Promote Collection of Customer Receivables.

It is necessary to collect and investigate information about the market and competitors. The more markets a business can expand and the more products it consumes, the more it contributes to improving the business efficiency of the business.

Continuously change the product designs to meet the diverse needs of customers. New designs must be designed based on market research results to suit the needs and tastes of customers in each region.

To build a reasonable pricing policy, it must be associated with each stage and goal of the business strategy, the product life cycle for each market area and each customer segment.

It is necessary to focus on the issue of quickly consuming finished goods inventory, otherwise it will have to sell goods at the same price, have to cut losses, in order to be able to quickly recover. Go into inventory management: it is necessary to strictly manage the workshops, due to the epidemic situation, the economy in general as well as the company in particular are implementing production management according to the 3K on-site principle, it is necessary to divide the labor flow to ensure that the production process is continuous and avoids interruptions. This is the basis for helping the company increase market share, increase influence, and increase financial ratio. Increase the time of use of production equipment by increasing the actual working time of the machine in accordance with the design standards, improve the efficiency and quality of repair work, implement a two or three shift working regime per day, overcome seasonality in production, and ensure that production equipment works regularly throughout the year. Improve the capacity to use machinery and production equipment by applying new technical measures, improving technological processes, organizing production in a chain and specializing, improving the quality of raw materials...

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It is necessary to review the trade credit policy for customers during the difficult epidemic period, the company needs to strengthen the connection.

between customers and themselves to ensure the product consumption process (specifically: increase their advance payment rate by 10%-30%

Establishing a marketing department, promoting market research: The more the market economy develops, the more marketing activities play a decisive role in the success or failure of the business's production and business activities in the market. Therefore, improving the effectiveness of marketing and market research activities is the goal that businesses aim for. The effectiveness of this work is improved, meaning that businesses can expand more markets, consume more products, contributing to improving the business efficiency of the business. For marketing activities to be truly effective, there must be close coordination between people in charge of different areas, requiring each person to understand their own tasks and the common tasks of the whole department. Therefore, employees must be qualified, knowledgeable about market research, and experienced. The marketing department is responsible for collecting and investigating information about the market, competitors, etc.

Building a product policy: To build a reasonable product policy, first of all, the enterprise must rely on the results of market research, analysis of the product's price life cycle, analysis of demand and the competitive situation in the market. A product policy is considered correct when it helps the Company produce and export products with quality, quantity, and prices accepted by the market, ensuring the company has certain consumption, profits and expanding the consumer market, enhancing the reputation of the company's products. For the company in the current stage, it is necessary to implement a product strategy. It is necessary to constantly change the design of goods to serve the diverse needs of customers. New designs must be designed based on the results of market research to suit

suitable to the needs and tastes of customers in each region. In addition, we should focus on products that not only meet the needs of the regional market but can also meet the needs of many different levels.

The company needs to restructure its investment capital, focusing on investing in key projects with high feasibility to improve the efficiency of investment activities. Improve relationships with raw material suppliers - close relationships with each supplier and customer will strengthen the supply chain and support inventory reduction. Eliminate or reuse old warehouses - reduce the direct and indirect costs of storing obsolete inventory by eliminating them. Reduce supply time from suppliers - with just a few small changes from deciding how much to order to match market supply and demand.

The company can solve the problem of overstocking by ordering more moderate quantities and more frequently. This helps manage cash flow better and keeps inventory levels lower. This will help the company not be burdened with obsolete inventory if business changes.

3.2.4. Promote the collection of customer receivables.

With the Corona 19 epidemic situation in the past two years, many businesses have suffered many disadvantages because their customers are slow or reluctant to pay their debts. The jobs of employees as well as the existence and development of businesses depend heavily on the debts due and the loans that businesses lend to customers. To avoid this situation, the company must have reasonable methods of managing receivables.

Require customers to sign an agreement that stipulates that payments must be made on time and clearly states the penalty the customer will incur if they pay late.

slow payment. Always keep all your transactions and contacts with customers such as emails, letters, calls, etc. in the form of documents. This is very necessary for the company when the epidemic situation is still very complicated.

Evaluate and seek to improve the processes involved in receivables efficiency. There are essentially three processes involved in receivables: remittance, customer credit management, and debt collection.

Proactively contact customers early to work on receivables instead of waiting for invoices to be due. This not only helps the company manage receivables well but also maintains good relationships with customers.

For bad debts such as bad debt, overdue debt, to reduce possible risks, appropriate measures are needed such as: selling receivables to debt trading companies, stopping the supply of goods and services for new orders.

When collecting debt, the Company must make sure it is talking to the “right person” – the person who has the power to make the payment decision.

Having appropriate sales policies such as: Discounts, payment discounts within the specified time or earlier will receive many incentives, if exceeding the specified payment time, will be punished according to sanctions and clearly stated in the contract terms before signing.

Avoid the situation of "prepaying sellers too much money" which leads to capital being occupied for too long, becoming bad debts that affect business results.

Establish metrics to measure the performance of receivables. These metrics will help company managers see and measure the performance of receivables. Companies today often use

Use the following three basic indicators to measure the performance of receivables: receivables turnover, receivables to sales ratio, and receivables aging. These indicators need to meet three criteria: consistency, standardization, and must be communicated and understood by relevant departments in the company.

Here are some suggestions for effective management of receivables. Effective management of receivables not only improves working capital and cash flow but also helps businesses build good relationships with customers.

3.3. CONDITIONS FOR IMPLEMENTING SOLUTIONS

3.3.1. On the part of the State and functional agencies

The State needs to create a healthy business environment, a stable and safe macro-economy to promote the operational efficiency of enterprises and foreign enterprises operating in Vietnam.

The State needs to have a standard forecasting system for market situations and loose policies to create conditions for companies to promptly propose their business plans and operational plans.

In addition, state administrative reform is still an issue that needs to be resolved, contributing to the health of the national administration. It will bring efficiency to society: saving the budget, saving money, time and effort for the people.

The government must have many measures to stabilize the macro economy to create conditions for the Company to operate safely and effectively. Develop policies to strengthen the cohesion between businesses in the same industry to support and complement each other to be competitive enough to participate in a large market.

The State needs to organize auditing work, because it will create a healthy financial environment for businesses, create an accurate information system to provide to those interested in the financial situation of businesses, besides, it is necessary to build a system of general indicators of the industry and the economy to use as a basis and standard to accurately assess the financial status of businesses in comparison with businesses in the same industry, with the general economic development momentum is very necessary.

3.3.2. On behalf of Tan Truong Son Import-Export and Construction Joint Stock Company.

During the current period of being affected by the Covid 19 pandemic, the company should establish a team of experts to serve the business planning to better meet the needs of production scale and market expansion in this time of epidemic and fierce competition. Implement stable production, develop business activities according to the strategies and goals set out.

The company needs to improve the quality of its rolling doors, which are its main products, and further strengthen product design. At the same time, diversify products such as aluminum trading, repair, equipment supply, etc. flexibly according to market demand.

The company needs to further strengthen the collection of money from branches, agents and stores to avoid the situation where the company has difficulty in collecting debts. In addition, it needs to further strengthen the management of inventory to avoid too much stagnation.

Strengthen marketing activities and establish a distribution channel system in the market. Currently, the level of awareness of the BossDoor rolling door brand in the Hanoi market has also gained a foothold, with a fairly nationwide coverage.

high but cannot be neglected because now there are many brands of rolling doors, construction materials penetrating the domestic market, so the company needs to have a suitable strategy to be able to reach more consumers. In the Vietnamese market, the company's door products are highly appreciated in terms of quality and appearance... However, although the company's products are of good quality, there is not much difference with the products of competitors in terms of product appearance and product appeal or a special factor that attracts consumers' choice. Besides, the company can grow through association by associating with competitors to overcome weaknesses and reduce competition between companies.

3.3.3. Other recommendations

Through research and study of the financial situation at Tan Truong Son Import-Export & Construction Joint Stock Company, I would like to propose some recommendations as follows. However, my recommendations are for reference only because my vision is limited and my practical knowledge is not much. I hope my recommendations can be of some help to the company's upcoming plans.

The company needs to build cooperative links between businesses in the same industry. A sad reality for Vietnamese businesses is that they have not yet united with each other, so the individual competition makes this young trade industry even more difficult in the face of foreign competitors who are preparing to rush into Vietnam. Therefore, it is necessary to establish a separate organization for businesses in the construction materials industry in the city as well as the whole country. In order to help each other with capital, experience as well as orientation for the industry to develop more effectively.

Building a new business strategy. Although the company's business situation in recent years has been profitable, the profit rate is not commensurate with the company's potential and resources. Therefore, the company needs to have new business strategies to exploit its full capacity. Otherwise, the company will quickly be left behind in this increasingly fierce long-distance race.

Regularly analyze and balance the financial situation. Financial situation analysis is necessarily a regular and continuous activity for businesses, not only that, it must become a general analysis system for each industry and each separate field, so that member businesses can base on it to adjust so that their financial situation is increasingly stable and suitable for the general scale of their business industry.

Many expensive lessons for the collapse of many companies do not come from ineffective business operations, but from financial instability. Therefore, a healthy and balanced financial situation will create a solid foundation for the company in the present as well as in the future.

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