35 Chapter 2: Analyzing and evaluating the business performance of Trung Dung Trading and Development Company Limited.. Analyzing the current business performance of Trung Dung Trading
Background of study
Vietnam is currently rated highly with strong development, its GDP reached to
In 2022, the market reached a remarkable value of 409 billion USD, reflecting an 8.02% increase from the previous year, marking the largest annual growth between 2011 and 2022 This significant rise can be attributed to extensive manufacturing and commercial labor efforts across various industries Consequently, companies within the same sector are likely to encounter intense competition to sustain their market positions To gain a competitive edge, businesses must adapt by restructuring, staying attuned to market trends, and scaling up production.
To advance effectively, businesses must evaluate both the advantages and disadvantages of their operations A key focus should be on optimizing operational efficiency to maximize profits and minimize production costs This requires a clear assessment of current business capacity to gain a comprehensive understanding of overall performance Furthermore, staying attuned to market trends, refreshing policies, and swiftly addressing challenges are essential for fostering recovery and promoting sustained business success.
Trung Dung Trading and Development Company Limited specializes in trading services, including printing, construction, system installation, and advertising, with a strong focus on delivering exceptional customer experiences Despite facing challenges during the three years of the Covid-19 pandemic, the company has managed to sustain its growth However, it has encountered difficulties such as high client expectations and fierce competition, making this period one of its most challenging times As a result, businesses are increasingly concerned about finding ways to operate more efficiently moving forward.
To enhance the effectiveness of company operations, it is essential to analyze the microenvironment, which encompasses factors such as environmental conditions, legislation, product offerings, financial considerations, and business vulnerabilities Addressing these complex issues is crucial for driving operational improvements.
This research paper examines key financial factors that influence business performance, with a specific focus on Trung's operational efficiency Drawing from insights gained during my internship, I have chosen to explore strategies for enhancing business operations in my graduation thesis.
Dung Trading and Development Company Limited”
Overview of research
Improving business performance is a critical topic that has been extensively explored by various authors across different companies and research contexts Regardless of size, all businesses—be it large corporations or small to medium enterprises—must assess their financial perspectives to identify strengths and weaknesses This evaluation is essential for overcoming challenges and enhancing overall performance.
In today's highly competitive environment, optimizing production and business efficiency is crucial for the survival and growth of firms This involves addressing three key economic questions: what to produce, how to produce it, and for whom Businesses must navigate relationships between supply and demand, market prices, competition, and collaboration while making strategic decisions that impact profit and loss The primary focus has shifted to profit maximization, necessitating that business owners effectively utilize available resources to achieve their objectives To maximize revenues and fulfill other goals, companies must implement a variety of strategies and tools, with production and business efficiency being paramount This approach not only helps managers evaluate their effectiveness but also facilitates the identification of factors affecting organizational performance, enabling necessary adjustments to optimize results and minimize costs.
In overseas research sources, there are also research topics such as Yigit Aslan's article (2021) “Redeveloping Digital Strategies of Uber to Improving Business
The report critically analyzes Uber's digital strategies through frameworks such as PESTEL, Porter’s Five Forces, and the McKinsey 7S Model It identifies key weaknesses in Uber's technology and communication, leading to recommendations aimed at enhancing the company's commercial efficiency Suggested directions include establishing digital smart objectives and key performance indicators (KPIs), alongside improving search engine optimization (SEO) and blogging efforts.
Domestic research on business efficiency often categorizes financial statements to provide insights into company performance and potential improvements In her 2016 article, Dao Thi Thu analyzes Hung Phat Trading and Transport Co., Ltd by classifying indicators related to asset and capital use efficiency, employing methods such as comparison and balance sheet analysis This approach allows her to identify the company's strengths and weaknesses, suggesting initiatives like establishing a marketing department and optimizing working capital Similarly, Nguyen Bao Huy's 2017 study on Quang Minh Long Trading - Production Co., Ltd evaluates business performance and financial indicators from 2014 to 2016, benchmarking them against industry standards His findings highlight the company's financial health and propose strategies to reduce costs and enhance sales effectiveness.
On the same topic, at the Banking Academy, there are many students and master's thesis writers choose as their topic Among them, author Tran Manh Dat
In 2021, the graduation thesis titled "Improving Business Efficiency at Phu Thai Health and Beauty Care Joint Stock Company" introduced a novel approach to financial statements by categorizing key performance indicators This includes basic indicators that reflect business results and metrics assessing asset utilization efficiency The objective is to integrate synthetic analysis techniques with ratio analysis to enhance overall business performance.
In the article, the author discusses four key aspects of the corporation, recommending strategies to enhance operations, strengthen management, improve human resource quality, and offer clearer direction for the company's future Dang Minh Phuong employed various data collection and information gathering methods, along with numerical difference and balancing techniques, in her master's thesis to support these insights.
To enhance the business performance of AIP International Joint Stock Company, several strategies have been proposed These include optimizing inventory management, intensifying efforts to collect customer payments, conducting thorough market research, and revising warranty and pricing policies By implementing these techniques, the company can address operational challenges and improve public perception, ultimately fostering greater productivity and stability.
After researching, learning and analyzing reports, the Graduation Thesis course with the topic " Improving the performance of business operations at Trung Dung
The Trading and Development Company Limited will analyze the financial statements from the years 2020 to 2022 to prepare a comprehensive Graduation Thesis This in-depth review aims to present a clear picture of the organization's business performance, offering valuable insights into its current situation Additionally, the analysis will provide recommendations for businesses, agencies, and authorities to facilitate the company's further development.
Research gap
Research on business performance has highlighted various aspects of enterprise effectiveness, encompassing studies on individual firms and comparative analyses within specific sectors While numerous publications exist, most focus on businesses with exemplary production organization and professional operations In contrast, this article examines the business performance of Trung Dung Trading and Development Company Limited, emphasizing its operational metrics.
A small company is typically defined by having five employees, along with a limited total capital and current revenue Due to the small workforce, the organization of the company's operations tends to be less formal, which may lead to various research gaps in the author's thesis topic.
Trung Dung Trading and Development Company Limited is unique in its origins, industry characteristics, and operational history While there are numerous research articles that explore general business concepts or specific companies, there is currently a lack of focused research on Trung Dung, highlighting an opportunity for further investigation into its distinct attributes and contributions.
Each enterprise's circumstances evolve uniquely over time, making it challenging to apply past research directly to the present Instead, it's essential to build upon and advance the issues that have been studied.
Many recent studies focus solely on analyzing and evaluating business performance, yet they often fall short in providing specific, actionable solutions Instead, these works tend to offer vague recommendations that do not directly address the root causes impacting business efficiency, limiting their practical application for enterprises.
The author selects this topic to ensure originality, avoiding overlap with existing research on company performance and solutions This essay will identify the characteristics, challenges, and underlying causes that hinder organizational efficiency, while also offering tailored solutions aimed at enhancing corporate performance in alignment with the specific context of the company.
Research objectives
To achieve sustainable growth and enhance operational efficiency, businesses must prioritize their efficiency goals This article focuses on the key objectives and research topic of "Enhancing Business Operations Performance at Trung Dung Trading and Development Company Limited."
- Organize the business's theoretical foundations for business performance
- Analyzing the current business activities of Trung Dung Trading and Development
- Evaluation of the business performance of Trung Dung Trading and Development Limited
- Propose solutions to help improve the current operating situation of enterprises, and at the same time suggest some recommendations to help improve business efficiency at enterprises in the future.
Research scope
Research object: Business performance of Trung Dung Trading and Service Company Limited
Research scope: based on data provided at the internship unit
Research methodology
Data collection method
Understanding the fundamental theoretical aspects of financial statement analysis—including concepts, objectives, roles, meanings, techniques, and methods—is essential This knowledge can be acquired through comprehensive learning materials and a structured syllabus Additionally, analyzing the company's financial statements from 2020 provides practical insights into these theoretical principles.
2022 are collected internally and also refer to similar articles to complete the thesis.
Data analysis methods
In analyzing the financial statements of Trung Dung Trading and Development Company Limited, this thesis employs a combination of analytical methods to enhance the clarity of the research content.
The comparative method involves analyzing one subject by contrasting it with another, ensuring that the subjects are related, comparable in terms of space and time, and share the same unit of measurement This technique is valuable for uncovering connections in similarities and for explaining continuity and change within the studied subjects.
7 it possible to clearly understand the importance of a certain component throughout a particular time frame
The exclusion method assesses the impact of individual factors on business results by isolating their influence while eliminating the effects of others This technique consists of two steps and is referred to as the continuous replacement method, as it replaces the impact of each component one at a time Alternatively, the spread number technique directly incorporates fluctuations from each factor.
DuPont analysis is a powerful tool for evaluating the components of a company's Return on Equity (ROE), enabling investors to identify which financial activities significantly impact ROE changes This method facilitates comparisons of operational efficiency between similar firms and helps managers pinpoint strengths and weaknesses that need attention By providing a focused perspective on a company's financial situation, DuPont analysis aids in formulating solutions to enhance both financial performance and business efficiency Ultimately, the primary goal of utilizing this method is to maximize the profitability derived from equity usage.
Other methods: Evaluation method, synthesis method, report writing method,
In research, fundamental methods are employed to evaluate both the strengths and weaknesses of various indicators, enabling authors to logically present and synthesize key findings.
Research data
Data used in the thesis include:
-Secondary data source: taken from the annual financial report of Trung Dung Trading and Development Company Limited
-Secondary data source: based on information collection in the market.
Structure
In addition to sections such as introduction, table of contents, list of tables, conclusion, sources cited, the essay consists of three main chapters:
Chapter 1: General reasoning about business performance of companies
Chapter 2: Analyzing and evaluating the business performance of Trung Dung Trading and Development Company Limited
Chapter 3: Solutions and recommendations to improve the efficiency in business activities of Trung Dung Trading and Development Company Limited
General theory of business performance of companies
General theory of business activities
Throughout history, humanity has evolved through various social and economic structures, from the establishment of chattel slavery to the emergence of the first communist society This evolution has shaped how we organize, produce, transport, and transfer goods The development of business began during these transformative times, marking it as a fundamental activity that significantly enhances value and drives progress.
Business activities encompass a wide range of operations aimed at generating profits for companies While firms are not obligated to engage in every aspect of product planning, production, distribution, and consumption, each organization leverages its unique expertise to enhance productivity and strengthen its overall performance To ensure smooth operations, businesses establish a tailored combination of policies, decisions, and strategic directions.
According to Clause 21, Article 4 of Law No 59/2020/QH14 of the Business Law in Vietnam 2020, "Business" or "Business operation" refers to the continuous execution of various stages, including investment, manufacturing, sales, or service provision in the market for profit This definition highlights that inclusive business activities encompass any actions undertaken by a business primarily aimed at generating profit, representing a broad term for all economic activities conducted by a company during its operations.
Unlike pure civil activities that focus on exchange or providing services, the primary objective of a business is to generate profit Profit arises when revenue exceeds business expenses, with the difference between proceeds and expenses representing the profit Any endeavor that does not aim for profit, even if it resembles a business, cannot be classified as one.
Business activities aim to generate profits, but the extent of these profits is largely influenced by the company's efficiency Often, companies may experience losses in production and trade despite their profit-oriented goals.
From a legal standpoint, business behavior is defined by the intention to generate profit rather than the methods employed to achieve that goal Traders primarily focus on making money, and any actions taken with that aim can be classified as business activities.
Business primarily revolves around the exchange of goods and services for money or its equivalent This fundamental characteristic highlights that while profit is the main objective, losses are an inherent part of business activities Transactions are a common aspect of commercial interactions, exemplified by the various exchanges a product or service undergoes before reaching the customer.
Risk and uncertainty are inherent challenges that businesses must navigate, as they face various risks from market fluctuations, currency changes, and interest rates These factors can lead to significant losses for firms, especially when compounded by natural disasters and external disruptions that impact goods and services To mitigate potential losses from unforeseen events, it is essential for businesses in any industry to implement a comprehensive risk prevention plan.
Business activities serve as a vital link between production and the exchange of goods and services, fostering connections among buyers and sellers While not all businesses can handle every stage of production independently, industries often collaborate, leveraging their unique strengths to enhance each component At the core of every commercial transaction is the presence of at least one buyer and one seller, highlighting how business activities unite individuals and cultivate a broader community, ultimately generating significant value.
Business activities inherently aim to maximize social obligations while addressing human wants and needs Recognizing societal demands is crucial, as contemporary businesses understand their social responsibilities Service-oriented companies emphasize fundamental values, which are essential for fulfilling these obligations.
12 human wishes via doing business is the source of the problem Founders work to increase consumer happiness by creating and offering a variety of goods
Business activities can be categorized in several ways, including by industry, legal structure, and organizational method Additionally, businesses can be classified based on their functions, such as those that focus solely on production, those that provide services, and those that integrate both production and service offerings.
Production involves the integration of human resources to create products that fulfill specific human needs Typically, the production process occurs independently from product consumption, leading to a manufacturing structure within factories that does not include customers during this stage Ultimately, the primary function of a business is to develop and deliver these products to the market.
The company focuses on providing services, which involves combining various resources to deliver activities or benefits to clients Services are often intangible and can facilitate direct customer engagement or cross-selling opportunities Their creation and delivery typically occur simultaneously, often requiring customer presence As society evolves, the demand for diverse services grows, leading to an increase in their value, which significantly contributes to the gross domestic product (GDP).
Production and service businesses encompass activities that involve both manufacturing products and delivering services to customers These enterprises engage in various operations, including product consumption, repair, and maintenance services They actively participate in commercial activities such as buying and selling goods, providing services, investing, and promoting trade.
Today's trend as businesses grow into large corporations, which can be inclusive and develop in the direction of diversifying the product and service activities they have.
Theory of business performance
Business activities are driven by specific objectives, primarily focused on creating value and delivering efficiency to the target customer group As Paul A Samuelson highlights in his book "Economics," understanding these purposes is essential for successful business operations.
"Efficiency means the most efficient use of the resources of the economy to satisfy the desired needs of people" (Paul A Samuelson and Wiliam Dnordhau (1997),
Economics, 15th Edition, National Political Publishing House, p 125)
Business performance is a critical focus for enterprises, serving as a guiding principle for their operations Companies strive to maximize profits, expand their market presence, and generate wealth for both themselves and society However, perspectives on what constitutes effective business performance can vary significantly.
The economic efficiency of production and business processes, as defined in the textbook "Economics of Trade and Services" (Statistical Publishing House, 1998), reflects how well resources are utilized to achieve specific goals This perspective allows for the assessment of efficiency across varying conditions, emphasizing that optimal resource usage is crucial for maximizing productivity and effectiveness in business operations.
The point of view of Tran Ngoc Tho in the book Modern Corporate Finance,
(2008, Statistics Publishing House, Hanoi) synthesized and only one point of view:
Business performance measures the relationship between the results achieved and the costs incurred to achieve those results While business results represent the tangible outputs generated through various activities, simply having results does not equate to effectiveness On the other hand, business efficiency evaluates the balance between inputs and outputs, providing a clearer picture of operational success.
14 course of business activities and must be considered comprehensively in terms of space, time, qualitative and quantitative
In today's dynamic market economy, enterprises aim to operate efficiently and maximize profits through well-suited business plans Success in business requires quick, strategic thinking, as operational efficiency serves as a key metric reflecting the effectiveness of production and management Thus, business performance can be defined as the overall results achieved in response to these challenges.
Business effectiveness is a key economic metric that assesses how efficiently companies utilize their financial, human, and other resources to meet their goals This measure has become a benchmark for evaluating business performance and understanding its influence on economic development.
Business performance is a crucial indicator that encompasses the processes, production, and activities of individuals and society It significantly influences various factors, highlighting its vital role in organizational success and societal impact.
To effectively evaluate and manage their business functions, companies must assess their performance This process not only uncovers output and revenue figures but also helps managers identify key impact variables, allowing them to implement necessary improvements in production and revenue while minimizing expenses to enhance overall efficiency.
Enhancing business efficiency is essential for the survival and growth of companies A business's market position significantly influences its longevity, yet it is the efficiency of operations that directly impacts this survival Ultimately, the primary objective of any business is to achieve sustainable growth and stability.
Enhancing business efficiency is crucial for all companies operating in today's market To ensure survival and growth, each business must consistently diversify its income streams However, as capital, technology, and other manufacturing factors evolve only under certain conditions, businesses need to improve their operational effectiveness to increase profitability.
Enhancing business efficiency is crucial for fostering competition and driving progress within the industry As companies embrace market mechanisms, they face intensified competition not only for products but also for quality, pricing, and various standards To thrive and expand, businesses must excel in this competitive landscape by providing high-quality goods and services at competitive prices Ultimately, the primary objective of any enterprise in a market economy is to maximize profits, making it essential for businesses to not only establish and sustain competitiveness but also to pursue the highest possible profitability under favorable conditions.
To enhance profitability, businesses must optimize resource utilization and improve operational efficiency This involves upgrading qualifications, innovating business practices, and reorganizing management structures By effectively managing and leveraging all available resources, enterprises can meet market demands and continuously boost their efficiency Ultimately, this focus on improving business performance not only helps achieve individual enterprise goals but also contributes to the broader economic development of the country.
Improving a company's production and business efficiency directly benefits its employees, primarily through increased income levels As the business generates greater revenue, employees can expect significant enhancements in their earnings.
Employees who engage in meaningful work are rewarded with fair salaries that reflect their efforts, while also benefiting from the growth of their skills and networks As businesses expand, this presents an ideal opportunity for workers to enhance their capabilities, ultimately leading to higher potential and increased salaries Such an environment fosters motivation, encouraging employees to feel secure and committed to contributing to the organization, which in turn boosts productivity and enhances overall business efficiency Furthermore, comprehensive insurance and security policies significantly improve employee health and quality of life.
1.2.2.3 For the social - economic context
Business performance serves as a critical indicator of overall economic health, with government assessments of profit levels reflecting operational efficiency and output Effective business operations contribute to resource utilization, driving economic growth through improved metrics such as GDP and national income As production efficiency rises, companies can enhance product quality and reduce costs, leading to lower prices and increased consumer demand This dynamic not only supports business success but also fosters economic stability and growth, while significantly boosting state revenues from enterprises, thereby enhancing key economic indicators.
Methods for analyzing business performance
Analyzing business activities is essential for identifying trends and understanding the volatility of analytical indicators To effectively conduct this analysis, it is crucial to establish data for comparison, define comparative conditions, and set clear comparative goals.
+ When studying the fluctuation rate, the growth rate of the indicator, the data for comparison are the indicators of previous periods
+ When studying the pace of business tasks in each period of the year, often compared with the same period last year
+ When researching the ability to meet the needs of the market, it can be compared in advance with the contract level
Conditions for comparison with economic indicators:
+ Must agree on the economic content of the indicator
+ Ensure consistency in methods of calculating indicators
+ Ensure consistency in units of calculation, criteria in both quantity, time and value
Comparative objectives in business analytics
+ Determine the absolute volatility level and relative volatility level and fluctuation trend of analytical indicators
+ Absolute volatility: determined on the basis of comparing the value of the indicator between two periods: the analytical period and the original period
Relative volatility is determined by comparing the actual figure to the original number, which is adjusted using a coefficient based on the relevant indicator within the scale of the analytical metric.
The thesis will combine many comparison methods to clarify outstanding financial indicators as well as shortcomings of the business
Absolute number is the degree of expression of the scale and volume of value about a certain economic indicator in a specific time and place Units of calculation are
27 artifacts, values, man-hours The absolute value is determined on the basis of comparing this indicator value between two periods
The degree of relative volatility measures the comparison between actual values and adjusted figures based on a relevant indicator coefficient, which helps in assessing the magnitude of the analytical indicator.
The average number quantifies the degree of units by highlighting differences in their values, allowing for a comprehensive reflection of the characteristics of similar phenomena By comparing averages, we can evaluate the overall situation, monitor fluctuations in quantity and quality during production and business processes, and assess the developmental trends of enterprises.
Various factors significantly influence economic indicators For instance, sales volume and product pricing directly affect a company's sales objectives The exclusion method enables businesses to assess the impact of specific factors on analytical metrics by isolating these factors in hypothetical scenarios, thereby excluding the influence of other variables.
To effectively analyze the impact of a single good cause, it is essential to isolate it from other influencing factors This can be achieved by either focusing on the volatility of each individual factor or by employing continuous substitution methods.
The continuous substitution method analyzes the impact of various factors by systematically replacing them to assess changes in indicator indices This approach relies on specific characteristics and conditions essential for effective continuous replacement.
- Sorting influencing factors and determining their influence on analytical criteria must be in order from quantitative to qualitative factors
- Substituting the value of each influencing factor How many factors are replaced The value of the substitution factor remains the same for the analysis period until the final replacement
- Summarize the influence of factors and compare with absolute fluctuations of indicators (study period vs original period)
The general model of continuous substitution can be generalized as follows:
This method requires specific conditions: the factors must be interconnected through their product relationships, and the arrangement and assessment of these factors' influences should adhere to quantum principles.
This is a highly realistic method with application conditions that are increasingly supplemented and perfected thanks to the following reasons:
- Accounting and financial information sources are improved and provided more complete It is the basis for forming reliable references for evaluating a ratio of a business or group of enterprises
- The application of information technology allows the accumulation of data and accelerates the process of calculating a series of ratios
- This method helps analysts effectively exploit data and systematically analyze ratios in continuous time series or in stages
Ratio analysis is a method that evaluates the financial position of an enterprise by comparing its financial ratios to established thresholds and norms This approach relies on the normative significance of these ratios in financial relationships, allowing for a comprehensive assessment by referencing standard values.
The DuPont analysis is a framework for analyzing fundamental performance popularized by the DuPont Corporation DuPont analysis is a useful technique used to
Understanding the decomposition of return on equity (ROE) enables investors to analyze key financial performance metrics, highlighting both strengths and weaknesses This analytical tool offers two approaches: a three-step decomposition and a more detailed five-step process, allowing for a comprehensive evaluation of ROE drivers.
The Dupont analysis goes beyond merely examining financial phenomena; it explores the underlying causes by analyzing primary and secondary ratios This method allows secondary ratios to serve as primary ratios for further analysis, creating a sequence of causal relationships By understanding these ratios, we can identify the factors that drive fluctuations in the primary rate, ultimately revealing the root causes of financial changes.
The Dupont model is a powerful analytical tool that provides businesses with a comprehensive overview of key operational issues, enabling informed decision-making By highlighting the connections between cost performance indicators and capital efficiency metrics, this method allows analysts to evaluate how various factors influence profitability and equity.
Return on Assets (ROA) measures an enterprise's ability to generate after-tax profits from its assets, reflecting the effectiveness of its business management and organizational processes A higher ROA indicates greater business efficiency and profitability To analyze the factors influencing ROA, the Dupont model can be employed, providing insights into the various elements that affect this key performance indicator.
Total assets = Profit after tax
Total Assets = Profit magin × Assets turnover ratio
Thus, to increase ROA, it is necessary to increase the above 2 factors, namely:
- Promote asset turnover through increasing income from business activities, rational use of savings in asset structure
-Increase income from business activities, sales services while improving service quality to increase profits
Return on Equity (ROE) is evaluated in a manner akin to Return on Assets (ROA) The Dupont model illustrates ROE through two variations: the basic form and the extended form Companies select the appropriate form based on their specific analytical needs.
Shareholders ′ Equity = Net Profit magin × Asset turnover ratio × Financial Leverage
According to Dupont analysis, Return on Equity (ROE) can be enhanced by boosting Return on Assets (ROA) and utilizing financial leverage However, it's important to note that financial leverage does not consistently lead to higher ROE; this beneficial effect is only realized when the cost of debt is lower than the ROA.
The essence of ROE is constituted by 3 factors Therefore, to increase production and business efficiency, enterprises have 3 options: increase 1 of the above
First, businesses can increase their competitiveness to enhance revenue and at the same time reduce costs to increase net profit margin
Second, enterprises can improve production and business efficiency by making better use of their available assets to improve asset turnover
Impact factors
Economic factors such as bank interest rates, GDP, exchange rates, inflation, and monetary policies significantly impact businesses, presenting both opportunities and risks A decline in GDP can reduce income and demand for goods, leading to lower profits Conversely, decreased interest rates lower product costs, while high inflation raises raw material expenses without a corresponding increase in selling prices, squeezing profit margins Additionally, a decrease in exchange rates can lower the cost of imported materials, subsequently reducing production costs and selling prices, which may enhance demand and ultimately boost profits.
Politics and law serve as the foundational pillars for economic development, providing the necessary legal framework for businesses to operate effectively in the market A stable political environment fosters societal health and economic stability, facilitating a conducive atmosphere for business growth The legal landscape, encompassing laws, regulations, and legal norms, establishes a framework within which enterprises must operate Compliance with these legal provisions is essential, as the law can either inhibit or promote business growth, significantly influencing overall business performance.
Various factors gradually influence the business environment, ultimately leaving a significant impact Customs, lifestyles, and cultural levels indirectly affect business performance by shaping customer behavior and educational quality In an era of economic openness and integration, conflicts arising from differing interests, cultures, religions, and beliefs can emerge Businesses that neglect these issues risk facing operational failures.
Industries such as raw materials, transportation, and banking significantly influence the production and business operations of enterprises The growth of these sectors plays a crucial role in fostering a supportive environment for businesses, enhancing their operational efficiency and overall success.
A well-defined strategy significantly influences business performance by aligning product offerings with market demands and the company's capabilities, leading to high consumption and profits Conversely, an ineffective strategy can result in unsold products, inability to cover labor costs, employee turnover, and financial struggles, ultimately jeopardizing the business's ability to meet its obligations, including loan repayments.
1.4.2.2 Organization of the enterprise apparatus
Effective organization and arrangement of operational structures within enterprises, along with clear departmental coordination, significantly enhance overall efficiency By aligning labor distribution with the individual capacities and preferences of employees, companies can foster creativity and motivate their workforce to perform at their best.
Marketing activities will help target customers know about the business, remember and register for its classes The effectiveness of good marketing activities
Effective marketing strategies, such as image advertising, product introductions, and eye-catching logo designs, significantly enhance customer attraction Engaging customers through attention-grabbing campaigns, direct communication, sponsorship of social initiatives, and promotional activities plays a crucial role in building a strong customer base.
Labor is a crucial input in production and business activities, where the quality of labor is essential for success Additionally, effective organization of labor is vital for enterprises to enhance their production and business efficiency.
Wages, alongside labor, play a crucial role in influencing business efficiency as they constitute a significant part of production and operational costs Additionally, wages impact employee morale and motivation Therefore, it is essential for businesses to implement fair wage policies, equitable income distribution, and effective incentive measures that align the interests of both employees and the organization.
1.4.2.5 Working environment in the enterprise
Corporate culture plays a crucial role in a business's development, as it encompasses essential elements such as cultural, linguistic, and informational aspects Without a strong knowledge foundation, a business struggles to thrive A positive corporate culture fosters employee enthusiasm, enhances customer interest in products, and builds trust in the brand, ultimately leading to more effective business operations.
1.4.2.6 Transport as well as usage technology
Material and technical facilities are crucial for the production and business processes of enterprises, serving as a foundation for their operational activities A well-organized material and technical base enhances efficiency and showcases the business's capabilities through its infrastructure, including factories, warehouses, and shops The level of technology and production techniques directly influences productivity and product quality, while also impacting material costs Enterprises with outdated or inconsistent production technologies may experience low productivity, inferior product quality, and wasteful raw material usage.
The efficiency of production and business is crucial for the survival and growth of enterprises and the overall economy Enhancing this efficiency serves as a fundamental and long-term objective for every company Chapter 1 of the thesis outlines key concepts related to production and business efficiency, including the nature and classification of business activities, as well as their significance for various stakeholders such as enterprises, employees, and the socio-economic landscape It also presents analytical data and indicators for assessing production and business efficiency, along with methodologies for implementation and research on influencing factors This chapter establishes a comprehensive theoretical framework for evaluating business performance at Trung Dung Trading and Development Company Limited.
Analyzing and evaluating the business performance of Trung Dung Trading and
General introduction about company
- Company name: Trung Dung Trading and Development Company Limited
- Certificate of Business Registration No.: 2700835689
- Place of management registration: Ninh Binh - Hoa Lu Regional Tax Department
- Legal representative: Mr Pham Trung Dung
- Address: No 259, Tran Hung Dao Street, Binh Hoa Street, Ninh Khanh Ward, Ninh Binh City, Ninh Binh Province, Vietnam
Trung Dung Trading and Development Company Limited was established in
Founded in 2017 by Mr Pham Trung Dung, Trung Dung Trading and Development Co., Ltd specializes in construction design, out-of-home advertising, and installation services Over six years, the company has established itself as a leader in its field, prioritizing reputation and product quality Despite facing challenges and the need for continuous innovation, Trung Dung Co remains committed to achieving operational efficiency at the lowest cost Looking ahead, the company is confident in its ability to tackle larger projects, aiming to deliver long-term sustainable value.
2.1.2 Organizational structure of the company
Because the unit is newly established, the organizational structure is still simple, but each job has been clearly functionalized, linked and supported each other in the process of operation
➢Functions and tasks of each department:
Director (CEO): is the person who directly manages the company's business activities, decides on business policies and plans and is legally responsible before the law
Vice Director: support the Director in operating, working as assigned by the Director, responsible for external relations
Accounting Department: is the department that manages and stores books, invoices and accounting documents, checks and collates and handles all arising data and works with tax authorities
Design Department: the department receives information, customer requirements, plans the design of manuscripts, is responsible for making necessary estimates and quotations for customers
Production Department: this is the department of implementation, construction, finishing and installation all according to requirements and agreements with customers Quality and image assurance for customers
Trung Dung Trading and Development Company Limited specializes in trading billboards and offers a variety of services, including printing, house construction, electrical and plumbing works, and site preparation The company is dedicated to providing comprehensive solutions in these areas, ensuring quality and reliability in every project.
38 billboards and construction under agreements with customers for remuneration Business lines include:
● Copying records of all kinds (1820)
● Construction of water supply and drainage works (4222)
● Construction of other civil engineering works (4299)
● Installation of water supply, drainage, heating and air conditioning systems (4322)
● Installation of other building systems (4329)
● Wholesale Metals and Metal Ores (4662)
● Wholesale of materials and other installation equipment in construction (4663)
● Retail sale of metalwork, paints, glass and other installation equipment in construction in specialized stores (4752)
Analyzing the current business performance of Trung Dung Trading and Development
2.2.1 Business results of Trung Dung Trading and Development Company Limited (2020-2022)
II Short-term financial investments - - - - -
VI Other non-current assets - - - - -
Over the past three years, total assets have consistently grown, with a notable increase of VND 354,536,290, or 10.84%, from 2020 to 2021 This growth is primarily attributed to rising short-term receivables and other short-term assets, which are crucial for generating revenue from production and business activities By 2022, the company's total assets slightly decreased to VND 3,225,568,170, a decline of 1.44% from VND 3,271,988,703 in 2021, which, while minor for larger enterprises, is significant for smaller businesses Trung Dung Trading and Development Co., Ltd faced inventory pressures and a deductible VAT of VND 101,377,503 in 2021, largely due to increased purchases for production The absence of investments in long-term assets contributed to the overall asset decline, indicating a stable asset structure primarily composed of short-term assets across the years.
Cash and cash equivalents constitute the largest segment of short-term assets, showing a significant increase of 42.6% in 2022 after a decline of 39.8% in 2021 This substantial liquidity ensures that businesses can readily meet their payment obligations and respond to unexpected market changes, such as falling commodity prices or anticipated price surges However, maintaining high cash reserves may lead to missed investment opportunities in potentially profitable assets Therefore, companies must carefully assess their financial situation to strike a balance between ensuring solvency and capitalizing on lucrative investment prospects.
Short-term receivables have shown consistent growth, rising from VND 1,828,844,956 in 2020 to VND 2,255,264,531 in 2021, marking an 18.9% increase of VND 426,419,575 This trend indicates that the company has effectively leveraged customer receivables In 2022, receivables further increased to VND 2,311,123,988, a modest 2.4% rise, reflecting the business's continued efforts to enhance customer payment processes The company has diversified its payment methods, including bank transfers and structured payment plans for large projects, demonstrating a strategic approach to debt collection and improving cash flow management.
The corporation's inventory portfolio has experienced a consistent decline over time, with holdings peaking at 832,534,769 VND in 2020 before dropping by 5.8% in 2021 and further declining by 18.89% to 661,808,768 VND in 2022 This trend reflects the company’s strategy of purchasing and stockpiling essential materials, such as iron and steel, in anticipation of rising commodity prices While this proactive approach demonstrates strategic foresight, it is crucial for the business to align inventory levels with customer demand High raw material prices may lead customers to halt orders, waiting for price stabilization, which could impact the company's sales.
The data indicates that the business has not acquired any long-term assets in the past three years, which suggests a reluctance to invest in significant equipment like large-format canvas printers Instead, the company relies on existing machinery from previous years to operate With a modest business model and a limited workforce, the business opts for printing services to reduce costs However, this approach can lead to inconveniences for customers due to availability issues and may hinder overall efficiency.
Over the past three years, the company's debt ratio has remained below 0.5, indicating strong financial health and effective utilization of loan capital However, if this ratio rises to 0.71, it may signal potential financial risks for the business.
2021, it might result in bankruptcy It can be seen that the business has developed forward motion and maintained quite well, the company is careful with this debt issue
In the future, the company can leverage debt capital to enhance its business growth However, maintaining an optimal debt ratio is crucial, as it facilitates loan acquisition while also necessitating caution to prevent the risks of excessive debt and potential defaults.
The company's total assets have consistently risen over the years, indicating an increase in total capital While liabilities remained stable, 2021 marked a peak with liabilities reaching VND 1,369,477,160, the highest in recent years Key payables include amounts owed to suppliers, taxes, government payments, and employee wages The primary obligations consist of short-term loans and debts, typical for the industry, necessitating frequent borrowing to import materials.
After 6 years of operation, Trung Dung Trading and Development Company Limited has operated quite well, the equity capital of the corresponding company increased slightly over the years (4.02% in 2021 and 6% in 2022) Comparing the average equity capital with peers in this period, Trung Dung Trading and Development Company Limited has reached more than VND 1,075,459,372 Although this is not a big number, because both businesses are quite small and located in small cities, we see that the autonomy of businesses has gradually been proven
The company has consistently prioritized prestige and aims to deliver valuable, sustainable projects From 2021 to 2022, it experienced notable growth, yet faces challenges and operational weaknesses in a highly competitive market To gain a comprehensive understanding of the company's performance, an analysis of the income statement is essential.
Table 2.3 Financial Statement of company period 2020-2022
Revenue from sales of merchandises and services rendered
Figure 2.1 Grow rate of Revenue from sales of merchandises and services rendered in period 2020-2022
From 2020 to 2022, the company's total revenue demonstrated consistent positive growth, starting at VND 2,476,599,962 in 2020 and rising to VND 2,939,842,526 in 2021, marking a 15.7% increase This growth was largely driven by the acquisition of numerous small and medium-sized projects, which attracted a significant number of partners By 2022, revenue surged to VND 4,052,672,686, reflecting a substantial increase of VND 1,112,830,160 or 27.4%, primarily fueled by larger projects The company's strategic focus on large contractors and timely identification of opportunities for significant billboard constructions in commercial centers, supermarkets, and hotels contributed to this success Their proactive approach in drafting designs and proposals for contractor approval, combined with an organized operational method and adaptability to design trends, enabled them to secure numerous orders from businesses in Ninh Binh province and its surroundings, showcasing the effectiveness of their working style in 2022.
Revenue from sales of merchandises and services rendered
44 company's net revenue in 2020-2022, it is necessary to consider the relationship between the company's net revenue and gross profit
Revenue from sales of merchandises and services rendered 2,476,599,962 2,939,842,526 4,052,672,686 Total accounting profit before tax 25,922,902 95,735,801 151,942,502
Table 2.4 Summarize Revenue from sales of merchandise and services rendered and total accounting profit before tax in the period 2020-2022
From 2020 to 2022, the company's sales and service revenue experienced significant growth, leading to an increase in net profit from business activities This indicates effective cost management during production The business has implemented a comprehensive workflow, encompassing conceptualization, design, and pricing for customers, ensuring that projects do not incur losses In the event of issues, the company promptly informs the contractor for timely repairs Notably, net operating profit saw remarkable year-over-year increases, with a 73% rise in 2021 and a 35.6% increase in 2022.
With revenue deductions, the company only recorded VND 397,535,025 in
In 2020, businesses incurred significant expenses due to customer compensation for defective products and errors However, in 2021 and 2022, these costs notably decreased, indicating that companies have learned valuable lessons and are now prioritizing quality in their production processes This shift reflects a positive trend, as businesses are becoming more cautious and focused on maintaining high standards, which enhances their reputation and supports future growth.
The cost of goods sold (COGS) by businesses has experienced consistent fluctuations over the years, with a notable increase of VND 468,037,221 (20.15%) in 2021 compared to 2020 In 2022, COGS surged by VND 1,086,582,963 (31.8%), reaching VND 3,409,058,559, largely driven by a rise in product consumption This upward trend in COGS reflects positive commercial operations within the organization; however, the high cost continues to significantly affect the business's after-tax earnings.
Gross profit from sales of merchandises and services rendered
Gross profit from merchandise sales and services rose significantly due to a revenue growth rate that outpaced the increase in the cost of goods sold Specifically, gross profit surged from VND 224,626,562 in 2020 to VND 617,366,930 in 2021, and further to VND 643,614,127 in 2022 This data reveals that the growth rate of gross profit exceeded that of revenue, demonstrating effective management of costs Trung Dung should capitalize on this strength to drive higher profits in the future.
Causes
There are many causes from within the business itself that need to be clearly recognized:
In recent years, businesses have been hesitant to invest in long-term assets due to a limited workforce and the extensive time and effort required for hiring and training new employees Consequently, companies have only experienced a moderate and adequate burden regarding staffing during the three-year period from 2020 onward.
In 2022, businesses face a choice between utilizing external tarpaulin printing services from reliable clients or investing in additional machinery and equipment This investment requires firms to enhance their expertise, increase financial expenditure, and hire more employees.
The company maintains a significant amount of cash and cash equivalents, which are considered highly liquid but ultimately unproductive, leading to missed profitable investment opportunities This results in after-tax profits that represent only a small portion of total assets or equity, causing profitability targets to remain unmet Additionally, the high debt ratio of large businesses stems from their reliance on borrowing and advances from various suppliers to fulfill customer demands.
High inventory turnover presents a challenge for companies in managing storage effectively To ensure readiness for immediate use, businesses must maintain samples and materials that align with industry demands However, utilizing distributor samples for promoting new products can lead to significant waste.
The reason for the company's long collection period is that the company does not have enough manpower to monitor debts and prompt payments closely, in addition
Customers are becoming increasingly inactive in their payment habits, particularly in the construction industry, where large payments can be challenging To accommodate this, businesses often offer flexible payment options, allowing customers to split their debts into manageable amounts.
Despite the growth rate of net revenue outpacing profit after tax, businesses often fail to implement adequate prevention plans for potential issues like errors and damages, impacting overall profitability.
It is difficult for businesses to borrow capital to expand customers because it is quite difficult to mobilize more credit sources
Enterprises have not received effective support from credit institutions in planning business plans and understanding the market
Many businesses fail to effectively engage with their entire customer database, often concentrating solely on their target audience This oversight neglects the potential of numerous other customers who may place orders in the future.
Business owners' leadership abilities and needs remain limited Therefore, the staff is not really elite and capable of high dedication
An analysis of Trung Dung Trading and Development Co., Ltd reveals that while the company has made progress in its business activities, overall efficiency remains low The organization has experienced both achievements and limitations, highlighting the need for management to leverage successes and address challenges By tackling these issues, we believe that the company can enhance its production and business efficiency, paving the way for future expansion.
Solutions and recommendations to improve the efficiency in business activities of
Company development strategy
The company is still considered a small business, in order to develop further, businesses need to have appropriate development orientations as well as propose solutions to their problems
Trung Dung Trading and Development Company Limited plans to expand its operations by venturing into the production of picture frames and illustration materials, leveraging its existing experience in constructing various types of billboards The company acknowledges that sourcing raw materials poses a significant challenge in this industry, prompting efforts to find diverse suppliers that can provide a range of designs and materials Maintaining high-quality standards to meet customer needs remains a top priority for the company.
To enhance customer service and meet client needs effectively, businesses must prioritize positive experiences for current clients and offer fair warranty policies, especially for those making single orders Additionally, major companies should implement competitive pricing strategies for frequent orders For newcomers to the industry, leveraging existing customer relationships serves as a powerful marketing strategy Furthermore, to expand and remain competitive, firms must actively seek out new consumer groups.
Enhancing employee sales skills and management effectiveness is crucial for maximizing product consumption while minimizing labor costs In the near future, our objective will focus on stabilizing personnel and fostering a strong sense of responsibility among each team member.
The strategic objectives of the company are:
- Striving for 2023, the company's revenue will increase by 10-12% compared to 2022, ranging from VND 405,267,268 to VND 486,320,722
- Maintain solvency at a stable level
Balance investment in assets, avoid excess investment without bringing profits
- Establish effective borrowing policies to take advantage of financial leverage
- Improve management capacity, stabilize human resource structure, promote all resources to improve competitive efficiency for the company
- Building positive morale, professional and skill training for employees is also a goal that is being targeted.
Recommendation to improve the efficiency in business activities of Trung Dung Trading and
To achieve long-term success, businesses aim to maximize profits while minimizing costs A reduction in costs leads to increased profits and improved operational efficiency Since the cost of goods sold (COGS) constitutes a significant portion of total expenses, any changes in COGS can greatly affect overall costs Given the trend of rising COGS during the research period, it is crucial for the company to implement strategies to minimize these costs effectively.
-Create good relationships with suppliers, especially close partners to be able to negotiate with reasonable prices for input materials
When selecting the best supplier for an order, it is essential to compare prices and quality among different suppliers This comparison not only aids in making an informed choice but also establishes a foundation for effective price negotiations with the involved parties.
To minimize the cost of goods sold, it's essential to negotiate trade discount policies with suppliers effectively Proposing a lower trade discount rate than usual can establish a foundation for long-term cooperation, ultimately benefiting both parties in the business relationship.
-Minimize risks in the process of transporting goods by finding and selecting transportation companies with high reputation and long experience in transporting bricks and other building materials
3.2.1.2 Investment solutions in production technology
Technology significantly impacts nearly every industry, enhancing productivity and reducing employee stress However, many businesses are complacent with their current capabilities and hesitate to invest in new machinery, which can be a major drawback Investing in modern equipment not only improves manufacturing efficiency but also enables companies to supply printed materials to advertising agencies This strategic move is essential for fostering business growth, expanding client databases, and lowering operational costs.
Many companies are currently facing high inventory levels, which hampers their capital and limits their ability to invest in growth and technology The bulk of this inventory consists of durable products like iron, steel, aluminum sheets, and decal paper, while more perishable items like plexiglass panels and LED lights risk deterioration, potentially increasing costs and waste To sustain operations, businesses need to take proactive steps to reduce inventory and recover capital, which will also minimize the need for additional loans.
73 inventory and inventory maintenance and preservation costs, helping businesses use interest costs more effectively
The materials in the warehouse have a variety of designs, but each customer has different requirements in design and products, so businesses can implement ways to consume goods faster
Businesses must consistently assess and categorize their inventory quality, as maintaining poor-quality products incurs higher costs, necessitating lower pricing Regular inventory audits are essential to monitor the quantity and type of items in relation to market price fluctuations, enabling businesses to visualize their inventory value and make timely capital recovery decisions Implementing a trade discount program for high-quality goods and educating consumers on suitable materials can enhance sales While revenue may not always meet expectations, businesses can still recover costs through cash flow and inventory turnover.
To encourage customers to pay earlier, businesses should implement payment discount policies that offer incentives for prompt payment upon completion of assignments It is essential for companies to carefully calculate the discount rate to align with their break-even point and profit margins While the financial cost of offering discounts may exceed that of paying interest, the benefits of receiving payments sooner enable businesses to expedite operations such as importing goods, covering labor costs, and managing interest payments Consequently, this strategy enhances the capital turnover cycle, leading to increased operational efficiency and higher profits.
To enhance certainty for both businesses and customers, making a deposit is a viable option The deposit amount should align with the business's break-even point, necessitating a thorough analysis of individual material costs, labor expenses, and implementation time prior to establishing rates.
To achieve a break-even point of 74, the firm plans to minimize losses by maintaining a minimal deposit and ensuring sufficient cash flow for purchasing supplies Profit recovery will occur upon project completion However, businesses often struggle to secure bank loans, and without immediate capital, they risk missing out on revenue opportunities, ultimately leading to a decline in their operations.
3.2.1.5 Increase the size of business capital
Recent assessments indicate that businesses can significantly boost revenue by investing in machinery, labor, and materials while also expanding their customer base To effectively convert inventory and receivables into cash for importing goods, companies must enhance their capital through two primary methods: securing bank loans and attracting investors or shareholders to contribute equity.
Businesses can now secure bank loans using their operational addresses as collateral Many favorable loan options are available for enterprises, allowing them to benefit from quick repayment capabilities and instant funding This accessibility enables businesses to effectively expand their capital and scale operations.
3.2.1.6 Improving the quality of human resources
To enhance labor quality, businesses must consider increasing salaries and recognizing outstanding employee contributions, as the cost of salaries remains stable and competitive in the market The human element is vital for any organization, making training and improving workforce standards essential Companies should prioritize hiring skilled primary workers at higher salaries while employing sub-workers and apprentices at lower wages This strategy enables primary workers to mentor and train less experienced employees, ultimately reducing overall operational burdens.
To foster a positive work environment, businesses should prioritize employee well-being by providing comprehensive social insurance and organizing events such as closing parties and birthday celebrations These initiatives not only boost morale but also help alleviate stress among employees, contributing to a more engaged and productive workforce.
In today's information technology landscape, businesses must effectively leverage advertising through social media and mass media to connect with customers, showcasing their products and engaging directly through sponsorships and events This approach not only helps in introducing products but also in understanding customer needs, transforming demand into purchasing power Moreover, marketing extends beyond acquiring new customers; it is crucial to focus on retaining existing ones, as satisfied customers serve as vital links to new clientele By prioritizing customer care and enhancing experiences, businesses can foster loyalty, ultimately driving increased revenue and growth.
The company's main source of revenue comes from sales and service provision
To expand its customer network, the company must not only nurture existing relationships but also proactively pursue new potential clients Effective strategies include leveraging advertising on popular social media platforms, engaging in project bidding, implementing attractive discount and promotion policies, and encouraging referrals from current customers and suppliers.
The company's management board needs to pay attention to developing business policies to diversify product groups and goods in addition to the products the
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Báo cáo tình hình kinh tế - xã hội quý IV và năm 2022 được Tổng cục Thống kê công bố vào ngày 29/12/2022, cung cấp cái nhìn tổng quan về sự phát triển kinh tế và xã hội trong năm qua Tài liệu này nêu bật những thành tựu đạt được cũng như những thách thức còn tồn tại, từ đó đưa ra các giải pháp nhằm thúc đẩy tăng trưởng bền vững trong tương lai Để biết thêm chi tiết, bạn có thể truy cập vào đường link: https://www.gso.gov.vn/bai-top/2022/12/bao-cao-tinh-hinh-kinh-te-xa-hoi-quy-iv-va-nam-
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