Adapt to market changes, focus on customers and sustainability for success – Forvis Mazar’s Ivan Chan

He discussed Hong Kong’s shift to innovation, sustainability, and the role of leadership in business success.

Hong Kong's business landscape is a dynamic hub of innovation and global connectivity, where companies across sectors are adapting to technological advancements and shifting consumer behaviours to remain competitive.

Offering valuable insights is Ivan Chan, Partner, Audit & Financial Advisory Services at Forvis Mazars in Hong Kong. With over 20 years of experience, he offers a unique blend of varied experience diversified during various audit and financial advisory services.

His expertise spans audit and IPO services across Hong Kong and Mainland China, serving a diverse range of clients in sectors from public and private sectors, not-for-profit organisations, and multinational companies engaged in securities and commodities, financial advisory services, IT and high-tech, resources, manufacturing, retail, and distribution. In addition to his audit work, Chan leads Forvis Mazars' Financial Advisory Services, specialising in due diligence, mergers and acquisitions, business valuation, and financial investigations.

As a judge at the Hong Kong Business Management Excellence Awards 2025, he discussed the evolution of business practices in Hong Kong, the growing importance of leadership, and the emerging trends that are reshaping the future of management in the region.

With your extensive experience of over 20 years, how have you seen the business management landscape in Hong Kong evolve during your career?

Throughout my career spanning over two decades, I have witnessed a remarkable evolution in the business management landscape of Hong Kong. Initially characterised by a predominantly traditional approach, the sector has progressively embraced modern management practices and innovative strategies. This transformation has been driven by several key factors, including the rapid advancement of technology, globalisation, and shifting consumer preferences.

In the early years of my career, businesses in Hong Kong primarily focused on local markets, with management practices heavily influenced by hierarchical structures and conventional decision-making processes. However, as the global economy began to integrate more closely, I observed a significant shift towards a more collaborative and agile management style. Companies started to adopt international best practices, emphasising the importance of cross-cultural communication and teamwork.

Moreover, the rise of digital technology has fundamentally altered the way businesses operate. The integration of data analytics, artificial intelligence, and digital marketing strategies has enabled organisations to make more informed decisions, enhance operational efficiency, and improve customer engagement. I have seen firsthand how these technological advancements have empowered managers to leverage real-time data for strategic planning and performance monitoring.

Additionally, the increasing emphasis on corporate social responsibility and sustainability has reshaped the priorities of business leaders in Hong Kong. There is now a greater awareness of the need to balance profitability with ethical considerations and environmental stewardship. This shift has prompted many organisations to implement sustainable practices and engage in community initiatives, reflecting a broader commitment to social impact.

In summary, my experience has allowed me to observe the dynamic changes in the business management landscape of Hong Kong, marked by a transition from traditional practices to a more innovative, technology-driven, and socially responsible approach. This evolution not only highlights the resilience of businesses in adapting to new challenges but also underscores the importance of continuous learning and adaptation in an ever-changing global environment.

How can businesses better adapt their management strategies to respond to changing consumer preferences and behaviours in the Hong Kong market?

In order to effectively navigate the evolving landscape of consumer preferences and behaviours within the Hong Kong market, businesses must adopt a multifaceted approach to their management strategies. This involves conducting thorough market research to gain insights into emerging trends and shifts in consumer sentiment, which can be achieved through the utilisation of advanced data analytics and consumer feedback mechanisms.

Organisations should consider implementing agile management practices that allow for rapid adaptation to changes in consumer demands. This may include fostering a culture of innovation within the company, encouraging cross-functional collaboration, and leveraging technology to enhance customer engagement and personalisation of services.

Additionally, businesses should prioritise sustainability and social responsibility, as these factors are increasingly influencing consumer choices in Hong Kong. By aligning their operational practices with the values and expectations of their target audience, companies can not only enhance brand loyalty but also differentiate themselves in a competitive marketplace.

Ultimately, a proactive and responsive management strategy that is attuned to the nuances of consumer behaviour will be essential for businesses aiming to thrive in the dynamic economic environment of Hong Kong.

Organisations must invest in continuous training and development for their employees to ensure they are equipped with the latest skills and knowledge necessary to meet evolving market demands. The investment in human capital not only boosts employee morale but also enhances overall productivity within the organisation.

Furthermore, leveraging data analytics to gain insights into consumer preferences can guide product development and marketing strategies. By utilising advanced analytics tools, businesses can identify trends and patterns that inform decision-making processes, allowing for more targeted and effective campaigns.

In conclusion, the ability to pivot and adapt to changing market dynamics whilst maintaining a focus on customer needs and sustainable practices will be crucial for businesses aiming to thrive in the ever-evolving landscape of Hong Kong's economy.

Given recent global challenges, how should companies prepare for crises to ensure continuity and resilience in the industry?

In light of recent global challenges, companies must adopt a proactive approach to crisis management to ensure continuity and resilience within their industries. This involves developing comprehensive risk assessment frameworks, establishing robust communication strategies, and investing in flexible operational models. Additionally, organisations should prioritise employee training and engagement, fostering a culture of adaptability and innovation. By implementing these strategies, companies can better navigate uncertainties and emerge stronger in the face of adversity.

What role do you believe leadership plays in driving business success in the current competitive environment of Hong Kong?

Leadership plays a pivotal role in driving business success, particularly in the competitive landscape of Hong Kong. Strong leadership is essential for guiding organisations through uncertainties and challenges in a market characterised by rapid alterations, global influences, and diverse client preferences. Effective leaders should be able to inspire and motivate their teams, fostering a culture of innovation and agility that is crucial in today’s fast-paced environment.

Moreover, leaders in Hong Kong must navigate a unique set of economic and political factors, including the city’s integration with mainland China and the ongoing implications of global trade. Strong leadership aids in developing strategic visions that align with both local and international markets, ensuring businesses remain resilient and competitive.

Additionally, leadership transcends mere management; it involves emotional intelligence and the ability to connect with employees on various levels toward a shared goal. In such a competitive setting, leaders who prioritise transparent communication and collaboration can cultivate a loyal workforce that drives productivity and performance. Ultimately, effective leadership is a critical driver of business success, empowering companies to adapt and thrive amidst the challenges of the Hong Kong market.

Looking ahead, what emerging trends do you believe will shape the future of business management in Hong Kong?

Several emerging trends are poised to shape the future of business management in Hong Kong. First, the rise of digital transformation will continue to redefine operational strategies. Companies are increasingly leveraging advanced technologies such as artificial intelligence, machine learning, and big data analytics to enhance decision-making and streamline processes. This digital shift not only improves efficiency but also facilitates better client experiences.

Sustainability is also becoming a crucial focus. Businesses are expected to implement governance practices and address corporate social responsibility, as well as comply with the ESG standards and guidelines. This shift could enhance business attractiveness to global investors and is at the same time driven by regulatory frameworks that promote sustainable business practices, compelling companies to innovate in their approaches.

Furthermore, the workforce dynamics are evolving, with remote work becoming the new normal. This trend forces businesses to rethink employee engagement and management strategies, emphasising flexibility in working conditions and work-life balance.

Considered as a whole, the interplay of technology, sustainability, and workforce change will significantly influence business management practices in Hong Kong, demanding adaptability and foresight from leaders.

As a judge for the Hong Kong Business Management Excellence Awards 2025, what criteria will you use to evaluate the nominees, and what qualities do you believe are essential for excellence in business management?

Primarily, nominees' strategic vision and leadership effectiveness are highly valued. A strong leader must not only articulate a clear vision for the organisation but also inspire and engage their team in realising that vision to foster their productivity.

Another critical criterion is innovation and adaptability. In today's rapidly changing business environment, organisations must be able to pivot and embrace new technologies and processes. It is important to identify how nominees have fostered a culture of innovation and maintained resilience when facing challenges.

Corporate social responsibility (CSR) will also play a vital role in the evaluation. The way that nominees contribute to the community and environment will be considered reflecting a commitment to ethical practices and sustainable development.

To conclude, the qualities essential for excellence in business management encompass visionary leadership, innovation, financial acumen, stakeholder engagement, and a commitment to social responsibility. Together, these attributes create a comprehensive framework for evaluating nominees for the HKB Management Excellence Awards.