Mid-2023 Management Report
26 June 2023 @ Starbucks Susco square
Executive Summary
GIPSIC faced a huge challenge ever
Root causes has been analyzed including lack of team management / business process or poor estimation.
Some action has been taken to confront the problems
We did a big move to lean the organization, reduced cost, and cut off no-return investment.
Big amount of debt occur after the crisis
We need to manage and prioritize the order and importance of them to minimize the cost of capital.
There's a new normal and some number we are proud to reveal.
We do our best to survive the crisis, it sets new way of working and it seems to work evidenced by half-year performance.
Opportunities are raining down to us
Connections we have lead many opportunities to us but we have limited resource and capability, so the well-analyzed decision need to be made and that need advise from Board of Directors.
What happened in 2022
Reach 11 Members
In order to reassure customers that we have enough people to handle the work.
Finally 7 Members
There've been resignations & new members recruited for future projects.
4.00M Revenue
Started selling solutions that involve hardware, and received a significant amount of projects from CPN.
6.28M Expense
The majority of the funds are allocated towards office rent and employee salaries.
What did we do
- Space
- Manee
- Thai Floating Bridge
- NORTIS - SITRON Website
- AutoV
- Booking 2.0
- SPMS
- Ampas
- Cado (Murata)
- Paradise Park
- VGI One from 2021
- CPN P2P
What happened in 2022
Bigger team in wrong time
The expansion of the team and workplace without proper preparation is a major factor contributing to significantly higher expenses.
One man show
Lack of business workflow and team management results in project failure.
Wrong estimation
The team is unable to deliver the work at all.
2,000,000 thb fine
1,440,802.70 thb fine
Total Fine : 3,440,802.70 THB
What happened in 2022
Total Debt : 4,305,500 THB
What happened in 2022
How we address them
Too large team -> Laid off 4 employees = 110,000 THB/m. saved
Due to the company's lack of projects and insufficient revenue to cover expenses, it was necessary to lay off employees in positions that were unable to generate income.
Need to pay for laying off = 229,676 THB in Total
To terminate the employment of 4 individuals, we are required to provide them with compensation that is determined based on the duration of their tenure with our company.
Too expensive workplace -> Moved the office to Co-Working Space
= 100,000 THB/m. saved
Due to the high and oversized office rental expenses, we have decided to relocate the office to a new location.
Excessive office equipment -> Sold the office equipment.
= 155,251 THB revenue
Due to the excessive amount of office equipment and insufficient storage space in the new office, we have decided to sell the office equipment.
What we are doing...
Get project from the network "P'Ko" CEO of Konsys
Get a call from N'Pat while having launch with team @ SukiShi on 6th Jan to migrate Synphaet's website.
Learn all the skill we don't have from "Senestia"
After getting new website project from Senestia, they are recruiting Senior Software Engineer, Wisit was sent into interview process and got a deal of 7500THB/day. out-sourcing contract till end of Aug 2023. Not only the constant revenue, joining the Senestia team give us the opportunity to learn from then in all aspect of what software company should do e.g. team management, project planning, recruiting process, and much more. Moreover, we got many new-field extra project from there too.
Complete all CPN on-going project and get away...
There're some pending project with CPN to complete and get paid then we have to end business with them due to the penalty regulation. However that's just what should be officially, in fact, we still have a good, even not strong as it was, relationship with the staff team to feed more project to us indirectly via the nominees.
Expanding the business network to acquire new projects
Many relationship from the past works are giving its return ! With the shinning skill of GIPSIC team and flexibility that makes partners feel comfy to work with, bring us many opportunities...
GIPSIC numbers : First-half 2023
Total Earnings : 3,139,251 THB
GIPSIC numbers : First-half 2023
Total Debt :
4,305,500
3,381,321
GIPSIC numbers : First-half 2023
Total Fine :
3,440,802
1,400,000
GIPSIC New Power
Network Connection
Ko, Nattawut Sudprasert
CEO, Founder of Konsys & Senestia. Software house companies leverage strong connection with big name of financial & healthcare.
Diw, Pasin Junchusri
CEO, Founder of Konsys & Senestia. Software house companies leverage strong connection with big name of financial & healthcare.
Chan, Chanvadee Wattasanti
Head of sale of ChillPay, a fast grown payment provider in Thailand. Leading a project that need custom integration with ChillPay.
F, Government Lobbyist
A strong connection middle man, deal in the Government organization's projects. Introduced to us by ChillPay.
Can expect 1 or 2 small projects from him this year.
New Business Partners
New-field Portfolio
- Install CCTV
- Install Door Access
- Install WIFI System
- Lighting Analysis
