Buu Boi 6D in corporate management



Suppose one day, you get tired of running the business and want to hand over the reins to your children, assistants or hire a professional manager to confidently step into the chairman's chair. 

What techniques do you need to continue to develop your own business in a sustainable way? The 6D “treasure” will help you solve some of the…

Correct procedure.

Starting a business is quite similar to the work of a road surveyor. You have to find the road from the first steps of measuring, then clearing, leveling, constructing, and finally the construction unit handing over the project to put it into use. To do a good job of exploitation, maintenance and repair, the unit exploiting and managing the road must have an operating process. Similarly, before handing over the business to become the "Supreme Emperor", you need to establish a proper working process for the business.

According to Franklin Covey, the right working process helps all members of the business work together smoothly, eliminating activities that do not add value. A right operating process also creates flexibility to adjust to the (possibly unpredictable) demands of customers, suppliers, employees, shareholders, communities, etc. and other uncertainties.

In Vietnam, many overlapping phenomena are observed from state-owned corporations and some private enterprises. That is, enterprises often collapse when they develop to a new level, or every time they change the general director, they often have to "wipe the table and start over". It should be added that this phenomenon often occurs in trading and import-export corporations rather than technical business units. Although it is necessary to investigate to come to a conclusion, it can be said that most of the collapses are due to the lack of a work process as a foundation for business operations.

Fortunately, many businesses have recognized this early and are actively building work processes. The remaining issue is education and training so that employees understand and comply with the process. In addition, it is necessary to avoid the phenomenon of building processes to polish the business, not from the determination to reform to survive and develop sustainably.

Right person.

Recently, the media often talks about training programs, attracting and treating talent. Don't worry too much about talent, but ask yourself, are we using the right people for the work process? In other words, ask yourself: "Who should we hire and how can we train and educate employees to be suitable for the job?".

By answering this question, we can find some solutions for businesses. For quite special jobs, there should be preferential policies to recruit people who are both technically proficient, good at foreign languages and have business knowledge.

For the rest, for normal jobs, after recruitment, businesses should organize basic training courses for employees to perform specific jobs related to the main tasks assigned in the process. In addition, it is also necessary to create opportunities for individuals to develop and use many different skills to discover and nurture talent.

Correct organizational structure.

Having the right workflow and the right people is equally important, but having the right organizational structure is also important. Because only when there is a right organizational structure, the reporting system and responsibilities of members will be clear. Management can make decisions or get approvals without being hindered by bureaucracy and everyone knows who has the authority to make what decisions.

In addition, “like-minded people attract each other”, people who have the need to work together will stick together or try to work together in a unit. This is what some companies and organizations like IBM, NASA… often do. Like working groups, in which experts stick together to solve a problem set by the organization. The group leader will recruit the right experts to complete the task. Applying this organizational structure will help managers avoid the situation of accepting employees on a commission basis.

Correct information.
 
The right organizational structure will help the flow of information in the business smoothly. Moreover, with the right workflow, individuals in the organization understand what information they need and when to receive the information to solve the work. Therefore, when having the right information, individuals in the unit will act promptly and can make the right decisions.

To ensure this, businesses need to build a data information system for employees to access. In addition, the information system must be accurate and accessible for decision making.

Right decision.

 Making the right business decisions not only requires the right information but also depends on the way the decision is made. Most businesses today, especially state-owned enterprises, often make decisions based on collective consensus. This is a correct way but not enough, especially in a volatile and uncertain business environment.

Therefore, managers need to know many ways to make decisions. Good decisions are usually decisions that are chosen from a number of alternatives and they must be made by people with expertise and experience. Everyone needs to be clear about who makes what decisions and at what level in the business. In addition, good decisions need to be made considering their impact on the business's mission, values, goals and strategies.

Right reward.

Those who do well should be rewarded and the reward should be commensurate with their contribution but must comply with the pre-existing regulations. When rewarding individuals, leaders need to clarify who is being rewarded and why. The right reward will have the effect of reinforcing good behavior that brings business efficiency. The recipient and those who are not eligible to receive the reward will be satisfied, creating motivation for everyone to seek success to win the reward. The reward must be perceived by everyone as fair, simple, clear and meaningful.

SG Technical Support