Local firms offered free health advice
Local firms offered free health advice
Undergoing business health-checks that offer a comprehensive assessment of the quality of a company’s performance has become increasingly important in the global marketplace.
The demand for such a health-check is crucial, as when an enterprise first starts up, it is typically small in scale, and following a given period of operation and development it has outgrown its initial production facilities. This issue commonly affects the productivity, profitability, and the overall working environment of a business. For the leaders of such firms, performing business health-checks is critical to identifying urgent issues as well as suitable short- and long-term strategies.In Vietnam, there is a widespread need for business health-checks, as 95-96 per cent of the 500,000 local businesses in operation are small or very small enterprises. These enterprises will have to cope with the challenges as a result of the global integration processes, which will result in a more competitive business environment.
Understanding the need for quick and effective improvements amongst the local business community, MobiFone – one of the leading mobile network operators in Vietnam – has recently come up with a well-needed application that meets this urgent need: the Online Business Healthcheck. The application offers a free online tool at mobibiz.vn, allowing businesses to take stock of their performance, assessing their activities and factors that impact upon their business growth, including their overall vision, their financial well-being, market penetration, and their target customers.
Crucially, businesses will have to take the initiative to carry out the health-check online themselves. In addition to filling out the basic information, there are ten questions to be answered, based on four key aspects: vision, finance, market, and customer. Each question is answered on a scale of 1 to 10.
Vision, in this questionnaire, is defined as a convergent lens that maps out the desired result for a business. If planned properly and communicated effectively to staff and customers, the business itself can follow the well-laid path ahead. With regards to the company’s financial plan, the prudent firm will focus on its stable cash flow, costs, and credit control system.
The ability to take advantage of market factors, likewise, will be measured and assessed through the application. The main market factors include policy changes, industry development prospects, potential targets, and new opportunities to explore export markets via various sales channels.
As the customer is the key factor in any successful enterprise, assessing customer care and customer database development is a must to increase brand recognition and support a business’s sustainable development.
After receiving businesses’ responses, the online system will automatically collate and analyse the data, producing a comprehensive report. Based on the evaluation of the company and its developmental demands, the report offers practical solutions to overcome existing drawbacks and boost performance. The report also compares the position of an enterprise’s performance with other similar enterprises within the region, comparing the strengths and weaknesses of the business with its peers in the market.
The Online Business Healthcheck is part of MobiFone’s Business Master Project to connect businesses within the local economy as part of the deeper integration into the global economy. The project, coupled with several major networking events to be held in the near future, will provide a forum for dialogues between Vietnamese businesspeople and leading experts from around the world. This will foster optimal corporate governance trends in enterprises, as well as promote advanced applications in their business model to enhance their performance and profitability.
