WEBINAR: RESPOND & REBOUND: STRATEGY TO ADAPT AND RECOVER POST COVID-19 FOR SMALL & MEDIUM ENTERPRISES
On September 17, 2021, INSEE Vietnam successfully organized a webinar: Respond & Rebound to share the topic Strategy to Adapt and Recover post COVID-19 for Small & Medium Enterprises for INSEE's customers and partners. The online seminar had the participation of speakers from large corporations to discuss about challenges and solutions to help businesses overcome difficulties caused by the pandemic and prepare for "new normal".
Webinar: Respond & Rebound: Strategy to adapt and recover post COVID-19 for Small & Medium Enterprises
Covid-19 is heavily impact a lot of business in Vietnam for particular and around the globe in general. There are many businesses had to stop their production and activities due to the prolonged consequences of the Pandemic. How businesses can overcome and recover in the post-Covid-19 era is an issue that many business owners are pondering over.
The webinar has two discussion sessions, Session 1: Business Management post COVID-19 strategy and Session 2: Human Resources management strategy post COVID-19. With practical content from the problems that businesses are facing, the webinar attracts more than 200 business owners in the construction industry to follow. Questions about the recovery orientation business activities and HR management as well after the severe epidemic are issues that are of primary concern from business owners. In this webinar, the speakers have given appropriate solutions for those questions from the participating companies.
Session 1: Business Management post COVID-19 strategy
At the seminar, Mr. Philippe Richart - General Director of INSEE Vietnam identified three biggest challenges that small and medium-sized enterprises are facing today: “In my opinion, besides challenges regarding the shortage of capital, the second biggest challenge of enterprises in this period is about people. We need to make sure that the Company is keeping our employees safe and working together to keep them with company during the pandemic. The third challenge is about the ecosystem with which the Company is collaborating. Suppliers and customers may suddenly stop working. Therefore, we need to always have a quick assessment with our stakeholders to understand which segments are growing stronger in order to reorient the business to grow with that demand trend. Besides, determined to support weaker segments during this period.”
About Corporate Finance’s question, Mr. Colin Terry - Finance Director of INSEE Vietnam shared that one of the important things that businesses need to overcome current difficulties is Cash. We should use all opportunities to increase our cash reserves. Some solutions such as re-researching the supply chain, payment term, seeking support from financial institutions and banks to support more loans... From here, increase the amount of money to deal with complicated developments of the pandemic.
Mr. Hemant – Principal ofBoston Consulting Group (BCG) shared: “In this period, enterprises should focus on 3 things: Strengthening business foundation, applying using digital transformation for enterprises as well as investing in organization's people. This is an opportunity for us to step back and evaluate our customers, investment opportunities and especially, always maintain relationships with customers in many ways. Mr. Tran Quang Tuan – Founder- Chairman and CEO of Central Construction Joint Stock Company shared the activities and Central Constructions is focusing on: “During the pandemic, Central Constructions focuses on internal consolidation, building a system of personnel screening & partner development, leadership development. This gets us ready for the new normal for rapid recovery and growth.”
Session 2: Human Resources management strategy post COVID-19.
Regarding human resources, Ms. Tran Thi Thu – Human Resources Director of REE Group shared: “Enterprises can optimize their resources by hiring and borrowing employee from other partners (such as subcontractors) to overcome the situation in order to prevent the human resource supply chain disruption in “the new normal”. Enterprises also need to have policies to ensure finance strengths for employees to attract and retain them. In addition, about cost planning, according to Ms. Alexis - Former Human Resources Director of One Mount Group, "Businesses should consider epidemic prevention costs as a long-term investment, so they should plan from the beginning, do not have to arise in the short term to take the initiative for sudden changes in the future. To reduce financial pressure on Enterprises, planners should cut bad costs (costs that bring less value than money) that risk waste and have to increase good costs. (expenses to be spent to preserve and improve the business capacity of the enterprise) to strengthen and develop the enterprise internally as well as to preserve the quality human resources for the new period. Furthermore, Ms. Lam Thi Bich Lieu - Human Resources Director of Schindler said that "Business owners should also flexibly move expenses from unnecessary items such as business expenses, office expenses ... to expenses necessary in order to secure corporate financial resources”.
Human resource management in this period is also a problem that many businesses worry about. Ms. Thanh Nguyen - CEO of Anphabe Joint Stock Company said: "An important issue that businesses also need in the process of remote management is the mindset of leaders in the application of tools and manage. Leaders need to be flexible, without discrimination towards their employees. Work in this period must be facilitated as much as possible with policies to support equipment or other necessary needs and management based on work quality. Thereby forming a determination for both businesses to trust each other to overcome difficult times with optimism and retain a dynamic young workforce.
Regarding the foreseeable future, in general, the speakers, especially Mr. Alain Cany - President of the European Business Association in Vietnam (Eurocham) gave positive comments that the market will soon prosper again in the fourth quarter of 2021 when the Government of Vietnam is actively implementing vaccination on a large scale. Therefore, businesses should always be prepared to seize the opportunities in “the new normal”.
From the multi-dimensional perspective and experiences of large corporations, the Webinar gave suggestions and creative solutions to help small and medium enterprises get the best preparation and response in this period, following the Covid-19 Pandemic. With the brand statement "Build for Life", INSEE Vietnam will constantly try to join hands with the community and businesses to partly repel difficulties during the epidemic period. Thereby, together, we can soon recover production and business activities and stabilize life in the "new normal" period.
Source: TBA Member