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Summary

This inspiring story chronicles the journey of an entrepreneur who faced significant financial challenges but overcame them through perseverance and innovation. After a devastating business failure in 2016, they revitalized their cooperative, leveraging digital solutions to streamline operations and support local farmers. The speaker reflects on their transition from geology to livestock farming, building a cooperative to empower farmers and transform the ruminant industry. Today, the cooperative boasts 300+ stores across Malaysia, offering opportunities for entrepreneurs and farmers to thrive together, promoting sustainable farming practices and local beef production.

Takeaways

• 😀 The speaker is a 50-year-old manager of a cooperative focused on livestock, particularly goats, sheep, and cattle, with an extensive background in geology and construction.
• 😀 The speaker experienced a major business downturn between 2016 and 2017, leading to a reduction in staff and a need to handle multiple aspects of the business, from farming to restaurant management.
• 😀 After overcoming financial difficulties and repaying debts by 2021, the speaker relaunched the business under a new cooperative model, focusing on local livestock farming.
• 😀 The cooperative (GTI) was founded in 2015 with an initial share price of RM100, but it struggled to attract members until 2018, when the minimum share price was raised to RM1000.
• 😀 In 2021, the cooperative began helping local farmers by selling their livestock during the festive sacrifice (Qurbani) season, and eventually developed a strategy to process and sell meat products.
• 😀 The speaker’s business experienced early difficulties in managing cash flow and inventory, but by using a digital system, they were able to stabilize and expand from 3 stores to 300 in just one year across Malaysia.
• 😀 The digital management system now helps the cooperative track sales, stock levels, and financial performance across all stores, allowing better control over operations and helping to prevent financial leakage.
• 😀 A key feature of the cooperative's growth was the focus on offering low-cost membership options, with a minimal registration fee of RM50 and a share price ranging from RM1,000 to RM50,000.
• 😀 The cooperative aims to assist local livestock farmers by providing them with a platform to sell their products, manage their cash flow, and improve their business operations through a profit-sharing model.
• 😀 In addition to traditional sales, the cooperative introduced a business model where individuals could operate stores from home or small locations, making it easier for people to enter the livestock trading business without significant upfront capital.
• 😀 Despite early struggles, the speaker credits their recovery to learning from mistakes, receiving mentorship, and maintaining resilience to push through difficult periods in business.

Q & A

What is the core business of the cooperative discussed in the script?

The cooperative primarily focuses on livestock farming, especially ruminants like goats, sheep, and cattle. They also process meat for sale, engage in sacrificial animal programs, and aim to support local farmers in Malaysia.

What significant challenges did the cooperative face in its early years?

The cooperative initially struggled with low participation and investment. Despite offering minimal shares at 100 Ringgit, there was little interest. Later, they faced severe financial difficulties and almost went bankrupt during the 2016-2017 period, leading to a drastic reduction in staff.

How did the cooperative's approach to digital transformation impact its business operations?

The shift to a digital system helped streamline operations and improve financial management. By 2021, the cooperative mandated the use of digital tools across all outlets, which improved stock flow, cash flow management, and sales tracking, leading to rapid expansion across Malaysia.

What was the original membership investment for the cooperative, and how was it adjusted over time?

Initially, the cooperative's membership required an investment of 100 Ringgit, but after taking over the cooperative in 2018, the leadership raised the minimum share price to 1,000 Ringgit to attract more serious investors.

What kind of support does the cooperative offer to its members?

The cooperative offers support in the form of profit-sharing models, access to livestock sales, and the opportunity to participate in large-scale sacrificial programs. They also provide a platform for selling fresh meat and assist in digitalizing member businesses for better management.

What strategy did the cooperative use to revive its business after financial setbacks?

The cooperative focused on reducing its debts and revitalizing its business by transitioning to a digital management system, improving stock and cash flow oversight, and targeting a more organized approach to livestock sales, including seasonal events like Qurban and Aqiqah.

How does the cooperative plan to expand its sacrificial animal programs?

The cooperative plans to scale up its sacrificial programs, especially Qurban and Aqiqah, by providing greater support to local farmers, facilitating bulk transactions, and expanding its operations across Malaysia, aiming to assist more farmers and ensure the success of these programs.

What role does the cooperative play in helping local farmers during peak sales periods?

During high-demand periods like the Hari Raya festival, the cooperative helps local farmers sell their livestock by offering a platform for these animals to be processed and sold, ensuring farmers can reach consumers despite market challenges.

What is the cooperative's strategy for increasing membership and investment?

The cooperative has started offering more flexible investment options, with a minimum share price of 1,000 Ringgit, and is also introducing an easy entry point for new members with a 50 Ringgit registration fee. This is aimed at attracting both farmers and those interested in the livestock industry.

What was the financial situation of the cooperative at the start of 2021?

At the start of 2021, the cooperative was financially recovering from past setbacks. Despite the challenges, the cooperative managed to stabilize and clear its debts, allowing it to fully commit to its operations and expand its business into new areas.