Next-gen leaders who are taking their business to the next level
As traditional family businesses evolve from smaller, simple operations into more complex, multifaceted enterprises, leaders from the second generation and beyond face varied challenges. Significant issues include disruption brought about by technological change and unprecedented events, such as the COVID-19 pandemic. To thrive, these owners need to continually seek new knowledge in their fields, be open to fresh ideas and ways of doing things, and have the gumption to adapt while keeping to core principles.
In this edition of SME Showcase, we look at two small- and medium-sized enterprises (SMEs) — Chong Fong Engineering Pte Ltd and Far East Flora Market — whose business sustainability involves making critical decisions quickly. The next-generation leaders of these two companies are driven by a strong desire to succeed and carry on their founders’ legacies while doing well by their employees who have become like family.
Chong Fong Engineering saw an opportunity to grow by re-establishing a production centre locally — specifically to make high-end parts for the aerospace tooling industry. The company, which started as a humble machining shop in Jurong, has now grown to become one of the most sought-after manufacturers of its kind globally. For Far East Flora Market, optimising existing resources and investing in new solutions to digitalise and streamline operations was vital, along with expanding into new lines of business. Today, customers turn to Far East Flora not only for flowers but also for fresh produce and snacks.
Although at different stages of growth and catering to distinct customer segments, Chong Fong and Far East Flora are led by young, dynamic second- and third-generation leaders who possess strategic thinking and knowledge for the business, and a heart for their employees. Their appetite for new learnings, insights and solutions has fuelled their companies’ growth at a pivotal juncture of their respective business journeys.
We hope that their stories of growth and clever adaptation in business will inspire other SMEs looking to make headway in these challenging times. Happy reading!
| Manufacturing A Growth Story: Chong Fong Engineering Pte Ltd | |
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In Mandarin, the name Chong Fong is a combination of the words “忠” (zhōng), which means devotion, and “丰” (fēng), which means abundance and success. In keeping with his father ’s legacy, second-generation leader Mr Ryan Ng applies that same devotion to his business, despite facing somewhat different challenges. As the current General Manager of Chong Fong Engineering, he intends to ensure that the company is sustainable and continues to have abundant success. Read more |
| Planting The Seeds For Future Prosperity: Far East Flora Market | |
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When Singapore imposed a Circuit Breaker in April 2020 to combat COVID-19, fresh flower wholesaler Far East Flora Market saw its on-site team shrink from 50 to just six employees overnight, as older staff were made to stay at home. The younger and more task-focused employees found themselves having to hold the fort and take up new and challenging responsibilities in a period of uncertainty. Read more |
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