AS THE man behind a company that is a leading supplier of interior wallcoverings in South-east Asia, Mr Chan Chong Beng has no time to rest on his laurels.
After he recovered from a major health setback some years ago, Mr Chan felt an overwhelming sense of responsibility for the company's future growth plans and its employees.
"In order to truly become an entrepreneur, one must have a good succession plan so that the business entity you've created can develop into a brand that can compete in the global marketplace. More importantly, that this brand can become a living, breathing, profitable entity far beyond our years," says the 54-year-old entrepreneur.
Mr Chan says that when he established the company, then known as Goodrich Wallcoverings Pte Ltd in 1983, it was not an easy time as it had cash flow problems due to the recession in 1984 and 1985.
He recalls: "I enrolled myself into the school of hard knocks and built up the business through sheer hard work, the support of friends and a small loan from my mother more than 20 years ago.
"I saw a niche opportunity to build up the business by focusing on servicing the architects, interior designers and property developers. The B2B (business-to-business) model gave us the much needed sales volume."
Another challenge was when the company expanded into the China market, and the venture turned out to be a disappointment when it incurred $750,000 in losses within two years.
This forced Mr Chan to rethink the business model. He tried a second time, via the Hong Kong market first and subsequently into China. His later venture has reaped rewards as revenue from China and Hong Kong now account for a third of the company's profits.
In the last 25 years, Goodrich Global has built up its business as it now operates 18 regional offices in seven countries, among them China, Indonesia, Malaysia and Thailand, with the latest expansion in Dubai. Its client base comprises interior designers, architects and hoteliers and its prestigious customers include Chanel, The Hour Glass, Shangri-La Hotel and the Ascott.
"We offer a one-stop service, which means that we are able to support our clients' project requirements both locally and overseas, and from concept to post-installation," Mr Chan explains.
"We also label ourselves as one-stop because we provide a very large variety of four major interior furnishings - wallcovering, carpet, fabric and laminate, and engineered timber flooring."
In addition to the vast range of products, Goodrich also relies on the use of information technology to enhance the business. It engages IT consultants and utilises computer software that gives it an edge over its competitors. A strong branding is also an intrinsic part of the company's growth strategy.
The company's net profit last year was $8.48 million. Eighty per cent of the business is derived from Singapore, with the remaining 20 per cent from its regional offices.
"My aim is to have 80 per cent of revenue from my regional offices and 20 per cent from Singapore. We will continue on our business expansion plans internationally and continue to secure more exclusive product lines. Top of priority is to use our brand strategy to gain new market share and to develop new market segments through innovative product use and education," he says.
Corporate strategies aside, Mr Chan's mantra for success is: "Stay hungry, stay foolish".
"To stay hungry is to never take any business opportunity for granted and to stay foolish is to acknowledge that we can always learn more, do more and constantly keep ahead of our competitors."
The company also recognises its responsibility as a corporate citizen and has been supporting the Asian Women's Welfare Association through joint events to raise funds for the association's programmes.
Mr Chan, who is elated about the award, reflects that as entrepreneurs, it is also their responsibility to nurture the company's employees as "good global citizens and care for the community we work in".
