LIMBS, HEAD AND HEART
Of course, through 25 years, Putien has had its ups and downs, Mr Fong said.
The COVID-19 pandemic, for instance, was “a period of daily nightmares”. He was thinking if the whole company might collapse in three months.
After the pandemic now, it hasn’t been good either because there is so much competition. “Recently, my hair has been going white,” he exclaimed.
Eating into the “China food” pie are Xiang Xiang Hunan Cuisine and Yun Nans, for example, not to mention the popular brand Haidilao, as well as the numerous eateries specialising in hotpot and mala meals.
Mr Fong is not just head of Putien, he also oversees two Uncle Fong Hotpot restaurants and Sam Leong Street Chicken Rice.
The key is to keep challenging oneself to evolve, he said.
“In business, you should never say, ‘I’m doing well. I’m making money. I’ve opened so many outlets. This business will be mine for generations’.
“I think that’s an immature way of thinking. When time leaves you behind, it won’t even stop to say goodbye.”
How many people remember the Four Heavenly Kings of Singapore restaurants, he asked.
“When I first arrived in Singapore 25 years ago, they were the four famous chefs at four big restaurants. Why aren’t they around today?
“Hong Kong used to have massive, grand restaurants where everyone would go for breakfast and eat dim sum and drink tea with their morning newspapers. They flourished so much that it became a way of life for Hong Kong residents. Now, not even one is left.
“The worst thing for a restaurant is to be eliminated by natural selection. If you don’t evolve with the times, you get left behind.”
He added: “Who knows, in two decades, people won’t be dining like they do now and they won’t go to our restaurants any more. The model has to change. Put yourself in danger. Challenge yourself.”
In August last year, for example, Putien did just that by famously rolling out its “no GST and no service charge” policy, such that it did not raise menu prices.
“In one month, we took in S$1 million less,” he said, likening the move to “chopping off my own limbs”. The left arm was the Goods and Services Tax (GST) and the right arm was the service charge.
However, he also thought that if he did not do that, another brand might rise and go for his neck, he added. “I’d better cut off my own arms first.”
