Final Strategic Plan

BALANCED SCORECARD AND COMMUNICATION PLAN 8

Strategic Plan Part 3: Balanced Scorecard and Communication Plan

BUS/475

May 11, 2017

Strategic Plan Part 3: Balanced Scorecard and Communication Plan

In this part, we will take a gander at a correspondence and an adjust scorecard get ready for Mars Hospitality Groups and its new division that they are attempting to start. This arrangement will consider detail on how they will communicate with each of its workers in the new division, and diverse movements, alongside the senior administration staff. The channels or methods for correspondence that will be used is day by day meetings (if conceivable) on all movements, messages, PDAs, and bi-week by week gatherings confront to face talking about and examine the new division and any disappointments that may have happened amid the term, it will likewise examine any thoughts to help enhance the new division. The adjusted scorecard will indicate what the new division is doing its best to do as appeared in the table beneath. At the point when the new division gets start a duplicate of the qualities, shortcoming, openings, and dangers investigation that was conducted, along with the adjusted scorecard as appeared in the table, will be given to every worker at Mars Hospitality Groups alongside the shareholders. Everybody needs to be in agreement and have the capacity to fathom the objective that the new division is attempting to accomplish. Subsequently, a correspondence plan is a fundamental apparatus for the accomplishment of the new division. The arrangement can help in tackling issues, making new thoughts, going over the dangers, keeping everybody refreshed on what is happening in the new division so everybody comprehends what is occurring inside the new business and setting up a decent connection between the individuals.

Communicating with shareholders is important as well because these very same shareholders expect the investment to be fruitful from Mars Hospitality Groups and all its divisions, new or old. If they are informed of what is happening and how the plan is be implemented and running, along with the percentages that the new division is trying to each and carrying out, then the probability that they would invest more is high. The communication plan also will offer information to all about the strategic objectives of the four balanced areas of measure. The four balanced areas of measure that we are going to talk about are financial, customers, operations or process, and learning and growth (Kaplan & Norton, 2001).

Firstly, Burris defines Strategic business objectives as goals believed most important to the current and future health of a business. Goals are given priority by an organization through a thorough analysis of business practices like SWOT analysis as we conducted earlier in the model of the new division.

The first section of strategic objective is a financial. The main goal that we are mostly considering is to raise the revenue. This can be done in many ways like increasing our market shares. For example, if we want to increase by 3% in the first year 6% in the second year and 9% in the third year, although, this rate may seem to be low we are majorly focused on achieving our goals. This rate not only increases the revenues but also will measure our success over the three years of the new division.

The next section is concerned with the customers. Hannabarger et al. (2013) argued that here the aim is to increase the business by focusing on the customers more than ever. This can be achieved in many ways. For instance, keeping the customers that we already have and the new ones that are being added Customers can be added by advertising the new division and spreading its name through various ways like using billboards. The metric for this would-be customer revenue and market place distribution. The target for this lies between the first year 12% and the third year 28%the market distribution we are looking for in the first year is 6% to 14% in the third year.

The next section of strategic objectives is operation and process for the new division to reach its full potential; we should ensure that the operation and processes are stable. This can be done in various ways, for instance, increasing the availability of our new services to the customers. This implies that the staff must be available day in day out to help the customers with the products that have been bought. Moreover, operation and processes can be stabilized by hiring employees who can speak different languages that they can help the customers who have purchased our products. This can be done by hiring valuable, great dependable and intelligent people from all corners of the world. We would like to get all this before the new division is began so that all the employees can be given the necessary training and be educated of what we are trying to achieve. After the training and the education, we can use these employees and their ideas to help come up with a way to help improve customer experience even more.

Barksdale & Lund (2006) stated that the last section of strategic objectives is learning and growth. This is to increase customer’s retention by teaching them and helping them grow with us. We want to change the perspective of the customers that they can get great services and people with high level of knowledge that can help them with the new devices. We want to be rated at almost 98% after the first three years the best way to measure this would-be customers’ surveys and questionnaires. These are great tools to measure the success of the new division.

In conclusion, our communication plan is very crucial to use along with our strategic objectives. It is very critical to the success of business whether the communication is done through emails, mobile phones or daily and weekly meetings. It would be very hard to know what someone is thinking if we do not talk. Nevertheless, it would also be difficult to improve on what we are doing if we do not communicate. Communication with shareholders is also very important. It helps them to know what is going on with their investment and this creates confidence in them with the company enabling them to invest even more in the organization. Our strategic objectives are also a key element on the success of the new division these objectives will enable us to see our strong points as well our weaknesses which we need to improve. Our objectives will change as time goes by but they will stabilize to our mission and core beliefs

References

Barksdale, S., & Lund, T. (2006). 10 steps to successful strategic planning. Alexandria, Va: ASTD Press.

Hannabarger, C., Economy, P., & Buchman, F. (2013). Balanced scorecard strategy for dummies. Hoboken, N.J: John Wiley & Sons.

Kaplan, R. S., & Norton, D. P. (2001). The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Boston, Mass: Harvard Business School Press.