not making these deliberate Choices, you’re just ‘hoping’ the market will be kind.

And ‘HOPE’ is not a Strategy!

Don’t wait for the debt collectors.

♟️ Review your Strategy now.
🤔 Develop a Plan.
⏩ Execute it!

 

[Image Source: CNA YouTube channel, https://www.youtube.com/watch?v=Dx2nnkdtKwI, “Growing wave of businesses going belly up in Singapore”]