Three Vectors of Success in These Uncertain Times
The local economy has been the battleground for dominance and survival for the past year. Businesses are adapting to the structural changes that come with the pandemic. Some businesses have responded fast enough while others perished or pivoted to more relevant businesses. Whatever fate awaits businesses, stern and progressive action must be taken.
We, humans, have the most amazing capabilities of all which is to adapt. While some people are resistant to change, this pandemic has shown us what humans are capable of doing. Because of that, business has changed a lot. Businesses need guidance, also known as vectors.
There are three important vectors that businesses observe, pivot and take charge of the change process. Failure to manage these vectors might be detrimental to the business and its operability. As responsible managers, it is our job to ensure that these areas of concern are managed well.
Operational documentation is considered your company’s most precious asset and a driving force to your business continuation. Without these assets, business operations are disrupted and may lead to total failure. The magnitude of the problems it brings is unimaginable.
Maintaining your documents are the single most important priority. Businesses whether large, medium or small need to ensure their documents are well-managed, stored and retrievable at any moment notice. Third-party issues like the Inland Revenue audit, Company Auditors and other regulatory bodies will demand such specific documents to be presented.
According to research conducted by McKinsey before the COVID-19 pandemic, they identified that having document management will contribute to significant gains. Their analysis (which you can read here: https://mck.co/3gjSjTu) will provide you with insight into the importance of such a strategic move.
Cementing this move in your business will significantly indicate that you are ready for the future, in whatever form it may come. While it may sound presumptuous, the reality is that it’s always to be over-prepared. After all, who else would know better than what your documents contain? Your documents are your trade secrets and the path to operational sustainability!
Knowledge is the source of wealth in a business. The basic function of a business is to offer solutions to an existing problem. This fundamental statement shows the importance of knowledge and its management. Being able to survive this pandemic means that you are to have more reliable and knowledgeable staff to provide more reliable and relevant services to your clients. Being relevant to a client is the key to business survival.
To stress the importance of knowledge management, there are a lot of tools that are available in the market. Choosing the relevant tools and customizations are a must for adaptability and user engagement. The system must be easy for new employees to use and more senior employees to contribute. The management needs to provide an ecosystem where idea and knowledge sharing is feasible and achievable.
Peter Drucker coined the term “knowledge workers” about 50 years ago and it is not going away any time soon! Being able to generate an internal knowledge ecosystem is the key to sustainability. Improving access to information or data is the primary function that needs to be implemented in these adverse times when distancing is the new keyword.
If knowledge is your source of wealth, then customers are your source of income. Without paid customers, no business will survive. The fact is that in these tested times, most businesses are more concerned with operational aspects rather than focusing on customer engagement. There is a misconception that during this pandemic, people are preoccupied with non-business related or operational activities rather than client poaching. That is far from the current reality that is happening right now!
Engaging clients in these tested times sends a visible sign that you care for them. A simple message like “how do you do” goes a long way as people are forced to be geographically divided from other human beings. Many do not realize the magnitude of a simple birthday wish, but in real life that is human communication at its best when real human emotions are communicated whether it is in physical or digital forms.
All business organizations must look at these vectors for sustainability. Businesses that are busy identifying the new operational standard of operations must include these as the new or improved components. Using these vectors as the new communication tools for clients will certainly help to future-proof your business!
For more information, contact the writer
Amir Zahini Sahrim
Chief Executive Officer
Pro Office Solutions Sdn Bhd