Corporate Sri Lanka needs to be psychologically strong

When I was reading Monday’s newspapers I was disturbed to see the Government’s responses to the new Ceylon Chamber of Commerce Chief Dr. Hans Wijayasuriya’s very straightforward and candid comments on the proposed forces agreement SOFA and MCC, the logic being that Sri Lanka is facing the current ‘governance’ issues because the private sector is non-vocal on the mismanagement of the country by the current policymakers. 

I was glad about Dr. Hans (knowing his outstanding leadership skills) being vocal and very forthright on his observations of the proposed partnership agreements that the Government was planning to sign. 

Sri Lanka needs more of this kind of leaders is my humble, unbiased view given my exposure of working in India when the private sector with personalities like Ratan Tata always being vocal on policies adopted or proposed by the Indian policymakers. We must follow these best practices. 

If we look at the way that the country is being governed today, what we see is that the hierarchy is ‘very far away from the ground reality’ in the marketplace. Starting from the alerts that came on the impending attacks from the Indian authorities to how the subsequent interviews were faced by the President and Prime Minister, it clearly eroded the confidence level that the global community has on Sri Lanka in handling this global menace, ISIS.

Business climate 

Today, we see the business community reeling with almost every industry except the export sector having to reschedule the loans taken whilst the repayment of credit cards has crossed the 10% mark among most banks, which means that things are very rough. Many experts say that there will be de-growth in the economy in Q2, 2019 which will be seen even in the banking sector, which is very unfortunate.

The current Government must take responsibility for the 258 innocent people who were killed on 21 April and almost 500 injured. I yet remember when the Prime Minister was asked by an international media on why the terror group cannot be arrested; the answer was ‘we don’t have the law to do so,’ which is an absolute careless and irresponsible statement that one can make to a viewer since the tourism sector works on perception management. 

If we could have been strong and communicated clearly that Sri Lanka is on top of the ‘terror challenge,’ we could have mitigated the impact that the Easter attack had on Sri Lanka. The data shows that in April arrivals dropped by 7.5% to 166,975 visitors and in May to 37,802 visitors with a drop of 70.8%. June has recorded a drop of 57% at 63,072 arrivals which does not augur well for a country that was projecting a four billion dollar income in 2019. As at today there is a drop of 13.4% on a cumulative basis. 

Just like the CCC Chief, in my view, if the tourism industry can be also vocal, we may have had the ‘global ad agency’ and PR agencies in each market appointed together with ‘global research agency’ which are basics to running a ‘country destination brand’. We don’t have to go too far, the Maldives is a classic example of following such good practices in the tourism industry.

Business confidence declining 

It’s sad but Sri Lankan policymakers need to be trained to handle global media when disaster happens so that we talk recovery mode communication. 

The dynamic new Ceylon Chamber of Commerce Chairman Dr. Hans Wijayasuriya

For instance when the President was asked when this issue could be normalised, the answer was that once the 137 identified alleged ISIS individuals were neutralised, then Sri Lanka would return to normalcy. This prediction is totally contrary to the analysis provided by the expert on terrorism Prof. Rohan Gunaratne or for that matter the current Army Commander, who was very vocal at an international media conference that unless the politicians linked are probed, it will be tough to address the problem. 

Similarly, Sri Lankan policymakers must also be trained how to handle the private sector arguments on policy rather than making statements such as ‘politicisation of reputable business conglomerate,’ which is not very palatable in today’s declining business climate.

I guess the declining ‘Business confidence’ and ‘Consumer confidence’ that have hit a low of 90 and 49 respectively as per the latest Nielsen data reflects the perception of the corporate sector in Q1, 2019. I guess it will be interesting to see the Q2 sentiments given the issue at hand and the loss of almost 300 lives, most of whom were essentially innocent children and mothers, not forgetting the three children lost by one of the billionaires in Denmark that shattered the father who owns the ASOS brand.

Psychological strength

Given the above challenges we are up against, the focus is on how corporate Sri Lanka can bounce back and making Sri Lanka a better place in the years to come has become a major challenge.

On this front the latest research being released from top global business schools is that ability to be emotionally mature leads to psychological strength. By the way this is not anything new for Sri Lanka, as for almost 30 years (during tough war conditions) it was the private sector that kept the economy alive (it accounts for almost 72% of the economy of Sri Lanka).

Emotional strength can withstand the turbulence and achieve success, not as an event but as a journey. The mentally tough understand that emotions are the drivers of motivation and hold the awareness of how tough it can be to harness emotion. Emotions can move us in the right direction, providing the emotional strength to handle uncertainty and manage teams to drive growth in challenging times. Let me pick up the key traits of emotionally strong business leaders.

1. Not seekers of acceptance 

Emotionally wealthy people are sure of their personal value and do not feel the need to audition for the acceptance and approval of others. They never have the “pick me, pick me” attitude. The emotionally wealthy do not need attention because they are fulfilled from within as a by-product of their achievements and unceasing hard work in all areas of life. This is why we seldom see the top corporate executives of Sri Lanka in the cocktail circuit or in glossy magazines, just to explain the point.

2. Deep inner strength 

The emotionally wealthy have a deep inner strength. They are aware that as they become more successful, they will encounter a host of mean, jealous and cruel people. The more motivated to change the world, the more they seek to succeed, to make a difference in the lives of others and reach their full potential. Being their own source of power, the emotionally wealthy are aware of these people and are persistent in controlling their reactions to them. 

If I am to single out the apparel and textile community of Sri Lanka, it re-energised and reinvented a business model when GSP+ was lost some years back. Today, the industry is targeting 10 billion dollars with some cutting edge business strategies like the use of robotics in the production process.

3. They don’t get bitter

Emotionally wealthy individuals do not make time for blame or criticism. They let go of resentments because resentments hold them back. Staying resentful keeps them stuck in situations that have passed, and therefore, staying bitter is treated as a complete waste of energy. If someone else holds resentment against them and will not let go of the grudge, they move on from these people. Emotionally wealthy people waste no energy trying to prove themselves to someone unwilling to accept it. Emotionally wealthy people look forward. They don’t get bitter, they get better. 

To me the best example is the tourism sector that keeps getting battered even after the 30-year war. The attack on 21 April has not deterred the industry but we see the optimism they are showing by resorting to the domestic market and driving the Indian and Australian markets. It will sure be a five billion dollar industry for Sri Lanka in the near future.

4. They love what they do

Emotionally wealthy individuals do not compromise who they are or what they believe in for anyone. They do what they do in life because they love doing it. They are not inclined to slow down, change or stop being who they are for couch critics who want them to be less. They are clear that it takes a small mind to criticise a brilliant one. The emotionally wealthy stay clear of those who try to dim their shine. They remain unwaveringly true to their larger purpose.

To me the best example is the tea industry of Sri Lanka. Its resiliency is amazing, but a word of caution. The industry will snap if another wage increase comes into play as mentioned in last week’s media.

5. Love themselves

Those who love themselves understand who they are. They are not afraid to go after what they want. They patiently work through fears and self-doubt. These extraordinary people believe that all they do in life will be demonstrated through their desired results. These exceptional individuals choose the strenuous life and do not fear the ambitious journey or the deep commitment it takes to be happy and successful. They take great pride in their struggles, as well as their contributions. The emotionally wealthy choose faith over fear. 

On this front the export community of Sri Lanka always invests in the business in hope of stronger, stable policymaking by the Government. But sadly the results show a different picture of the Government in power.

6. They work hard

For the emotionally wealthy, true mastery, lasting success and deep happiness can only come through hard work, real sweat, real challenge and through surviving real storms. They accept that life is difficult, and because they embrace this truth, they are able to transcend it. The emotionally wealthy put responsibility before leisure and choose kindness over rightness.

Whilst this may be correct for a troubled industry like the IT/BPO sector of Sri Lanka, today the real issue is the lack of talent even though the Ministry of Labour intimated over 300,000 youths are unemployed post-graduation.

7. Do not expose themselves

The emotionally wealthy do not expose themselves to people who discourage or demoralise them. They deliberately keep the company of others who are also driven, inspiring, honest, committed and going somewhere special in their lives. Energy is contagious and the emotionally wealthy are discerning of the company they keep, staying clear of negative people. 

This is a tough challenge for corporate Sri Lanka given the poor policymaking by the Sri Lankan Government. In my view Q2 GDP will drop to 1% or even minus. 

8. Face reality 

Emotionally wealthy people aren’t afraid to be real or to be vulnerable. They have the courage to show the world who they are. They let people in because they know all good relationships are based in the qualities of openness, honesty, authenticity and integrity. There are no guessing games with these exceptional people. 

Being on the Hemas Leisure Director Board I can see how well this aspect is practiced on a daily basis. The organisation did this same kind of behaviour with the Atlas brand challenge post 21 April and we can see the results already coming to play.

9. Traction all the time

Emotionally wealthy people cannot wait to get up in the morning. They never take life or opportunity for granted. There are no thoughts of laziness in the minds of these great people, rather they are consumed with an internal sense of urgency and enthusiasm to be ready, to get started and to make results happen. Companies that offer share options to their staff instil this behaviour through ownership rather than demanding this. 

10. Being a corporate athlete

The emotionally wealthy know the importance of taking the necessary time to refuel and care for themselves. They understand the value of unplugging from the world of action and excitement. The best example is the fitness crazy Sri Lanka we see at Independence Square daily and the gym culture that is getting very popular. The executives of today are corporate athletes and they practice this daily.

(The author is the CEO/President of the foremost AI-based company Clootrack – Sri Lanka, Maldives and Pakistan. The thoughts are strictly his personal views and not the organisations he serves in Sri Lanka or overseas.)