final business paper for KIM WOODS

Susan Horvat

Strategic Plan

Introduction

This paper is going to describe the methods of balanced scorecard which is currently being used more often by small and big companies. In elaboration of this concept, this document is going to use the idea of the business design of Waterboard’s new division known as Cargo Shipping Division. After the division’s importance, objectives, perception as well as profits have been evaluated, the strategic plan of the balanced scorecard is developed considering contingency planning, danger elimination as well as moral dimensions of the developed plans (Kantor, Nolan, & Sauvant, 2011).

The BSC method is shown as a way which evaluates the efficiency of the company through economical, customer, inner business procedures as well as research and development. Considering the values, mission and vision of Waterboard Corporation, the four areas can be described as follows:

Financial: Waterboard’s new division of Cargo Shipping would have to concentrate on developing a competitive edge through proper allocation of adequate resources and keeping client database in an attempt of decreasing dangers by mechanised process (Biegelman, 2008).

· Waterboard Corporation would focus on improving its market share by diverse methods like online promotions, coping with client appointments as well as individualised relationship with their clients through the Cargo Shipping division. In order to attain the stipulated 10percent growth rate, the new division will need to provide security and proper training to its employees to deliver quality services to the customers and arrange for them adequate resources to enable them reach to the clients.

· The Corporation, through the new division would focus on boosting the profit margin by lowering the operational expenses like vocational or unnecessary marketing promotions and replacing them with focused customer networking all over the globe utilizing the process and business abilities (Kantor, Nolan, & Sauvant, 2011).

· The Corporation would as well focus on boosting its earnings. In order to achieve its objective of market expansion through the Cargo Shipping division to about 10%, Waterboard would concentrate on delivery of additional services like online consultation via video conferencing. Basically, this would increase its earnings due to the large market share it would create.

Customer: In Waterboard Corporation, customers are given the first priority and accorded much respect. This is evident by the strategies put forward for achieving client satisfaction. Some of the customer objectives of the Waterboard’s new division would concentrate at:

· Developing stronger customer relations is a very essential step in realizing the success of the organization (Biegelman, 2008). The new division would focus on building and maintaining strong relationship with its clients through appropriate promotional campaigns around the globe in newspapers or other social sites. This would help Waterboard to accomplish its goal of increasing the number of customers by 20%.

· The new division would focus on providing additional facilities like bonus offer to the customers, online delivery consultancy, and provision of customer education. These measures will enhance the Corporation to boost its customer satisfaction with its products and services.

· Customer value is a very essential component of consideration in customer service. The new division would hire and create a team out of professionals in customer management who are experienced and renowned for their knowledge of customer’s goodwill (Levy & Merry, 1986).

Internal business process: At the Corporation, the working of its activities and procedures are utilizing the scoreboard. Some of the main focus is on the following:

· In order to increase sales and expand customer base, the Cargo Shipping division would focus on upgrading its marketing methods through print media as well as electronic advertisement (Kantor, Nolan, & Sauvant, 2011). This will enhance productivity improvement.

· In order to improve the efficiency of the Cargo Shipping division activities and reduce costs of products, the Corporation would adjust to control the unnecessary operational expenses and this will definitely motivate workers to work from their residence; developing a feeling of home.

· Waterboard would develop and create devices for evaluation and keeping a close watch on the efficiency of workers of the Cargo Shipping division. The devices would include a combination of fiscal and non fiscal structure of performance assessment.

Learning and growth: Some of the most essential aspects of research and development include:

· The Waterboard Corporation would launch employee incentives as well as growth programs which keeps its valuable workers intact. This is majorly aimed at keeping the turnover ratio per year at 10%.

· According to Waterboard Corporation, employee efficiency levels can be improved for accomplishment of overall organizational goals when the people’s objectives are met. Cargo Shipping would focus on devising SMART goals which keeps equilibrium between organizational objectives with employee personal objectives.

· Waterboard would focus on using upgraded innovative technologies to boost proficiency of its activities and overall organizational efficiency (Biegelman, 2008). The Cargo Shipping division would undertake training classes to keep in touch with the changing technological world.

Conclusion

Before employing the above viewpoints, Waterboard Corporation would require to assess the impacts related to them morally. They will also need to develop contingency or back up plan. This will be very essential in reducing the dangers involved with the alternatives. In case of any flop, the organization would posses’ backup plan therefore reducing probable damages. As the above analysis, the best alternative to chose from would be the one which satisfies all dimensions, that is overall organizational turnover, stakeholder profit, price element and customer satisfaction.

Balanced Scorecard for Waterboard Corporation

References

Biegelman, M. T., &Biegelman, D. R. (2008). Building a world-class compliance program: Best practices &strategies for success. Hoboken, N.J: John Wiley & Son

Levy, A. & Merry, U. (1986). Organizational transformation approaches, strategies, theories. New York: Praeger.

Kantor, M., Nolan, M. D., & Sauvant, K. P. (2011). Reports of Overseas Private Investment Corporation determinations. Oxford: Oxford University Press.