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-- Joe Chang
CHAIRMAN OF TAIWAN WOODWORKING MACHINERY ASSOCIATION
Chairman’s Remarks for 2023
In the year 2022, there were numerous black swans and COVID-19 continued to interfere with our daily lives. The outbreak of the Russo-Ukrainian War in February, which is still ongoing as of the end of the year, the continuation of the U.S.-China trade war and China's insistence on zero-Covid policy have led to the reshuffling of global supply chains and inflationary price increases worldwide. To combat inflation, the United States continues to raise interest rates, which has decimated the housing market and led to piles of furniture inventory in the United States and a sharp decline in Vietnam's furniture exports. In the fourth quarter of 2022, Taiwan's DIY woodworking machinery market faced the same issue, let alone Pelosi's visit to Taiwan, which exacerbated relations between China and the United States and made Taiwan's geopolitics more tense and delicate.
Future challenges for vendors include the reorganization of global supply chains, an unpredictable business climate, low birth rates, an aging population, increasing labor shortages, net zero carbon emissions and more obvious ESG requirement trends.
The following are my personal thoughts on how to deal with an uncertain age:
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First and foremost, determine your company's core value and whether or not there is a niche market for it. The main point is that products should strive for high gross profit margins, as only a higher gross can withstand significant fluctuations in exchange rates and provide the company with enough surplus and funds to offer excellent after-sales services and develop new products. Only then will it have the resources to combat black swans and provide employees with a reassuring work environment
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Apply good knowledge management practices on the experience of the previous generation through interviews and dialectic reasoning. Utilize digital tools wisely, as well, whether on paper or through electronic "knowledge management." We can only subsequently implement "lean management" and "digital transformation" if we successfully implement "knowledge management."
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Always maintain the mindset and principles of "continuous improvement" and "customer satisfaction," as building credit and word-of-mouth recommendations are always the best marketing strategies for machines and equipment, which is also the hallmark of Taiwan's woodworking machinery.
Lastly, I hope that businesses within the same industry adapt their mentality in line with the trend of the times, abandon authoritative management and employ professionals from various fields to co-manage the company in order to be competitive. Let us encourage each other in our endeavors.
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