The means by which the company could enhance its public perception are countless, having however the downside of requesting sustained financial investments.
A first means by which the new leading team could implement change and improve the companys perception is that of developing and implementing strong media campaigns. These campaigns would be constructed on the visionary ideas of the late Don Ruiz and would point out the benefits of the healthier products obtained through biotechnology. These campaigns would have a twofold benefit in the meaning that they would, on the one hand, familiarize the public with the company and improve its reputations, but on the other hand, they would also familiarize the customer base with the products, generating as such increasing levels of demand for the Gene One products and services.
The second means by which Gene One could enhance its public perception is that of becoming more involved in the well-being of the communities in which it operates. Some examples of how the biotechnology firm could gain not only the acceptance, but also the praises, of the community is that of allocating funds to social endeavors. The company could for instance offer sponsorships to local social events such as celebrations or sporting events. They could also offer grants to highly skilled young pupils who do not have the material possibilities to continue their studies.
(3) Attention to financials
The next change to be implemented is that of an intense focus on the financial characteristics of the business. This change is to be implemented at two stages. The first stage revolves around a practical application of the concepts of cost efficiency. This basically means that Gene One will have to look at the budgets allocated to each individual department and then assess them in light of the results and importance of the respective department.
The general aim is that of reducing costs and increasing the volume of the liquidities, in order for the company to reveal increased abilities to pay its short- and long-term obligations.
In order to increase the levels of cost efficiency, changes should be implemented in the nature and quantity of the employee invoices deducted. Also, hiring process should be delayed, unless absolutely necessary. In the context of the human resource, it has to be mentioned that the adjacent investments should increase as it is necessary for the employees to be motivated and engaged in the change process, otherwise the company will not be able to achieve its desiderates. As a parenthesis, it is compulsory for the new managerial team to invest more time and resources in the creation and strengthening of a corporate culture that recognizes the employee as the pivotal link to organizational success. Returning to the financial efforts however, the profit margins could be reduced and the contracts with the purveyors could be renegotiated in order to reduce the retail prices of the commodities purchased.
The second aspect of the financial endeavors refers to the treatment of the financial statements. A major change has to intervene here in the meaning that the documents have to be fully completed and reliable, containing all important information. It would be useful to hire more financial specialists to help with the documentation and editing of the SEC filling, the annual reports, the internal audits and so on.
Zimmerman, M.A., 2008, The Influence of Top Management Team Heterogeneity on the Capital Raised through an Initial Public Offering, Entrepreneurship: Theory and Practice, Vol. 32