What Have We Done to Deal With the Economic Crisis Caused by Covid?

✅ Entertainment, sound and light, services and event equipment are at risk of breaking up

Surely I and my friends working in event equipment have absorbed a painful blow caused by Covid-19. Things went so fast that it was unbelievable. In just 2 months. Covid has swept through all sectors. In which, the field of event services is one of the industries most affected, but less mentioned by society. Is it just a small industry of the economy?

Tell the story of Paracel Viet. We are a light sound and event equipment company. In which, the field of leasing sound and light, event equipment accounts for 60% of the revenue of the whole company. Immediately after Tet, "Ms. Vy '' came to us determined that it took the first 3 months of the year to compensate for losses. But the company still survives thanks to the project, selling equipment.

Complicated developments don't stop there. Now the project array continues to be affected. Orders for projects have been imported and delivered to customers, but we feel a shortage of funds from the investor ... They seem to be just like us, the revenues are gone, they all stand back...

Those are the effects from outside the market. Internally, the business must be even more complicated. Is it that our business is accustomed to the style of "how to do it"? I believe that very few light sound companies, event equipment have reserves. Everything is like stopping and just "spending money." Imports, salaries, cash, bank loan interest, payments to partners for installment purchases ...

The hardest thing for us now is how to maintain the apparatus until the end of the year. While the epidemic has lasted no end. The government has promised to fund loans to affected businesses. But now they are withdrawing their promises because the influence is now the whole society. No one is going to get a cheap loan. So what's our way out?

✅ What is the way out for businesses organizing events, entertainment, leasing equipment?

Back to reality, the epidemic is still progressing badly. Letting go and accepting is sometimes also a solution for sound, lighting and event equipment businesses. A lot of contemplation, a lot of concern. Fortunately, I and HSV have accumulated some assets, although they can not be taken out immediately if the epidemic persists and the economic crisis. I'm going to sell some things to save the business.

Re-locate yourself. I feel like I have to act. I started doing, doing more than usual and spending more time on the job. If my plan for 2020 was just " to learn a foreign language", now it's numbers. I started learning new skills that I really shouldn't have to learn. I started doing it all over again as a recent school student. I started reviewing the good and bad points of my business and went into correcting mistakes. I encourage my staff. Let's develop HSV, too. If I don't have the money, I can still feed you and let you sleep at the company for free for those who don't have a family. I'm willing to sell what I have to share with you... I don't regret it because it's just up-and-down notes in me...

I started seeing opportunities if I got over obstacles. In the immediate face, I have to meet immediately with the Leaders to share fewer difficulties. I will then inform the staff of the pay cut plan. I also hope they understand and share with me. Only if the company can't get a bank loan. I'm going to start selling something I can share with people.

I'm going to go and work out how to stay through August. Er everyone reduces their own salary or returns to their hometown temporarily to wait. We plan to break down the money we have to extend it to the time the epidemic passes.

I mobilize the total staff, the Leaders gather with me to correct the mistakes we have made in the past. The products and services have not been good for customers in the past we seek to repair. We oblige all employees to study. In the immediate eye, complete the business year, technical skills, sales ... I realize that now is the time for my employees to do their best. I know they're good. They have the creative ability to play out right in difficult times like now. I and they have great empathy because they understand that being an owner like me doesn't seem simple at all.

I consider this stage to be a form of investment. Instead of me investing in equipment, we now invest in people. And I look forward to recovering profits thanks to the human investment process. I have to review myself. We have to re-locate ourselves, what do we do, what's wrong with whom? Give me a chance to fix it. I started to pay attention to the products closest to my industry to easily transform. If the economy goes down, then we have to have another alternative.

Covid has created a powerful tsunami column to smash high spi towers and push things up to be flatter. It's like a wave to shore to create flat sandy shores. It creates a more equal, dynamic business environment and creates opportunities for young people like us.

In terms of the macro. The global economy will deteriorate, some large corporations and corporations now have to play in the same yard with small businesses. And the game will be fair... After the epidemic passed, our country welcomed new investors. They will bring a lot of technology to invest in Vietnam. We're going to see a global economic shift. In which Vietnam is dominant. Because of its economic background, the political and social system here is very stable. Real estate values are growing again. businesses that have remained strong through this covid season will again welcome a new wind for the upward development process.

Above I have shared with you all the things I think and act on, I hope that this sharing is useful to some of you. In the spirit of overcoming difficulties, we hope that we can be good friends with our brothers in the sound, light, and event industry. Our level of competition no matter what. We still look forward to having equal relationships with you and respecting each other at work.

By the way, I would like to share my own story, the story of development & and change. Ladies and gentlemen, HSV has been forming and developing for 9 years. After 2020, we are restructuring and re-re-reconfiguring the business. For more comprehensive development. With the target of VND 1000 billion / year. Speaking of 1,000, a lot of people are shocked. But I didn't mean to toy with the numbers. For me, the goal I set was to challenge myself...

affectionate

Hung Pham

Director of Hoang Sa Viet Sound and Light Company