Culture framework: Bruce Chen
Symbio Laboratories Managing Director Bruce Chen believes culture should be measured, managed and championed as a core business strategy – creating an environment where employees can excel professionally without sacrificing life beyond work.
Despite being a constant topic of discussion in C-suites around the world, building a strong corporate culture remains incredibly difficult, particularly in larger organizations.
For Bruce Chen, Managing Director at Symbio Laboratories, the market leader in analytical testing for the food, agricultural, environmental and pharmaceutical industries, culture is treated as a measurable business strategy.
"One of the most significant cultural shifts we've implemented has been the introduction of a fairness principle across all levels of the organization, with clearly defined expectations, responsibilities and deliverables for every role," he tells The CEO Magazine.
Prioritizing outcomes rather than abstract corporate philosophies has enabled Symbio Laboratories to create a framework that gives employees a great deal of control over their working life.
"Within that framework, we give our people the flexibility to manage their own working hours while remaining accountable for measurable outcomes. This approach has unleashed a great deal of energy and engagement across the organization," he explains.
"We rely on strong strategic partnerships across all areas of the business."
In practice, the workforce is empowered to find their own ways to boost efficiency and productivity, with the business showing clear links between outcomes, KPIs and rewards.
According to Chen, the impact can be seen across the business.
"This has been a major cultural shift for Symbio Laboratories’ workforce and has contributed significantly to stronger accountability, improved efficiency and overall business performance," he confirms.
Competitive pressures
Chen is the first to acknowledge that being an effective and professional laboratory operator may not be enough to achieve high growth in a competitive environment.
"We rely on strong strategic partnerships across all areas of the business, including our customers, suppliers and capital partners. Over the past two-to-three years, we have had great success in building these strategic partnerships with both customers and suppliers," he explains.
It’s directly due to the strength of these relationships that Symbio Laboratories has reached organic growth of more than 18 percent per annum, with the company continuing to seek out suitable capital partners as they explore opportunities in rapid diagnostic testing capacity in molecular biology.
Facing a backdrop of increasing competitive pressures, Chen has made the decision to not get caught up in often intense price wars and instead focus on offering quality and serviceability.
"For example, we have continuously worked on improving our turnaround time for routine testing to better meet customer demands," Chen adds.
Attracting new talented and committed staff is another challenge for Symbio Laboratories. By taking a more proactive approach, Chen is working to develop internal staff and build out a management pipeline.
"In fact, you will find that many of our managers are relatively young, reflecting this approach," he says.
Intentional expansion
Chen sees the greatest opportunities for Symbio Laboratories to be in China. But rather than rushing into the Chinese market, which can prove to be extremely complicated for the firms that don’t fully prepare, he and his team have spent time identifying the right entry point.
"As a result, we have now commenced the establishment of our first laboratory in Guangzhou," he says. "Our intention is to build approximately 25 laboratories over the next five years across major capital cities in China."
After deciding to part ways with a capital firm to become independent, the company has refocused on strengthening and growing its Australian operations. Now, Chen is able to execute a business strategy on his own terms.
"Importantly, our long-term vision remains unchanged," he affirms.
"When we keep trying and become excellent in what we do, financial outcomes naturally follow as a by-product."
Learning from experiences with previous partners, Symbio Laboratories is decidedly more cautious and selective when it comes to finding the right partners.
"One of the common grounds we may explore is the future IPO of the company, which can help ensure alignment between both parties’ long-term goals," he says.
As he looks back at his journey and ahead to the future, Chen believes that a great deal of success has come from being passionate about his work, maintaining perseverance and being prepared to commit for the long term.
"When we keep trying and become excellent in what we do, financial outcomes naturally follow as a by-product," he concludes.