Entrepreneur Nguyen Phi Van commented on how to survive and thrive during the COVID -19 period.
Small and medium businesses tend to focus only on selling goods, resulting in the lack of time to build a foundation, especially for accounting, financial management, staff training, completion of operating processes, construction and optimization of automation tools, etc.
This is the best time to adjust, build, and finish the foundations which you have not finished. It is advised that business owners should take a step back and strengthen the foundation.
According to Nguyen Phi Van, the current situation will last for many months to come. As a business, we still have to keep going to get through this global problem.
Shifting your offices and teams to online services is not a new thing. People have been working like that for over 10 years.
However, due to having followed the traditional way of working for too long, many corporations and businesses are still unfamiliar with and still have not applied this method.
It is necessary that a businessman must know that teleworking is the way of the future, which is more efficient, greener, and easier.
There are many tools available to use, such as Zoom, Skype, Hangout, Meet, Teams, etc. which can be used for online meetings, or Asana, Trello, and Slack, which are working and project managing tools.
In case people want a 1-on-1 meeting, they may take advantage of Viber, WhatsApp, Telegram, Wechat, Zalo, Messenger, Line, etc. In general, whatever you are doing offline is also available online.
The problem is that you have to drastically apply the application and put the team online, especially during this period.
Gone are the days when employees got into the company and were managed according to the time when they log in and log out. When switching to the online working mode, the most important thing to work effectively is the ability to manage yourself when no one is sitting there watching and scolding you.
Effectiveness will be based on work assignment, evaluation based on KPIs, and the work completed on time.
Not everyone has the attitude and ability to manage themselves to work online, and you should not use the unsuitable ones, and focus on changing the relationships between the company and those who are able to adapt.
They should be seen as specialists in their positions, and they should be paid according to their finished projects and works. For those who fail to finish their task, a temporary contract cutting is advised while you look for other professionals.
It is the working relationship of the future, with no room for people who always rely on others. If people do not develop themselves and become experts to sign a contract of work, they will remove themselves from the game.
When on-premise products and services are in trouble because consumers do not go shopping and use products or services on the spot, a wise business owner should ideate (considering products and services that are home-delivered).
This change is not too big, as all you need to do is just to ask what you can do to switch products from on-premises to in-home.
A lot of small and medium businesses have earned their revenue offline. Online revenue tends to account for a low proportion or suffer from a lack of implementation knowledge.
The pandemic has changed the buying behavior, the way businesses sell their products also has to change quickly by putting the total force to boost online channels to have the revenue to survive in the future.
A wise business owner is required to review the major expenses in the financial statements and cut back on everything possible to survive. For example, the cost of premises is one of the costs that must be negotiated immediately.
If online working is possible, the cost of renting an office will be unnecessary, thus making it possible to be cut. Brand marketing expenses should be stopped in order for the business to focus on building its online sales channel. Expenses for “goodwill” or intangible assets ought to be temporarily put aside. In addition, the expenses used for the human resource should also be adjusted to suit the current situation.
It is important to remember that costs that support revenue generation need to be prioritized.
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A business can only grow when its founder is big enough unless you sell or hand the company over to someone else who is more capable. Therefore, this is not the time for your excuses anymore.
That is why you should take this time to learn what you need most, especially to upgrade your knowledge of technology, creativity, and reflection, to think about new ways for your business after COVID.
Everything that happens in the world comes to teach us something, and it is important that you learn something from those experiences.
Perhaps, it could also be the time for businesses to break up with the past, realize the crisis, and quickly integrate into the future.