This morning on July 9, 2021, the whole Ho Chi Minh City has 15 days of social distancing. All production and business activities of the largest economic center in the country will almost stop, which has never happened in decades. This fact makes it more difficult for businesses. In a period of so many fluctuations like today, the most difficult thing for businesses is to choose whether to stick to goals, strategies or to lead effectively to overcome difficulties?
- For some businesses, there are 2 challenges: changing goals and strategies to suit changes; And the team needs to be able to improvise in this change. When choosing this solution, it is necessary to prepare for the whole business a certain “latency”. Leaders need to pay attention to the principle of “right strategy and enough belief”, using corporate culture to justify the strategy, attract the trust of the staff for the goal and promote change.
- For some other businesses, relying on the leadership style and core competencies of the business to be able to cope with complex fluctuations. The CEO quickly sets important goals and all key personnel in the business are run as CEO’s assistants to effectively execute each job. However, this method will depend on the individual, suitable for small businesses.
In addition, businesses also note the principles in this VUCA period:
- If financial goals can’t be achieved, focus on non-financial goals, can’t go outside, spend time building back-office systems.
- The leader must be able to react quickly, firmly, decisively, persuade the team to recognize the change and go in a new direction, building trust for the team.
- In volatility, it is necessary to convey the message of “learn form mistake”, taking “mistake” as evidence that clearly shows that the preparation of response plans is important to proactively deal with situations. Building capacity to continuously restructure the management team to make the business more resilient to future fluctuations.
- As the world becomes more volatile, we need to find factors that are fixed or less volatile (and do not have bad consequences) to cling to because they are certain. Those factors are the corporate culture. Thus, this is the time when corporate culture will come into play, businesses with a strong & positive culture will be stable, otherwise it will be easily shaken. The important work of leaders in this stage is to take the immutable values of the business, to be recognized and adhered to, to guide the message and stick to important goals, and to put resources into implementation.
Business is a long, very long story. Difficulties today will be advantages for the future. We will firmly go through with faith in the vision of the business and faith in the team. This letter is dedicated to all of you who are Entrepreneurs, Entrepreneurs, who are at the top of organizations, who are the breadwinners of the family, and dedicated to myself to keep motivation and energy together. Strongly go through difficult times.
Wishing you all the best, stay safe, take care of your health and stay strong in the face of all events.
Bui Thanh Phap