Institute of Business Research Successfully Organizes Workshop on "Adaptation Strategies and Sustainable Development of Enterprises in the New Normal"

29/04/2022

On the morning of April 29, 2022, the Business Research Institute successfully held a seminar as part of the Economic-Business Seminar Series (IBRS) titled “Adaptation Strategies and Sustainable Development of Enterprises in the New Normal.”

The presenter, MSc. Nguyen Phan Truc Phuong, delivered a comprehensive analysis covering the following key themes:

  1. Challenges and Obstacles for Enterprises in the New Normal:

    • The significant barriers and difficulties faced by most businesses, including financial challenges, supply chain disruptions, and human resource management issues.

  2. Short-term Solutions for Enterprises in the New Normal:

    • Transforming Management Mindsets: Business leaders need to adopt more flexible thinking to respond to events like the pandemic. Both employees and managers should receive proper training, and effective internal communication strategies must be implemented.
    • Enhancing Technological Capacities: Companies should leverage support policies from both central and local governments, promote the use of management software, and adopt Industry 4.0 technologies.
    • Building Effective Communication Strategies: Enterprises must effectively communicate both internally and externally to demonstrate their social responsibility.

  3. Long-term Solutions for Enterprises:

    • Implementing Digital Transformation: Businesses need to invest in transforming their business models, adopting online sales methods instead of relying solely on traditional sales channels. Management processes, such as human resource management and operations management, can also be improved through new software and technologies.
    • Revising Supply Chain Management Methods: Companies should identify their weaknesses and consider steps like seeking additional suppliers and adjusting inventory levels.
    • Strengthening Collaborations with Other Businesses: This will diversify customer bases, attract new clients, and enhance products or services.
    • Diversifying Business Areas: Enterprises should be bold in exiting non-potential business sectors and focus on new business opportunities.

  4. Overview and Evaluation of Proposed Support Policies for Growth and Development:

    • The government should allocate budgets for research and technology development activities.
    • Monetary policies need to target specific groups to avoid inefficient dispersion.
    • During expansionary policy implementation, the state must also pay attention to inflation control.

The session concluded with a lively Q&A and discussion between the presenter, advisory board, and attending scholars.

Institute of Business Research sincerely thanks all esteemed participants for their interest and attendance.

Source: Institute of Business Research

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