Navigating Post-Pandemic Economic Challenges: Insights from Vietnamese SMEs
As the lingering effects of the pandemic continue to repeat throughout the Vietnamese economy, businesses are confronted with enduring challenges. Despite the unprecedented hurdles, numerous SMEs have demonstrated remarkable resilience through strategic initiatives encompassing refinancing, human resource management, and product development.
Recognizing the importance of sharing such success stories, the RMIT Alumni community convened SME founders and owners to share their experiences and insights, fostering a supportive environment for young entrepreneurs in the latest Alumni-to-Alumni Circle (A2A) event.
The moderator of the event, Mr. Tien Huy Nguyen, founder of the Pencil Group
The event was structured to facilitate comprehensive discussions with the moderator, Mr. Huy Nguyen, founder of Pencil Group, on various aspects of business management, encompassing cash flow management, human resource optimization, expenditure prioritization, customer retention strategies, creativity and innovation in product development, and the preservation of core values.
In the domain of cash flow management, participants exchanged invaluable perspectives on navigating financial crises, emphasizing practices such as re-auditing, leveraging credit lines for refinancing, and negotiating with suppliers to extend payment terms
The participants join random groups to discuss different aspects of business management
Human resources emerged as a pivotal factor in thriving business success, with an RMIT alumni representative underscoring the significance of fostering a supportive organizational culture. Acknowledging employees’ financial concerns and offering recognition, even through modest gestures, were highlighted as essential strategies for sustaining employee commitment during challenging times.
The discussion on expenditure prioritization yielded consensus among participants, emphasizing investments in personnel capable of directly impacting profitability while recognizing the value contributed by employees who could not directly generate sales. In addition, they also advocate for a balanced approach to cost optimization by enhancing core products rather than pursuing new ventures.
Customer satisfaction, paramount for business survival, was addressed through innovative retention strategies. Examples included the implementation of membership programs offering lifetime discounts based on purchasing history and leveraging outstanding customers as brand ambassadors instead of traditional KOL partnerships.
Founders and business owners proactively shared their experiences in driving their businesses through tough times
Participants showcased great acumen for creativity and innovation, incorporating emerging technologies such as chatGPT for content creation and gamification services provided by Pango CDP on Zalo OA to enhance customer engagement and improve data automation.
To maintain core values, most participants shared the same points of view toward transparent communications, safeguarding employee welfare, and tailoring products to meet evolving customer needs while offering special incentives to foster loyalty.
The event was conducted on March 19th, with over 40 SME founders and owner-participants
The event was characterized by proactive participants and the energetic moderator, providing a platform for SME founders to gain valuable insights and exchange best practices, featuring the collective resilience of the Vietnamese business community in challenging times.
View the event photo here: [HCMC] A2A Circle – How SMEs survive in the Recession