My hope is that anyone reading this really focuses on building a sound business with lean methodologies. V: We believe it starts with a foundation of good fundamentals first. What are the thoughts that go through a business owner’s head when something like this happens and how would you advise other business owners to deal with something like this? You mentioned that over night you had to face your company’s revenue dropping to almost nothing. But when you’re facing adversity and multiple constraints, you’re forced to think outside the box and get even more creative. When things are going smoothly, it’s easy to get comfortable and stick to what you know. Some of the best ideas and executions come out of hardship and when your initial plans fall apart.

Hubert: They say that pressure creates diamonds, and we’ve found that to be true. Clear communication to the team and working on a new short-medium term company goal gives them new inspiration and purpose. That means scaling back operating expenses as well as finding new goals and initiatives to keep the team motivated. With no specific end in sight for an event like this, a company must fully shift its strategy and stick it out for the long haul. As soon as WHO officially declared a global pandemic and all flights and events started getting cancelled, we saw an immediate 90 percent drop in our daily revenue. We were still growing at a quick pace: 40 to 50 percent growth, month-over-month, even going into the first week of March. Victor: What we noticed was our fellow companies in the travel space were already slowing down in January due to COVID-19 and the holiday hangover. What was on for you and how has it helped you navigate the COVID-19 pandemic? We feel so passionately about the CleanPod because it is a product that offers a sustainable, long-term way to stay safe and sanitize, but also because we’re able to give back to our community during this time when travel is uncertain.”Įvery company goes through turbulent seasons.

“With the impact of COVID-19 growing so rapidly, we wanted to find a way our business could help our community during this difficult time,” says Tam, “We wanted to create a product that is beneficial to the everyday person, while also contributing to a good cause. As the majority of their revenue disintegrated over night, the team refocused their production efforts to create a product that would assist consumers and give back to the community that has supported them since its inception.

In the case of Monos luggage, what was most important was developing a product that would help consumers immediately, but also in the future when travel resumes.Ĭo-founders Victor Tam and Hubert Chan had previously been prepping for the brand’s new line of travel accessories. The spread of COVID-19 has challenged a lot of businesses to think quickly on their feet in order to save and boost sources of revenue.

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