Business energy management

“Pit stop” in F1 races: “Temporarily slow down to optimize the engine to create stronger acceleration in the future”. Photo: BMW

How can Business Leaders manage their organization energy efficiently during storm times? According to Global Performance Coach Alain Goudsmet, Founder & Chairman of Mentally Fit Global, the Leaders should make sure they have quality PIT STOPS. So what is Pit stop?

More attention to scan the team energy

PIT STOP is where a Formula 1 (F1) car stops in the pit stalls during a race for a quick maintenance, change of tyres, mechanical repairs to optimize the machine before the next stage of the race. In the speed race in which victory is measured in hundredths of a second like F1, the cars still need to leave the race track for “Pit stop”. The purpose of “Pit stop” is to “temporarily slow down to optimize the engine to accelerate more rapidly in the future”. To conquer new heights, not only individuals but also teams and organizations need to "Pit stop".

Coach Alain also shared, in turbulent times, Leaders need to pay more attention to scan the team energy on 4 axes: intellectual quotient, emotional quotient, physical quotient & spiritual quotient. To deliver the promise of “Customer First”, there are 2 important factors for Leaders to guarantee: “physical & mental health of all team members” and “emotional connections” among team members.

The 4th Covid wave caused too much pressures, including unknown pressures, for each individual, team, and organization. Initially these pressures can cause “energy leaks”. Leaking energy for a while can result in “burnt-out”. To boost the team energy, Vietnamese Business Leaders can apply a mental coaching formula that has been successfully applied to the Olympic gold medalists and many multinational corporations in the list of Fortune 500 and Best Global Brands 2020. The formula which Leaders need to pay attention to include 4 factors: give sense, give focus, give support & give praise.

Never waste a crisis

As the Founder of PNJ from the early days, 33 years ago, Ms Cao Thi Ngoc Dung, Chairman of the Board of PNJ has gained lots of valuable lessons learnt of how to overcome storm times throughout the company's history. She shared that "The worst things will show up in difficult times, let’s consider them as opportunities to breakthrough". In storm times, Leaders need to constantly "scan internally and externally to spot out what to improve", "work out the action plans, plan ahead different scenarios" guiding the way for their team members more visibly, and then “restructure the organization” to adapt to market changes.

Ms Tran Uyen Phuong, the second generation of Tan Hiep Phat, considered the difficult situation as an opportunity for the Leaders and their teams to “promote” themselves. Living the spirit of “Nothing is impossible”, team members will always find better ways of doing things even with limit ed resources thanks to their innovative ideas.

In the middle of difficulty lies opportunity. Having this mindset helps Leaders have new perspectives about not-so-new issues. It is an optimistic viewpoint of Mr Hoang Nam Tien, Chairman of the Board of FPT Telecom. In stormy times, the Leaders can consider different solutions: to "fight" or "hibernate" based on the actual customers' needs at each time. If they opt for "fighting mode" in this storm, Leaders need to shorten the decision-making time and agile faster to new market fluctuations. If they opt for "hibernating mode", businesses can reduce the operating costs to a minimum. To get back to the market, after the "hibernation time", Leaders need to stay "emotionally connected" with their core team & customers. In the meanwhile, their core team members need to take advantage of this hibernation time to learn new skills, sharpen the important skills, and be well-prepared for better opportunities coming for their businesses in the future.

This is why Mr Bui Tuan Minh, Tax Partner, Deloitte Private Leader of Deloitte Vietnam shared a profound statement: "Never waste a crisis. This is the best time to renew yourself and prepare for the future development of your business”.