Prashant Kumar’s Post

Flash Coffee Exits Singapore Market: 5 Key Takeaways for Employers 💼 Flash Coffee's recent exit from the Singapore market is a stark reminder of the challenges that businesses face in today's competitive and ever-changing landscape. While there are many factors that contributed to Flash Coffee's demise, there are five key takeaways that employers should learn from this experience as purely my view: 1) Invest in your employees. Flash Coffee's employees were reportedly not paid their October salaries and part of their September salaries. This is a clear indication that the company did not invest enough in its people. Employers need to invest in their employees' training and development, as well as their well-being. This will help to create a more engaged and productive workforce. 2) Have a clear and sustainable business model. Flash Coffee's business model was based on aggressive expansion and heavy discounting. This model proved to be unsustainable in the long run. Employers need to have a clear and sustainable business model that is aligned with their long-term goals. 3) Be adaptable and responsive to change. The COVID-19 pandemic and other global events have shown us that the business world can change very quickly. Employers need to be adaptable and responsive to change in order to stay ahead of the curve. 4) Be transparent and communicate with your employees. Flash Coffee's employees were reportedly kept in the dark about the company's financial difficulties. This led to a loss of trust and morale. Employers need to be transparent with their employees and communicate regularly, especially during difficult times. 5) Have a crisis management plan in place. Flash Coffee's closure had a significant impact on its employees and customers. Employers need to have a crisis management plan in place in order to mitigate the impact of unexpected events. #flashcoffee #singapore #jobs #employers #hr https://lnkd.in/gKjKJaQa