“Observe carefully - Act quickly”: The secret to prosperity of CEO of Hoa Kitchen

In a conversation with MoneyGym, Luong Vu Thieu Hoa - CEO of Bep Hoa - shared the experiences that helped her revive her business from billions of dong in losses. From her philosophy of "kindness, perseverance, and calmness" to lessons on management and optimizing cash flow, how did she do it?

The MoneyGym content series, produced in partnership with VPBank , brings you stories, experiences, and financial secrets to help you not only manage your cash flow effectively but also fully enjoy your journey towards prosperity.

1. In 2020, Hoa Kitchen suffered losses of billions of VND. Did that event change anything in your thinking about how to manage cash flow?

I realized that business is really like a long-distance race. Anyone can speed up in the first few steps, but to go far, it's crucial to maintain endurance. Previously, I focused only on sales, on whether the product was well-received by customers, and gave little thought to how the cash flow was functioning. High profits on paper don't mean the business is doing well. If customers buy but don't pay, I'll still be struggling with a lack of funds to pay employee salaries or cover other operating expenses.

The biggest lesson I learned is the importance of always maintaining a reserve fund. I started allocating profits more clearly: a portion for operations, a portion for reinvestment, and always setting aside a sum to deal with unexpected risks. I believe this is an important lesson not only for business owners, but for anyone. Having a reserve fund allows you to confidently cope with any fluctuations and obstacles in life. In other words, smart cash flow management gives you independence and peace of mind, no matter the circumstances.

2. How did the philosophy of "kindness, perseverance, and calmness" that you follow help you face failure and restart?

The philosophy of "kindness, perseverance, and calmness" that Hoa has pursued throughout her years in business has helped her stay level-headed and handle things rationally when faced with failure.

In the face of failure, anxiety and panic can often lead to further poor decisions. Therefore, Hoa believes that staying calm to assess the situation, consider factors, and determine the next course of action is extremely important.

When we do things ethically, from creating ethical products to operating ethical business models, we always feel "secure" about our products. This security motivates Hoa to persevere in pursuing her business goals and calmly address shortcomings or failures, thereby rebuilding the business to achieve the success it has today.

3. How would you define the word "prosperity"? And in your opinion, how can entrepreneurs become both wealthy and find peace of mind?

For Hoa, "prosperity" is not simply about financial success. Achieving business success, along with stable physical and mental health, is when we truly reach prosperity.

Balancing work and personal life is extremely important. Hoa believes it's a mandatory requirement for an entrepreneur to go the distance in business without becoming exhausted along the way. Furthermore, a truly successful entrepreneur is someone who is both wealthy and finds peace and happiness in their work. When going to work is a joy, and the work brings tangible value to oneself, employees, colleagues, and the business itself; that's when we've achieved sustainable success.

4. How do you view the role of technology in financial management today?

In my opinion, thanks to the remarkable development of technology, managing finances today has become much simpler. A range of online tools such as digital payments, online cash flow management, and other outstanding tools have created a convenient ecosystem for everyone.

For example, VPBank – Hoa's close companion. Hoa has been with VPBank for a long time, impressed by the diversity of its services and the dedication and enthusiasm of its staff. From auspicious account numbers for business to tools that help generate profits like Super Profit and Super Prosperity, it can be said that a single tap on the VPBank app can now create a smart financial strategy for her.

My business is often very busy, not to mention I still need to take care of my family life, so having reliable "right-hand men" – who help manage money effectively and open up attractive opportunities like Super Profit and Super Prosperity – has helped me a lot. The Profit toolkit is like a "smart safe," helping me earn profits from idle money with competitive interest rates, while still being able to withdraw flexibly when needed. Super Profit is suitable for optimizing short-term idle funds. For funds that aren't needed immediately, Super Prosperity is the ideal choice to maximize profits. This product allows me to deposit money for various terms, from 1 to 36 months, and importantly, interest is calculated from the first day of deposit. Thanks to this, my money is always generating profit every day safely and effectively.

5. If you could start over, what aspects of your business or financial strategy would you do differently?

If given the chance to start over, Hoa would probably not change her business strategy at all, but would adapt to the actual situation. She would undoubtedly still choose "Observe carefully - Act quickly" as her guiding principle for financial decisions.

"Careful observation" doesn't just stop at looking at monthly income and expenses; it also involves delving into researching financial products and understanding bank offers. The goal is to clearly understand which option is optimal and best suited to your personal financial goals.

Once I have enough information, I will "act quickly" to seize the opportunity. In the financial world , time always comes with an opportunity cost. Even a slight delay can cause you to miss out on potential profits. By applying a combination of careful observation and decisive action, we can build a much more solid, proactive, and effective financial plan.

Source: https://vtv.vn/quan-sat-ky-hanh-dong-nhanh-bi-quyet-thinh-vuong-cua-ceo-bep-hoa-100251024134706194.htm