Things we must do for surviving in COVID-19

The COVID-19 situation is making the world's economy too difficult. Now we are more sensitive to the term 'survival' than to the term 'development'. We have to survive. Companies that have survived in the situation of COVID-19 may face another leap forward. To do so, we must survive fiercely. I pay attention to the role of leader in these situations. The role of a leader (manager) in any situation at any time is very important. The chief decision maker must always maintain its urgency. A leader should always be in front of the lines. I write this article with a sense of urgency. We all have to survive.

I noticed what we have to do everyday to survive. I melted my experiences, what I've seen and what I actually did in this article. I don't want to talk about those in the air. Right now the leader has to agonize about what to do to survive. After simulating it many times, I doubt if we could survive. The bottom line is, nevertheless, that no one knows.

If you were in top management level of a company, you may be in a desperate situation. You could be lonely. But no wonder, it is a position that you have to endure such desperation and loneliness. And definitely you must have vision and conviction. In this situation, who can assert this so precisely? Even so, I think I'll be doing these if I were in top management level with great earnestness to survive.

1. There is a road in the book. I always engrave this in my mind. Yes. There are paths in books, in newspapers, in magazines, in YouTube and so on. We have to pay attention to government or global health authorities' announcements, read more than five columns or analysis articles on COVID-19 every day. Then list and execute what you can now. This is the leader's job.

2. The decision maker (leader) must hold meetings with the staff every morning. If you are working from home, have a meeting through web conference. Recently, companies say that we should reduce the meetings. I don't think so. I think an hour-long meeting every morning must be held. A lot of information must be provided so that the decision maker can make the right decision.

Reports made in writing or e-mail can be clarified who will be responsible for this. So if it is sensitive information, it may not be specified. And also it is often known already. We have to have meeting everyday. The meeting must confirm and move on to the things that need to be confirmed on the day. The sales, inventory, client company status, etc. of the previous day should be checked. It is also necessary to check how members and their families are doing in this COVID-19 situation and if there have any difficulties.

3. Members (I don't like the word 'employee'.) of the company must continue to communicate with their clients through social media and phone calls. They should constantly check whether their health is okay, if there is anything we can do to help them, and whether their families are okay.

You should collect and record information about the current sales situation, the inventory levels and financial situation with the customer. Don't even think you'll contact them when things get better. When things get better, other competitors will also contact them indubitably. Show them who their true friend is.

4. The company should keep informed the effective activities such as quarantine activities, keeping living distance, and hand sterilization etc. Through Instagram, Facebook or else, consistently post what efforts the company is making in this situation to overcome.

5. Leaders must do financial analysis every day. The leaders should be clearly aware of changes in finance. If this COVID-19 condition persists, the leaders should assume how long we can endure in the case of that the sales are completely cut off. So the leaders have to review the financial status every day with the prospect of daily sales and profits etc. No one can predict how long this COVID-19 situation will last. 

6. The form of business after COVID-19 must be changed. Almost all media outlets are predicting future changes. Now, companies have to decide whether to maintain and strengthen the existing industrial form or to expand the industry's trends by reading and combining them. Bio-related, health-related market prospects, for example, are always commented when talking about post COVID-19 business.

We have to think about whether there is a chance for our company to enter these areas. First of all, we should make a list of companies involved, closely monitor their trends and movements, and also review M&A if necessary. Even if you don't buy the company, you could find a business opportunity if you watch it with interest.

The concrete implementation and very specific actions of a leader always makes the vision strong.

About Setting Sales Targets

In general, a company sets its sales targets for this year around September or October last year. In many cases, quarterly or semi-annual rollings are carried out in consideration of market conditions and sales progress. Then, for companies that do not involve in-house political elements and do performance-based assessments, the members of the company are promoted as the assessment improves if they achieve their annual planning goals or roll targets. The company is required to set a stretch target when establishing an annual sales target. As a result, there are many leaders who set fewer goals than they can actually do. In fact, leaders who set little and achieve monthly are often judged to be successful. The role of management level is really important, as I have repeatedly stressed. In setting goals, the management, especially the top management, should see the market more clearly than the middle managers do.

A leader in a situation that the market is unexpectedly improving rapidly, or that the current situation has not been expected, such as the Corona virus, exceeding the target of more than 20 percent, or underperforming more than 20 percent, seems not so good. It could be a case that a goal is set less and achieved without effort in order to get a good evaluation, or the leader made a mistake in analyzing the market.

The task of setting annual sales targets is extremely important. I don't like rolling once set goals, nor do I think it's desirable. The leader should be responsible for achieving or failing to meet the goal. That's the leader. We should see the market accurately, take responsibility for setting sales targets, and do our best to achieve them.

As you achieve so, you could receive an assessment fairly. And you should not expect a good evaluation if you do not perform well. The final decision maker who approved the sales target cannot escape responsibility if it falls short.

Establishing sales targets should not be seen as a mere routine. I regard setting sales targets as the most important thing. I think that point is where corporate management begins, and contributions to society begin. So setting sales targets shouldn't be seen as just annual activities. 

You have to see all the numbers. All the numbers including the company's mid- and long-term goals, the previous year's business performance (especially operating profit), the exchange rate, interest rate outlook of each financial institution, the market outlook of securities firms, and the demand forecast of customers. Then, the company should summarize sales targets by product and forecast prices, and analyze the costs forecast by the Treasury Department to make a cost outlook and clearly forecast operating profit.

Based on this, the decision maker who receives the report should add the information, data, and enthusiasm she or he can obtain to modify the target, and present a clear number so that the final sales target can be determined. As always, the decision maker's role is especially important when it comes to annual sales goals.

If annual sales targets have been set, this must be achieved.