Strategic management is an integral concept within the organization to make goals and tying them to vision of the company which are critical when creating a roadmap to growth. A strategic plan includes solutions of potential issues as it is developed by the company (Rothaermel, 2015). The main aim of this report is to make the effective impact of strategic management on the organization as well as on individual for which this report will entail two parts. First part will cover the strategies personal development plan in which the discussion will be made on executive business analyst position. Another part is related to the presentation of the report to the board of directors which will comprise of pestle analysis to show the environmental factor and business strategy that will encourage business to grow more. At last, implementation plan will be made for the strategy so that the plan increases the expectation of the stakeholders.
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Goals |
Actions |
Outcomes |
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Broaden my skills by using new techniques |
I will use a new elicitation technique in order to evaluate the latest techniques |
It will help out to improve my skills and contribute in the development plan |
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Work in a new domain |
I will learn to work with new stakeholders |
It will facilitates to take my skills in next step |
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Strengthen stakeholder relationship |
I will make good relationship with my stakeholders and improve the troublesome relationship |
The technique such as letting the stakeholders to know more about the company and him will improve the bonding between me and them |
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Take More responsibilities |
I will pay attention to those areas which was not considered by previous Business Analyst |
It will help to resolve the current issues within the business |
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Strengths |
Weaknesses |
Opportunities |
Threats |
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Problem Solving Skills |
Lack of interpersonal communication |
Good attitude and behaviour |
High number of software developed for business analyst |
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Use of different tools such as Rational tools, Microsoft Excel, ERP systems, Microsoft Word, Power Point, MS Project |
Potential liabilities |
Increase knowledge |
Lack of potential growth opportunities |
|
Knowledge to set SMART objectives |
Lack of practical knowledge within the business |
Growing within the business by becoming loyal to the company |
Competitive intentions |
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have knowledge regarding various diagrams such as activity diagram, data flow diagram |
Emotional behaviour |
Personal growth |
Economic condition home, abroad |
Smarter goals: the role of the smarter goals is huge within the organization as it would be helpful to attain the objectives and make an effective environment in the organization.
Human resources: the role of the human resources in executing the strategic plan of mine is a massive as it helps me to perform in well-efficient manner. I would be able to get involved in the specific task of the organization.
Latest Technology: there are number of software which come in use to implement the strategies within the business and to perform my skills within the business, I would require latest technology software on which I have good control over it.
I will become emotionally intelligent to get more involvement in the strategic plan and perform in well efficient manner within the business.
It is an effective approach from which I can perform in well efficient manner and I can get back feedback from the employees in order to improve the performance of mine.
It is the benchmark which would help me to intervention with my colleagues and consider prior planning before implementing any strategy within the business.
The report will be presented below in order to bring attention of Board of Directors and CEO towards the issues and area which can be resolved to attain the determined objective of Prestigious International Consulting Firm.
There is a lot of strategic management theory that facilitates in handling the business in an efficient manner. The best use of such theories is to involve important resource in the decision making approach in order to increase the attention of the resources towards the action (Kraaijenbrink, Spender and Groen, 2010). Organization theory, system theory, contingency theory and resource based view theory are the major example of theories of strategic management theory. Contingency theory will be approached for this report to focus on the relationships between strategy, stakeholder expectations, and organizational performance (Elmes and Barry, 2017).
Contingency theory
The contingency theory is an approach which is usually situation in implementation, but it is rigorous and exacting (Sauser, Reilly and Shenhar, 2009). It is the theory that can be recognized in evaluating and developing the functional bonding between performance variables and environmental management. there are three variables of fielder’s contingency theory which are mentioned below by taking consideration of Prestigious International Consulting Firm.
Understand the internal and external factors
There are number of factors of external and internal that put influence over the position of the company. It is necessary for the organization to draw attention towards this factor as it is the major cause of losing control over the market share and the employees. it is the factor that include size of the organization, latest technology and the strategies adapted by the company to bring change within the company.
Acceptance of the leader
The contingency theory helps out to insight the view of the employees towards the acceptance of the leaders. According to the contingency theory, it is integral for the leaders to have the skills in making good relationships with employees. Moreover, the contingency theory management handles that in company where the works are described in detail, the leader has an effective impact over the employees in comparison of those companies that do not have maintained tasks.
Use of measurement theory tool of contingency theory
The role of the contingency approach has significant impact in categorisation taxonomies for the organisational systems. However, the categorization of this model is entirely dependent on the external environment factors directly or indirectly. It offers the measurement tool by which our company would be able to measure the kind of relationship with working of manager whether it is task oriented or relationship oriented.
Here above image depicts the reason behind choosing this strategy in comparison of others. It is the model by which the company can be benefitted in developing number of advantages. This model is enough sufficient to make relationship between, stakeholder expectations, and organizational performance because it extends the process of thinking of the managers regarding the result of the decisions as it considers the overall company (Hirt, Devers and McCrea, 2008). It is the model that demonstrates the action of the manager that reflect the commitment to employee safety, profit orientation, customer servicing and branding positioning of the entire organization. It has been found that the contingency management style forces managers to resolve issues and make decisions which is based on how it will influence the company, not solely how it would influence the department of the company (Grant, 2016).
Pestle analysis is the process that facilitates Prestigious International Consulting Firm in developing an effective strategy in order to get attention of the company towards the factors that can be the reason of loss of control and lack of market share. The pestle analysis will be mentioned below:
Political
The political environment of foreign markets is entirely different from the market of domestic. It has been analyzed that the complexity usually increased in the form of number of countries in which the company operate business. The political term is different in each country which put impact over the performance of the company (Markus and Loebbecke, 2013). There is a common illustration of how politics can impact the business is to present at how import and export tarrifs amended over time. Imposed tariffs on another country can develop it uneconomical to operate business with that country. The strategic decisions are influenced due to external environment.
Environmental
The environment of the business complex as well as dynamic and it is vital for our organization to focus on the strategy in which we should focus on the individual business environment. there are number of factors such as the CSR activities which is different of each company and we should work on it to get attention of number of customers towards this activity (Jokipii, 2010). Our company should involve in such activities so that it may develop good image in the view of outsiders by which the company can retain the market share in an efficient way.
Economical
There are two factors i.e. microeconomics and macroeconomics that impact the revenues of the company. It is required for the company to keep tab on economic indicators as it would be helpful in anticipating the amendments in the organization environment. The company is facing issue related to the losing money, identity and market share. The attention of this detail can save money of the business. However, it has been analyzed that the company can face issues due to economic downturn because it is not predictable.
Cultural Factors
The cultural factor is the major concern of the international business that impact the strategic decision making approach. The culture of the business deals their business on international level that follows the culture which has depth influence on the employees. There are various factors that impact on the culture values of different employees (Haile and Krupka, 2016). Our business is facing same issues due to which it is on the stage of losing its image. It is necessary for our business to develop the code of conduct so that the beliefs and values of the employees cannot get hurt.
Gap Analysis
With the help of above evaluation, it has been found that there are number of environmental factors that recognized in various studies as determinants of the strategies of the organization. It has been evaluated through above analysis that the successful implementation that it is entirely relied on having sophisticated information on amending needs of the customer and changing technology (Hill, Jones and Schilling, 2014). The external environments of small organization are featured by numbers of challenges that influence the ability of the organization to handle the strategic operations. The discussion can be made on other factors of Pestle as well in order to develop better understanding regarding the external threat which can hamper the position of the company. Hence, it is suggested that the company that face the challenges will have listened about the hard times in executing and attaining their strategies.
Business level strategy comprises various strategies in it such as the corporate level strategy, business level strategy and functional level strategy. the support of business strategy in development of the organization keeps significance value. The business strategy of Prestigious International Consulting Firm is different from others as the main work of this company is to elaborate the consequences of extending business on national level. It is considered as the combination of the proactive actions on the basis of the management in order to develop the position of the market and overall performance (Hanisch and Wald, 2012). The business strategy of Prestigious International Consulting Firm will entail two strategies such as generic strategies and competitive strategies
Generic strategies
The generic strategies include growth, globalisation and retrenchment. The involvement of growth under generic strategy helps in the expansion of the company to buy new assets, involving the development of the business (Enkvist, Nauclér and Oppenheim, 2008). Globalization is the strategy that facilitates business to move their operation from one place to another in order to expand the business. It will encourage employees to work more as they will get opportunities for their personal growth in the company (Otley, 2016). Retrenchment is another strategy of generic strategies that focus on the best lines by cutting back to focus. The main focus of the company with the help of the generic strategy is to concentrate on what company do best from their resources
Competitive strategies
It is really necessary for our company to know more about the ongoing trend in the market to sell our services to the targeted market in an adequate manner. It can be done if the operation of the company concentrates on the rivals’ strategy in order to attain competitive advantages. The company can adopt this strategy by following two ways (Raisch and Birkinshaw, 2008). First, the company can provide its services to the target customer at lower prices in comparison of the competitors. Another way is that the company can categorize the functions of the company by hiring two or three professionals who have significant knowledge of all barriers, code of conducts, issues, ongoing trends and data of specific countries. It would be helpful for the company to generate revenues even for charging higher from the customer who want specific and different information for expanding the business on international level.
There are number of competitors of prestigious international consulting firm that have adopted different strategies in order to attain competitive advantages. The competitors of this firm are Deloitte, Price Wealth, McKinsey consulting firm and Brattle Group. The formation of strategies by these companies is entirely different from prestigious international consulting firm as the motive of each company is different from others (Morton and Hu, 2008). It is required for the company to analyze the strategy of others as it has been found that Deloitte transfer the valuable knowledge to its client. Moreover, this company is integrating with its team in order to amplify the project value and giving an upper level of services.
The business strategy of the company is to provide information to the clients regarding the expansion of the business in which the company is taken in to consideration of the involvement of new strategy in which the company will entail some professionalises to elaborate the right guidance to the clients. The company should comprise include the categorization of the matters in which the company should consider inclusion matter, people matter, innovation matter and perspective matters. It would be helpful to the company to make different from other competitors.
The company can be benefitted from the strategic planning because it would help them to make differ from competitors. The company need to focus on four steps in which initially the company should have motive on basic financial planning, forecast based planning, externally oriented planning and develop the future. The strategies of the company can success of the company get support from each employee and the management which can be possible if they know the benefits of it in their personal growth (Woods, 2009). There should be proper training about show to develop the strategy within the business so that all remain on the same pitch.
An implementation plan for the company is mentioned below which will entail the time frame nad the advantages of the strategies to lead business into growth path.
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Actions |
Targets |
Objectives |
Benefits |
Stakeholder Involvement |
|
Involvement of the employees |
To get suggestion for the business strategy as it is decided to involve business specialists in the business to give more detail information about the specific country |
To provide huge information of the company to the potential clients |
It would be helpful in developing profits |
Employees , project manager, functional management |
|
Choosing long term goals |
The company can plan for long time. |
To remain in the competitive advantages. |
To develop new strategies within the business in order to satisfy the customers as well as the employee. |
Employees, financial team, project manager |
|
Identify key risk and protective factors |
To analyze the issues so that the possible prevention can be done |
To determine factors that can put negative impact over the business |
It would help company to make prior planning for further issues |
Clients, employees, creditors |
|
Implement and perform |
To cover whole group of clients who need specific information about the specific country. |
To develop the strategies to perform better |
The benefit of this action would be helpful for the company to evaluate the plans and perform in well efficient manner |
Customer, employees, shareholders |
|
Plan the evaluations |
The evaluation strategy would be targeted in order to determine the impact of the implementation of the plans |
To analyze the development process of the strategy in the company |
The benefit of t he evaluation of the plan will give advantages to think about the alternative solution in case of any failures in which the company will compare the strategy with other competitors |
Shareholders, clients and employees |
With the help of the above implementation plan, the company can be able to amplify the expectations of the stakeholders as it entails different factor which is required by the company in order to implement the strategy. Actions will be helpful to increase the interest of the stakeholders as they will get to know about the step of the organization in the context of the implementation of the strategy within the business in order to attain the competitive advantages (Islam and Hu, 2012). Along with that each action has described of its objectives, benefits, targets and involvement of the stakeholders which would be helpful for t he organization to enhance the interest of them.
Conclusion
It can be concluded from above discussion that the strategic management can develop an effective strategies within the business in order to enhance coordination and amplify the interest of employees in performing in better way. It has been found that each consulting firms have own capabilities but it is required by the company to compare the strategies with them to attain the competitive advantages. The report has entailed information by which the board of directors and CEO can use in implementing them i order to make the image of the company in the view of outsiders. The discussion has been made on the Pestle analysis for the purpose of bringing attention of the company towards the external threat over the performance of the company. The business strategy has been developed so that the business can retain the market share and losing image for which the implementation plan has been developed.
References
Elmes, M. and Barry, D., 2017. Strategy retold: Toward a narrative view of strategic discourse. In The Aesthetic Turn in Management (pp. 39-62). Routledge.
Enkvist, P., Nauclér, T. and Oppenheim, J.M., 2008. Business strategies for climate change. McKinsey Quarterly, 2, p.24.
Galbreath, J., 2010. Drivers of corporate social responsibility: The role of formal strategic planning and firm culture. British Journal of Management, 21(2), pp.511-525.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Haile, M. and Krupka, J., 2016. Fuzzy evaluation of SWOT analysis. International Journal of Supply Chain Management, 5(3), pp.172-179.
Hanisch, B. and Wald, A., 2012. A bibliometric view on the use of contingency theory in project management research. Project Management Journal, 43(3), pp.4-23.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Hirt, E.R., Devers, E.E. and McCrea, S.M., 2008. I want to be creative: Exploring the role of hedonic contingency theory in the positive mood-cognitive flexibility link. Journal of personality and social psychology, 94(2), p.214.
Islam, J. and Hu, H., 2012. A review of literature on contingency theory in managerial accounting. African journal of business management, 6(15), pp.5159-5164.
Jokipii, A., 2010. Determinants and consequences of internal control in firms: a contingency theory based analysis. Journal of Management & Governance, 14(2), pp.115-144.
Kraaijenbrink, J., Spender, J.C. and Groen, A.J., 2010. The resource-based view: a review and assessment of its critiques. Journal of management, 36(1), pp.349-372.
Markus, M.L. and Loebbecke, C., 2013. Commoditized digital processes and business community platforms: new opportunities and challenges for digital business strategies. Mis Quarterly, 37(2), pp.649-654.
Morton, N.A. and Hu, Q., 2008. Implications of the fit between organizational structure and ERP: A structural contingency theory perspective. International Journal of Information Management, 28(5), pp.391-402.
Otley, D., 2016. The contingency theory of management accounting and control: 1980–2014. Management accounting research, 31, pp.45-62.
Raisch, S. and Birkinshaw, J., 2008. Organizational ambidexterity: Antecedents, outcomes, and moderators. Journal of management, 34(3), pp.375-409.
Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.
Sauser, B.J., Reilly, R.R. and Shenhar, A.J., 2009. Why projects fail? How contingency theory can provide new insights–A comparative analysis of NASA’s Mars Climate Orbiter loss. International Journal of Project Management, 27(7), pp.665-679.
Woods, M., 2009. A contingency theory perspective on the risk management control system within Birmingham City Council. Management Accounting Research, 20(1), pp.69-81.
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