Business idea : This business was to cover all the needs of the clients who need
ID: 360437 • Letter: B
Question
Business idea : This business was to cover all the needs of the clients who needed assistance in cleaning their homes because most of the clients are busy at their workplaces and their children are at home and may have made a mess of the place.
Assignment Steps
Create a minimum 1,050-word strategic objectives summary.
Include your balanced scorecard and its impact on all stakeholders, and the communication plan.
Identify key trends, assumptions, and risks in the context of your final business model.
Develop the strategic objectives for your new division of the existing business in a balanced scorecard format in the context of key trends, assumptions, and risks. The strategic objectives are measures of attaining your vision and mission. As you develop them, consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis.
Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as:
Market share
Revenues and costs
Profitability
Competitive position
Customer Value Perspective, which includes strategic objectives in areas such as:
Customer retention or turnover
Customer satisfaction
Customer value
Process or Internal Operations Perspective, which includes strategic objectives in areas such as:
Measure of process performance
Productivity or productivity improvement
Operations metrics
Impact of change on the organization
Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as:
Employee satisfaction
Employee turnover or retention
Level of organizational capability
Nature of organizational culture or climate
Technological innovation
Evaluate potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis assignment and table you completed in Week 3.
Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions including the following:
Identify potential risks and mitigation plans.
Analyze a stakeholder and include mitigation and contingency strategies.
Incorporate ethical implications.
Develop a specific metric and target for each strategic objective using a balanced scorecard format.
Example: a strategic objective in the shareholder or financial perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, "The percentage of increase in market share." The target is the specific number to be achieved in a particular time period. The target for the metric of "Increase market share" could be "Increase market share by 2% for each of the next 3 years" of an increase of 2% per year for 3 years.
Outline a brief communication plan discussing how you will communicate the company's strategic objectives including the following:
Define the purpose.
Define the audience.
Identify the channel(s) of communication and why you selected that channel.
Format your assignment consistent with APA guidelines.
Explanation / Answer
Vision and Mission Statements -- a Roadmap of Where You Want to Go and How to Get There
The first is a statement of vision. It provides a destination for the organization. Next is a statement of mission. This is a guiding light of how to get to the destination. These are critical statements for the organization and the individuals who run the organization.
A companion statement often created with the vision and mission is a statement of core values.
Once you have identified what your organization wants to achieve (vision) and generally how the vision will be achieved (mission), the next step is to develop a series of statements specifying how the mission will be utilized to achieve the vision:
STRATEGIC BUSINESS OBJECTIVE
Business objectives are the results you hope to achieve and maintain as you run and grow your business. As an entrepreneur, you are concerned with every aspect of your business and need to have clear goals in mind for your company. Having a comprehensive list of business objectives creates the guidelines that become the foundation for your business planning.
Profitability -Maintaining profitability means making sure that revenue stays ahead of the costs of doing business, according to James Stephenson, writing for the "Entrepreneur" website. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold.
Productivity Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible.
Customer Service Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization.
Employee Retention -Employee turnover costs you money in lost productivity and the costs associated with recruiting, which include employment advertising and paying placement agencies. Maintaining a productive and positive employee environment improves retention.
Customer Service -Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization.
RISK ANALYSIS
Any start-up idea will have enough risk to fill a dozen business plans. No investor expects a risk-free plan. Since entrepreneurs are optimistic folks by nature: They tend to brush off predictions of doom and charge ahead assuming they will find a way to overcome. You can often avoid the most dire scenarios with intelligent upfront risk planning. The risk analysis in your plan is to show that you've thought through risks, that you know how to plan for probable risks, and that your plan can survive when things go wrong.
Your plan can address several kinds of risk. You don't need to address every kind of risk in the book, but pick the risk categories that are most relevant to your company and include a paragraph or two about each:
Different channels of communication are:
1. Formal channel of communication 2. Informal Channel of Communication / Grapevine!
Communication can also be classified according to the degree of ceremony or formality it has.
1. Formal channel of communication:
A formal channel of communication is the means of communication normally controlled by people in positions of authority in an organization. Hence, it has also been referred to as an organization’s ‘main line of operational communication’.
All the reports, records and other forms that supply working information to various parts of an organization are included in the formal channel of communication. These channels of communication do not function automatically. A good business organisation will ensure that these are carefully planned and designed to its needs.
2. Informal Channel of Communication / Grapevine:
The informal channel of communication is often discouraged or looked down upon in an “organization, and is not officially sanctioned. It is popularly referred to as grapevine. This is because it runs in all directions irrespective of the formal structure.
The origin of the term grapevine can be traced to the way the botanical vine grew over telegraph wires, making telegraphic messages go in unintended directions. In business life, grapevine owes its existence to man’s gossipy nature.
Humans tend to speak loosely or lightly with their associates wherever they may be. Time to time they feel the need to get freed from the necessity to stick to logic or truth.
As people go about their work, they have casual conversation with their friends in the office. These conversations deal with both personal and business matters. This results in the generation of a rumour mill, which is a grapevine.
Grapevine is classified into four categories:
Single strand: Each one tells another.
Group or gossip chain: One tells all persons in his/her group.
Probability chain: Each randomly tells a number of people.
Cluster chain: Some tell selected others.
Grapevine satisfies the social needs of members, leads to more relaxed human relations (partly through the release of fantasy), serves to fill the possible gaps in the formal communication and links even those people who do not fall in the official chain of command.
Effective use of informal channels of communication:
(i) The higher authorities should ensure that employees are well informed of the working of the organisation. This will reduce the tendency for distortion.
(ii) Activities that update knowledge should be frequent. This will prevent the generation of rumours.
(iii) The higher authorities should not indulge in favouritism.
(iv) A manager should conduct regular meetings with the employees.
(v) The manager should make efforts to identify popular employees who can serve as leaders for other employees.
(vi) As far as possible, employees should be involved in the decision-making process.
(vii) Managers should not indulge in loose talk.
(viii) A manager should be a good listener,
(ix) A manager should try to get regular reviews about his style of work.
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