Businesses make the world go around and consumers depend on enterprises of all sizes to provide them with the products they use on a daily basis. After all, it’s hard to imagine a world where we can communicate easily without Apple, move about without Ford or stock the pantry at home without Walmart. While there’s no real common thread between the services that these companies offer, they do employ massive workforce. Therefore, they must be doing something right to have logged decades upon decades of successful operations and made billions of dollars annually.
Yigang Tang, who is chairman of the American Pacific International Capital (APIC), says that successful business management must begin by adopting best practices at the start of, or shortly after its operation. Those who have just launched a business should take heed of Yigang Tang’s advice, as he has built his business into a substantial portfolio. In addition to his role at APIC, he is a non-executive director of SingHaiyi Group Limited. With the help of Huaidan Chen, who is group managing director of the real estate company SingHaiyi Group Ltd., they have kept expanding their business over the years. With proven success, Yigang Tang has decided to offer his insight on small business management to help those in the shoes he once stood in years ago.
Yigang Tang and Huaidan Chen suggest that entrust employees with meaningful tasks. The reason for that is two-fold: You can’t do everything yourself and your employees will feel they are making meaningful contributions. Another reason for empowering your employees is that it enables you to lead without being emcumbered by daily operations. If you’re buried in busy work, then you have no time to plan a smart expansion into untapped markets. This is one of the lessons Yigang Tang and Huaidan Chen learned early on in their career and the outcome is evident by all the leadership roles they have taken on at various other companies besides APIC. Another word of advice that Yigang Tang likes to share is to establish guidelines for a variety of unexpected and routine situations. Take time to evaluate and anticipate what goes on and what could happen, then draft an outline for how employees should respond. Take that outline to your employees and have them offer input. The final product, says Yigang Tang, will be a document that the entire company can look to as a framework for dealing with different scenarios.