The future of fashion - Hong Kong Institute of Certified Public ...

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PHOTO: SAMANTHA SIN the hard work paid off, and Tang saw a growth in the number of students he had in both his gallery in Hang Hau and the other one he opened in Causeway Bay. It was all thanks to referrals from satisfied customers – both young and old. “That is very encouraging because we feel that our environment is appreciated by our existing parent clients, and they are proud to refer us to others.” Tang’s gallery in Hang Hau now has about 150 students attending every week, while his Causeway Bay branch teaches about 120. It hasn’t all been plain sailing. Tang recalls one unexpected turn of events that threatened his business. Two teachers who A PLUS “The goal was not to make a profit but to make the customer happy because I live in this district. Everyone is part of my neighbourhood.” taught at his galleries left and set up a gallery of their own, poaching some of Tang’s original students. Rather than taking legal action, Tang focused on turning a negative into a positive by introducing student evaluation forms to help both students and their parents get more from the learning process and see increased value in staying at Little Masterhand. Tang now also has employees sign what he was very familiar with when he worked as a financial controller at a commercial firm. “I ask new staff members to sign a non-competition agreement... I didn’t think it was necessary [before],” says Tang, who laughs about the incident now. Setting up shop For an accountant, Jonathan Tsui has an unusual portfolio of businesses. The Institute member owns two pharmacies and a property agency in Tin Hau. He first decided to enter the pharmacy business in 2008, just as he was in line to be promoted to senior manager at Deloitte. He liked the idea of working with his wife and running a thriving business. “When we walked around, we saw that pharmacies had many people [in them], but I didn’t have any idea whether it was profitable or not,” recalls Tsui. The couple consulted with a friend of a friend who had experience in the sector. “Otherwise I could not have started my own pharmacy. This industry is quite closed... You really need that inside knowledge.” Even after doing his homework, Tsui was surprised at what he found after biting the bullet and setting up shop. “The profit mar- gin is unbelievably low,” he says. “I only knew the truth when I entered this industry.” Nevertheless, Tsui has managed to stabilize his business by building a loyal customer base, which, he says, is vital in the sector. To achieve this, he follows a philosophy of putting money last. “The goal was not to make a profit but to make the customer happy because I live in this district. Everyone is part of my neighbourhood.” Tsui’s entrepreneurship didn’t stop there. In 2009, Tsui and his wife, who both already had an interest in investing in property, started their own property agency, called Yan Tak Property. “Many years ago I had the idea of having a property agency, even at Deloitte, because I love investing in properties,” he recalls. At first, the couple ran the agency with a friend, who later left the company over professional differences. The business-minded Tsui takes this experience as a valuable lesson. “Partners need to [think] in line with you, otherwise you may argue,” reflects Tsui, who remains good friends with his former partner. Tsui is sometimes dejected by Hong Kong’s notoriously expensive property prices. “Sometimes I think it’s seriously time to change [the agency] or even close it down,” he mulls. Ever the entrepreneur, Tsui is constantly on the lookout for new business opportunities. He recently started a company in the Mainland that provides management services to petrol stations. And back in Hong Kong, a restaurant and a health clinic are just two of many other businesses Tsui is thinking of setting up. January 2013 27
“People will read up on your background. During my sales presentations I will say the company’s management has a very trustworthy background and includes a CPA.” Outshining competitors It wasn’t only the last sequential date of the century. For Jane Wong, 12 December 2012 was even more momentous as her jewellery company, Célébrité Fiesta, took part in a mass wedding. Wong provided bridal jewellery and styling to 10 anxious brides getting married that day on a Star Cruise vessel sailing out of Victoria Harbour. “It was fantastic,” she says. “A tiring day, though, which lasted from 7 a.m. until midnight... One of the newlyweds loved me so much that they paid a visit to my office [the day after] and thanked me again,” recalls Wong, also an Institute member. Wong’s company sells jewellery handmade by designers in Europe and America. This, she says, is her unique selling point. “My position is really clear: I need to differentiate myself to play a role here. That’s why I want to work with the European and American designers and ensure that the production itself is in their home countries so I will be able to see the cultural differences, their countries’ heritage and characteristics,” says Wong, who recently introduced a wedding planning service to her business. Wong was previously director of finance and administration at New World Telecom. Despite not having a jewellery background, PHOTO: SAMANTHA SIN Wong’s more than 12 years of management experience and globally recognized CPA qualification have helped her build trust. “People will read up on your background. During my sales presentations I will say the company’s management has a very trustworthy background and includes a CPA. That’s very helpful.” Her qualification was put to the test as the global financial crisis developed during 2008. A PLUS Jane Wong “What I had to bear in mind then was how long I could keep the relationship with [international partners] going,” she recalls. “I did not know whether they would survive and [potentially] there would be a supply problem.” While risky, Wong decided to keep her international orders flowing in. “I considered this as a very good opportunity to support other countries [and] assist them to grow their brands in Hong Kong.” January 2013 29
Page 1 and 2: ISSUE 1 VOLUME 9 JANUARY 2013 PLUS
Page 3 and 4: President’s message “ I look fo
Page 5: 38 Your chop Your Logo ILLUSTRATION
Page 8 and 9: EU places ECB in supervisory role a
Page 10 and 11: NEWS GREATER CHINA Economic policie
Page 12 and 13: Mainland may adopt IFRS de facto co
Page 14 and 15: OW UR GET George W. Russell finds o
Page 16 and 17: Mainland M&A M&A concerns are magni
Page 18 and 19: e very rigorous. “You definitely
Page 20 and 21: THE LEAD PHOTO: SAMANTHA SIN Januar
Page 24 and 25: Entrepreneur CPAs Peter Nixon Filli
Page 26 and 27: Constant adaptation in fashion-cons
Page 28 and 29: want a chief financial officer’,
Page 30 and 31: While Au did not follow his father
Page 32 and 33: hina’s economy avoided a major sl
Page 34 and 35: distinction between joint operation
Page 36 and 37: latory scrutiny from Washington, Ch
Page 38 and 39: Furthermore, it is not always clear
Page 40 and 41: The Institute had significant conce
Page 42 and 43: People on the move The latest profe
Page 44 and 45: Gangnam was already well-known to K
Page 46 and 47: Exports of Port weather storms Cons
Page 48: Mr. Tax Person: I have six children

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