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Strategic Planning and the Importance of the Consultation Process

3124 words (12 pages) Essay in Business Strategy

08/02/20 Business Strategy Reference this

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Contents

Introduction

Task 1

Task 2

Professional behaviour

Ethical behaviour

Socially appropriate behaviour

Culturally appropriate behaviour

Task 3

Reflective Journal

Strategies to improve strategic stakeholder relationships for enhanced organizational performance

Acknowledgement for reflective journal

Task 4

Task 5

Strategic Objectives

Conclusion

References

 

Task 1

b. Stakeholders are the members who are closely affected by the activities of the business organization. The two groups of stakeholders discussed below include employees and shareholders.

1)     Employees (Internal Stakeholder)

I have consulted with the Internal Stakeholder in form of employees. Employees consist of both the management and subordinate staff. They form a major segment in the day-to-day activities of the business to help in profit making and survival of the business in the long run. The main concern of this group is continued existence and progression of the business since they are directly dependent on the company since their jobs are attached to it.

2)     Shareholders (External Stakeholder)

Another consultation process was being taken by the External Stakeholder as shareholders. Shareholders form the ownership of the organization; the main concerns of shareholders are aimed at share price maximization, growth in dividends and development of share values (Adams, 2017).

c. The process of consultation in organizations is to mainly create value for stake holders; this process enables the management of Armour Guard Services to understand the expectations and needs of the stakeholders to work on achieve the same.

I have consulted with both the internal and external stakeholders of the company by our Academic Mentor’s permission. The channel of communication in this process was formal and informal. An important role was to invite stakeholders to render their advice, criticise or provide feedback on the choices and decision making mechanism of the business entity. This process was held through online and offline surveys, open meetings, focus groups and informal meetings. The main motive of this process was to get necessary strategic objectives of the company. These stakeholders let me know that how our company make objectives and plans to introduce new customers and for the goodwill of the company. The implementation of plan after consultation with related members in order to receive a successful result (Leoisaac.com, 2018).

Task 3

Reflective Journal

Businesses are turning more consumers centric with the active participation of stakeholders in public sector companies to efficiently design their sequence of activities to suit the need of the hour through their policies and planning. The ideology of manifold stakeholder sessions before making decisions in an organization has gained popularity over the years. This gives rise to demographic deliberation which states that the central decision making authority is broken-down to collectively arrive at a decision which is equally advantageous for all groups (Sami Mahroum, 2018). The process of consultation with the stakeholders helps to create brand values and stands as a mode to receive feedback for the chosen plan. The process consists of planning, process, presentation and promise.

I have initiated the consultation process with the need of depth or breadth or a combination of both factors. With the help of Work Integrated Learning, on 29th September and 31st September, I have consulted with the company’s internal and external stakeholders. Focus groups and individual depth interviews were conducted for the purpose of depth whereas surveys were conducted to study breadth. Stakeholder consultation has gained much importance in both public and private sectors to establish good relationships with the members of the organization; this enables long-term growth and survival of the business (Morgan C.-A. , 2018). I have analysed the stakeholder’s objectives to know their level of interest and influence to choose the manner of communication with particular groups. Engagement processes were more effective when the organization establishes clear vision and goals. I used technology to create digital means of communicating with the stakeholders ensures more feasibility for both the members as well as the organization. The significant benefits of this process were risk management, innovation, social accountability and positive disclosure of facts to its concerned people. On the other hand, there were several factors which act as barriers to this process like lack of skill, strategy and focus since too many members are given the power to involve themselves in making decisions. (Sustainet, 2017).

On the whole, this activity helps me to link a gap in perception between parties. The key lies in striking a balance between the level of deliberation and autonomy maintained by the company. Here, the heterogeneous groups appear to be less focused and mixed in their thoughts whereas homogeneous are more committed and associated with the firm.

Strategies to improve strategic stakeholder relationships for enhanced organizational performance

The project manager plays an important role in building and strengthening a good relationship between the stakeholders and Armour Guard Services in order to create a long-term and trust-worthy relationship. This results in forestalling potential problems and effectively planning activities to meet customer expectations.

1)     Taking responsibility of actions

Armourguard firm takes responsibility for its decisions and actions; stakeholders appreciate this action by the leaders and managers which displays the state of maturity and level of responsibility held by the operating members which in turn helps in effective decision making and feasible solutions to tackle problems faced in the future. This makes the organization to keep up to its words.

2)     Maintaining positive attitude

Positive attitude is always essential at all times in Armourguard as activities might not take place the way it was anticipated. Positive attitude shows confidence and determination and portrays that the company stand any sort of challenges which come against in the future. This makes the organization to have the big picture and stay away from ‘ego feeders’.

3)     To understand before understood

Making efforts to hear out to suggestions and feedback engage in relationship building as well as help the organization to restructure its plans to suit the need of the hour in a more effective manner. This builds a team which is more open and there is knowledge sharing among the members.

4)     Revealing honest project progress

Managers are honest in the company in revealing the real status of the project which arises out of good trust between the members. Misinterpretation of results tends to ruin trust and the company has chances of losing its stakeholders under such a situation. Being honest to reveal the actual situation helps in the inflow of more suitable ideas by the stakeholders for the overall growth and sustainability (Jager, 2018).

Task 4

b. The above mentioned strategies are implemented in the day-to-day activities of the Armourguard business. Honesty was implemented by training all staff members to carry core values in every action that they do to be more professional in their approaches.

In addition, the organization was open to feedback by having easier means by which members could approach the management. The website can incorporate a section to share feedback or queries for the betterment of business practices.

I have implemented the strategy ‘positive attitude’ by consulted with my manager and the stakeholders and got the best results out of it. Responsibility has been implemented by showing the actions and by taking the decisions in regards of leaders and managers. Suggestions and feedback implemented for the goodwill of the firm that how do they plan and control in an effective manner.

c. Internal stakeholders include the members who participated in the functioning of the organization. I established a closer connection with the firm by following up on planned actions to achieve anticipated outcomes. Internal stakeholders include employees, managers, investors and board of directors. External stakeholders are the members who engage themselves to contribute their views and experiences to assist in decision making. With the performance of the business, I have presented the statistics to develop the strategic business relation. The performance included consumers, suppliers, investors and regulators.

To run the business smoothly, I have maintained strategic business relations with both parties. Internal stakeholders can be managed by effective and open communication at all levels; the business entity was accessible for the stakeholders to hear out to them. The organization can implement an internal calendar to define their events which also helps in easy reporting to the stakeholders. External stakeholders can be kept engaged and connected with the business by giving them certain degrees of responsibility.

Task 5

Strategic Objectives

The below mentioned objectives can be implemented as strategic objectives against organizational goals.

1)     Growing shareholder value and earnings per share

The most important objective of any organization must be to improve its shareholder value and grow its profits and earnings. The earnings will grow only if the company performs well.

2)     Providing solutions by partnering with customers

This objective works on acting as a reflection ofthe customer’s choices, to design solutions based on specific needs of clients. This enables customization which makes the services unique and easily adaptable by clients.

3)     Investing in customer management

Customer management covers relationship management, creation of opportunities and managing those opportunities with the clients. It works as a framework to position Armour Guard Services Private Limited in the market with the help of right marketing activities and right customer interaction.

4)     Building high-performing work teams

The teams must be more open to encouragement to push their limits further. The core asset of Armour Guards are constituted of its people, they are mandated to enhance their performance to serve their clients better.

5)     Developing leadership and potential of team members

This objective is important as it builds the potential of the work force. The recruited team members need to be trained and moulded into good leaders in order to enable them to take up their challenging job roles.

6)     To attract and retain best talents across the country

The organization needs to look forward to attracting the best talents to build an efficient team. This is resultant of plans made in order to understand the need and requirements of work force (Jackson, 2017).

b) Armour Guard Security Limited aims to provide the right security service to suit the purpose. The core values followed by the organization are Customer Focus, Performance, Innovation and Responsibility (Armourguard, 2018). The goal of Armour Guard Services is to be a leading security service provider throughout the country by religiously following:

– The core values of customer focus

– Innovation in technology.

– Responsibility and performance.

Conclusion

The report emphasises on the need and importance of consultation process conducted in an organization as a purpose of engagement between the business and its people. The people are internal and external stakeholders who are directly or indirectly affected by the business activities. Armour Guard Services need to implement strategic consultation processes which are designed out of its core values to enrich the engagement program. These factors help in establishing healthy relationship to help in the long term growth and survival of the business. The values of honesty, integrity, responsibility, communication and reliability must be fundamental values to create an environment to suit the needs of all groups of stakeholders and the business organization as a whole.

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