From attached three of the files below, you will build a complete strategic plan that includes: Strategy Formulation,Strategy Implementation, andStrategy EvaluationNOTE: 2000 words only but not less

Running Head: PHASE 3: STRATEGY EVALUATION DRAFT 0

Phase 3: Strategy Evaluation Draft

Name

2019081614

BUSI 4153- Business Strategy

Professor Michele Vincenti

Friday, September 2, 2022

Balanced Scorecard on tracking objectives in 3 years to come

In the next three years, the company will be able to track its objectives by using an internal version of the balanced scorecard e.g. they can contact their customers plus conduct a survey for gauging how they are doing with customer service (HBR,2021). The survey involves the recent visit to the company where the questions will range from the time they took to be served and their satisfaction. This information can be used in retaining staff in case of having issues with the products, services plus procedures.

contingency plan for addressing unforeseen changes to the internal plus external environment

In addressing the unforeseen changes that can happen in the future the business can take the following steps:

Emphasize why it’s important to plan; contingency planning usually covers a wider range of events whereby some of the events might not take place. When coming up with a team you have to explain the purpose plus benefits of coming up with the document.

Scheduling the time required for planning; As a result, having a lower probability for some of the events might result to post ponding the issue of contingency planning. This challenge can be overcome through the designation of a specific time for completing the plan. The deadlines should also be established to be able to ensure employees are completing their tasks promptly.

Establishing a budget; In contingency planning, the business should have the financial ability for implementing the plan. You have to consider potential costs linked to the contingency plan as well as creating the budget.

Engaging the stakeholders; You have to identify stakeholders whom the contingency plan could impact including the employees, shareholders, and customers. The plan draft should be shared within the company and the shareholders should be asked for their feedback.

Assigning the roles plus responsibilities; several methods determine how the responsibilities could be assigned including the RACI matrix that assists in the designation of tasks to the different members of the team.

Identify the requirements for training; The main aim of contingency planning is to minimize or avoidance of any form of disruptions whereby identification of the training requirements as well as the incorporation of the costs in the budget allow the contingency plan to operate efficiently.

Test; By carrying out the tests they can assist in the identification of knowledge gaps or the areas which have to be improved upon. Through drilling, you can find the unforeseen challenges which were not identified in the planning stage. Due to this, you can adjust the plan for training employees as well as mitigation of challenges where necessary.

Using risk managing tools; Ensuring that they account for the potential scenario plus events considering the management of the tools for risks. The tools can assist in streamlining the forecasting risks, analyzing the process, and assessing. The software could assist in providing accurate data including the likelihood percentage of the event taking place.

Keeping the language simple; You should be in a position of using simple, concise language in the contingency plan for the reader could quickly understand information as well as implement steps efficiently. You should try limiting every step to be able to follow the event which takes place.

Using the job titles instead of the names; Since the employees can change roles in the company, you have to use the titles instead of the specific names in the plan. Using the title assists in keeping the contingency plan which is relevant that allows using them in a good way in the future, regardless of the changes.

Distributing the copies; After drafting as well as approving the contingency plan, you have to issue the copies to the stakeholders. For some of the plans, it requires the distribution of documents to the whole organization while for others focuses on specific projects.

Reexamination of the contingency plan; Revisiting the contingency plan on regular basis updating the information required. You might want to review the contingency plan once after six months.

References

Harvard Business Review (2021)."Reimagining the Balanced Scorecard for the ESG Era. https://hbr.org/2021/02/reimagining-the-balanced-scorecard-for-the-esg-era