Newsletter
February 2021 Issue: Co-operator Newsletter Quarterly Issue
Resilience for the Long Haul
Have you ever wondered why people respond to stress and adversities differently?
Some seem to remain calm in the face of crisis while others, completely defeated.
Oxford Learner’s Dictionary defines resilience as the ability of people or things to recover quickly after something unpleasant, such as shock, injury, or calamity. The global COVID-19 outbreak has been a cause of unexpected adversity for many people.
However, resilience can help us to not be brought down by difficulties, but instead rise above them and find ways to overcome challenges.
Co-operator had a chat with two co-operators - Ronald Low, Chairperson of Istoria Co-op and Yeo Chun Fing, Chairman of AUPE Credit Co-op - to ask what resilience is and how their co-op coped with difficulties and disruption.
Network! Network! Network! This should be done with as many groups of people as possible and not just those from the same industry. You never know what other opportunities might arise. Learn to form relationships that will enable you to bid for projects that require your expertise as part of a larger collaborative team.
Prioritise your mental and emotional health. Challenges in the workplace often lead to conditions like depression and anxiety. The strength of your mental and emotional health will help you sustain through the journey. A few ways to build mental and emotional resilience include eating well, exercising regularly, sleeping, meditating, finding purpose and meaning, looking at problems in a different perspective, spending time with family and friends, and asking for help when needed.
Chun Fing: In life, there are times we encounter unexpected road bumps, changes in the marketplace we didn’t see coming, or challenges that test our limit. The key is to have a positive mindset, be flexible and open to doing things differently if the circumstances indicate that change is needed. Are you willing to be agile? Are you game to try something new and learn new skills that will help you to adapt? Our downfall is if we stubbornly stick to one course of action because that’s what is in our original plan. Have a positive mindset and be flexible enough to embrace change and do things in a new and better way.
Seek out and receive support from friends and peers instead of soldiering alone. We are not meant to thrive on our own. We need a strong network of supportive friends and peers as pillars of support, especially in difficult times.
Members within the co-op should also be strategic and innovative and not rely on one business unit for survival. There is always a need to hedge and innovate a product / service that is considered matured within the industry.
The challenges brought about by the pandemic had also amplified the need to be cost-effective in operating a business given the fact that profit is revenue minus cost. When revenue is hurt, a co-op needs to be able to adjust its costs efficiently to survive. Cashflow is the lifeline of any business.
Chun Fing: By constantly seeking to serve the current and evolving needs of members, equipping staff with necessary skills, and building up financial reserves during good times will help cushion the impact during a downturn.
In the training segment, Istoria Co-op focused on developing our capability in delivering programmes via virtual method for various segments of the market during the circuit breaker period. Thankfully, many schools were open to the idea and the Ministry of Education also supported it by directing schools to proceed with online delivery of CCAs. Within a short period of time, we re-developed the curriculum to ensure the delivery is effective and engaging for the students. We started approaching various social service agencies and other organisations to provide online workshops for their members. Istoria Co-op also managed to conduct online workshops with “Dementia With Dignity” for their clients and caregivers and members of Silver Horizon Travel Co-operative.
Chun Fing: When the circuit breaker started, we adapted quickly to working from home. Almost overnight, our co-op had to change our mode of operations, the way we work and the way we interact with our staff and members. We switched our withdrawal requests and loan applications online.
In terms of work in office, we worked in split teams and doubled up to cover each other’s office duties.
Our staff quickly learnt and adapted to the use of technology, for example, Zoom and Dropbox, for better collaboration and communication amongst staff members.
Some seem to remain calm in the face of crisis while others, completely defeated.
Oxford Learner’s Dictionary defines resilience as the ability of people or things to recover quickly after something unpleasant, such as shock, injury, or calamity. The global COVID-19 outbreak has been a cause of unexpected adversity for many people.
However, resilience can help us to not be brought down by difficulties, but instead rise above them and find ways to overcome challenges.
Co-operator had a chat with two co-operators - Ronald Low, Chairperson of Istoria Co-op and Yeo Chun Fing, Chairman of AUPE Credit Co-op - to ask what resilience is and how their co-op coped with difficulties and disruption.
HOW CAN A PERSON BUILD RESILIENCE?
Ronald: For freelancers or any individual, there is a need to focus on self-direction. We often get entrenched in a segment of the market that we are familiar with and are terrified to try new business opportunities. If your niche market is not working out, start exploring a new one or plan to start a new segment before the current becomes obsolete. Learn to say no to a segment that has low returns, is highly tensed and does not fit with your own objectives. Learn to walk away from clients who request for steep discounts or pro-bono work.Network! Network! Network! This should be done with as many groups of people as possible and not just those from the same industry. You never know what other opportunities might arise. Learn to form relationships that will enable you to bid for projects that require your expertise as part of a larger collaborative team.
Prioritise your mental and emotional health. Challenges in the workplace often lead to conditions like depression and anxiety. The strength of your mental and emotional health will help you sustain through the journey. A few ways to build mental and emotional resilience include eating well, exercising regularly, sleeping, meditating, finding purpose and meaning, looking at problems in a different perspective, spending time with family and friends, and asking for help when needed.
Chun Fing: In life, there are times we encounter unexpected road bumps, changes in the marketplace we didn’t see coming, or challenges that test our limit. The key is to have a positive mindset, be flexible and open to doing things differently if the circumstances indicate that change is needed. Are you willing to be agile? Are you game to try something new and learn new skills that will help you to adapt? Our downfall is if we stubbornly stick to one course of action because that’s what is in our original plan. Have a positive mindset and be flexible enough to embrace change and do things in a new and better way.
Seek out and receive support from friends and peers instead of soldiering alone. We are not meant to thrive on our own. We need a strong network of supportive friends and peers as pillars of support, especially in difficult times.
HOW DO YOU BUILD RESILIENCE IN A CO-OP?
Ronald: Members need to develop an open mindset and have an understanding that in today’s disruptive business environment, there is a need to re-skill, re-learn and to be adaptive. This can be achieved through mentoring and coaching. Co-ops are by members for members. Thus, it is necessary to ensure that members contribute positively to the sustainability of the co-op.Members within the co-op should also be strategic and innovative and not rely on one business unit for survival. There is always a need to hedge and innovate a product / service that is considered matured within the industry.
The challenges brought about by the pandemic had also amplified the need to be cost-effective in operating a business given the fact that profit is revenue minus cost. When revenue is hurt, a co-op needs to be able to adjust its costs efficiently to survive. Cashflow is the lifeline of any business.
Chun Fing: By constantly seeking to serve the current and evolving needs of members, equipping staff with necessary skills, and building up financial reserves during good times will help cushion the impact during a downturn.
HOW HAS YOUR CO-OP SHOWN RESILIENCE TO A CRISIS?
Ronald: As a start-up co-op, we have to be nimble. We reacted quickly when the global pandemic crisis hit. During a period of seven to nine months, when physical events were cancelled and Co-curricular Activities (CCAs) in schools were suspended, Istoria Co-op ventured beyond managing operating expenses. We had to search for revenue in a business environment that had come to a standstill.In the training segment, Istoria Co-op focused on developing our capability in delivering programmes via virtual method for various segments of the market during the circuit breaker period. Thankfully, many schools were open to the idea and the Ministry of Education also supported it by directing schools to proceed with online delivery of CCAs. Within a short period of time, we re-developed the curriculum to ensure the delivery is effective and engaging for the students. We started approaching various social service agencies and other organisations to provide online workshops for their members. Istoria Co-op also managed to conduct online workshops with “Dementia With Dignity” for their clients and caregivers and members of Silver Horizon Travel Co-operative.
Chun Fing: When the circuit breaker started, we adapted quickly to working from home. Almost overnight, our co-op had to change our mode of operations, the way we work and the way we interact with our staff and members. We switched our withdrawal requests and loan applications online.
In terms of work in office, we worked in split teams and doubled up to cover each other’s office duties.
Our staff quickly learnt and adapted to the use of technology, for example, Zoom and Dropbox, for better collaboration and communication amongst staff members.
The heart is the most important organ to keep the body going. Similarly, having a heart for the community is what makes co-operatives different from any other business. This H.E.A.R.T. series strives to outline areas that can help ready co-operatives for a world of changing needs.
If you haven't already, follow SNCF at Click here to sign up to be a co-operative in Singapore or sign up for our newsletter.
Next Article
