Steps to Reinvigorate a Company

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You have recently been made the CEO of a medium-sized Vietnamese company. Performance has been declining over the past few years under family management. The business was successfully built by a Vietnamese entrepreneur. It was successful. He developed a strong business in Vietnam & then expanded operations by exporting to the European Union. Since his son took over the business, performance declined as the son enjoyed an extroverted lifestyle & did not focus on the business. A Western Multinational has now bought the family business and has appointed you as the first professional CEO with a task to reinvigorate the company. Evaluate the steps that you will need to take in the first few weeks of your role.

(Word count: 500, 2 pages) I will use the ADKAR model – Awareness, Desire, Knowledge, Ability, Reinforcement with customisation. Any business enabler must understand the Vietnamese employee character. On the one hand, they don’t compromise and easily frustrate if they do not believe in the changes; on the other hand, they learn quickly and live emotionally. Therefore, an effective communication may be the most important thing for your successful and low-cost transitions 1. Talk to the employees to re-energise and convince them about the brighter future working in a multinational modern company. 2. Listen to the company’s employees and suppliers to understand their issues and what they need. Ask the employees: what they are tolerated, where they waste the most of their time. Conduct an internal customer satisfaction survey 3. Bring in new faces in Management and Human resources department but make sure those people have experiences on the company’s types of business 4. Analyse what went wrong and right in the recent years. Learn the company culture and decide what to keep and what need to be changed. Think carefully but implement rapidly (Toyota’s management principles). The

company was successful in the past so there must be a lot of good values need inheriting and updating 5. Build supports for an effective change both in organisational & personal areas. Make sure the middle managers and shift leaders understand and believe in the new ways. 6. Pay attention to cost control. Negotiate with suppliers about unreasonable pricing, returns and shipping 7. Implement a KPI – driven strategy and a bonus system based on company profit. The staffs need to know about the current financial status, opportunities and threats 8. Health insurance for employees especially specialists. At the moment (January 2011) in Vietnam, health insurance is cheap, just 75 dollars per year for all surgery and hospital charges (3000 USD maximum), as well as health check & tooth problems (200 USD limited) 9. HR department need to make a clear job responsibility and description for each position. 10. New strategy for the market with new company image: stronger, better and cheaper. 11. Strengthen the quality control systems and get more international certifications. Consider increasing product quality and quantity, bigger shift, more machines or more employees 12. Improve the company reputation by international marketing and social activities. Market and brand the new company images to all employees. Create the company pride based on a mixture of old and new values 13. For furniture or porcelain business, the designers should come from the country you want to export products to. Hire a British/European designer for UK market and hire a Vietnamese designer for domestic products 14. Consider outsourcing some stages of the work. Some parts of the products may be much cheaper to buy than to make 15. Consider automating the process 16. Encourage innovations and new ideas of effective working ways. Rewards & recognition for effective and hard workers. 17. Make performance review every six month and lay off or change the unsuitable workers Page 2 of 2

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