“When the boat sets out to sea, it is likely to encounter storms. The challenge is learning to control the boat when that storm comes,” says Phuong Uyen Tran, Deputy CEO of Tan Hiep Phat. However, those storms can be navigated successfully by understanding the following principles.

Phuong Uyen Tran, Deputy CEO of Tan Hiep Phat (Photo: Phuong Uyen Tran)

Improve working methods

How you conduct business today may need to change in the future. This doesn’t mean the mission, vision, and values your business is built on will change. Instead, improving methods means always re-evaluating your corporate strategy and the approach you take to the four “Ps” of the marketing mix: product, place, promotion, and price.

It means investing in research and development to anticipate what customers will want next or to offer them something they didn’t realize they needed. It can also mean looking at how your company culture is operating and ways to increase the satisfaction and productivity of your employees.

Evaluate processes and how to make them better

As you grow and meet demand, the actual processes required to produce your product may need to transform and adapt.

"Around the time my father introduced aseptic technology in 2006, he also began thinking about how to improve his warehouse management. The company had become a lot bigger, but warehouse management had not kept pace. There was a huge amount of inventory that had not been counted for many years - and there was no rhyme or reason to where it was being stored," the businesswoman writes.

"We knew we needed to improve processes in a number of areas including safety, efficiency, and overall layout in order to expand. In the end, we made decisions that were appropriate for that specific location and for others that would be added. Processes will need to change as it grows, even if the traditional approaches were successful."

Phuong Uyen Tran, Deputy CEO of Tan Hiep Phat (Photo: Phuong Uyen Tran)

Integrate technology

Integration of technology into your business is inevitable. Determining how and what to implement is what needs to be continually addressed.

According to Phuong Uyen Tran, her father always knew as THP got bigger it would only be able to compete with the multinationals by deploying the same or better technology. Deploying technology can and will always feel like a bold investment. If not done strategically, it can be a source of financial and operational stress. However, if leveraged correctly, it can be a strategic differentiator amongst competitors and make things more efficient internally.

Put customers first

"Growth has always been vital for Tan Hiep Phat (THP), but our customers come first. These two priorities always have a direct relationship; when we are good to our customers, our company grows and succeeds. That is why customer satisfaction is first among our core values," Phuong Uyen Tran wrote in her book "Competing with Giant”.

In each of the core elements of marketing—product, place, promotion, and price—the customer should be the prime consideration. However, many companies that grow to the level of multinationals seem to forget the importance they once placed on the customer’s needs and feedback. In Phuong Uyen Tran's perspective, due to their appreciation toward customer insight, many local businesses have an advantage over these global giants.

"Regardless of your industry, whether it be business-to-business or business-to-consumer, maintaining your relationships with existing customers is more beneficial than acquiring new ones. A recent Forbes article touched on this very point," says the Deputy CEO.

Phuong Uyen Tran at a conference (Photo: Thanh Nien)

In conclusion, careful consideration of how investing in your company’s processes, methods, and technology can help you prepare to successfully operate in the future. Meanwhile, if companies lose sight of the fact that they operate to serve the customer, they lose the meaning of their existence.

Started working at Tan Hiep Phat in 2004, now Phuong Uyen Tran is the Deputy CEO of the Group. Contributing to running her family business to one of Vietnam’s leading beverage companies, being a Forbes published author, Phuong Uyen Tran is a model of success in Vietnam.

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