Good Business Plan On Strategic Objectives, Emco Group Case Study
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Strategic objectives of a new product line of EMCOR Group
Strategic objectives form one of the key pillars while developing a strategic plan of any business organization. They tell the organization management what should be achieved and when it should be achieved (Birnbaum, 2009). As a result, the management should develop objectives that are quantifiable and realistic. In addition, the management should bear in mind that the strategic objectives are long term. Therefore, the strategic objectives formulated should be aligned with the organizations missions and visions. This paper will develop strategic objectives for a new division the EMCOR Group. The paper will use a balanced score card format as management tool creating measurement criteria for developed objectives. Finally, the paper will generate a communication plan for the new division
Balance score card
Shareholder value or financial perspective
The new division will set a target of an annual increase in revenue of 10 percent. To achieve this, the production department will aim at creating products that are unique and of high quality. Similarly, the services being provided to the customers such as construction and electrical maintenance will be up to date. As a result, the company will try to meets its profitability objective of an annual increment of net profit by 10 percent. However, to achieve both revenue and net profit objective, the new division will have to enhance financial efficiency. This will be achieved by setting the third financial objectives of annual reduction of 5 percent in financial expenses.
Customer value perspective
In these quadrant, the new division will set objectives that are aimed in maintaining the existing customers and while attracting new customers by ensuring customers satisfaction (Perry, 2015). The new division management will aim at reducing the existing customers’ turnover in order to avoid losing the market share. This will be measured by developing a customer’s database where the reorder ratio of 75 percent will be the target. The management will also set an objective of customers’ satisfaction. The existing and the new customers will be encouraged to air their complaints, compliments and opinions. To measure this objective, the management of the new division will set a target of 10 complaints in a day to be the line between satisfaction and dissatisfaction. The company will also aim at providing products and services of high value to its customers. The number of returned products should be at most 2 percent of the total sales.
Internal operations perspective
The management of the new division of EMCOR Inc will aim at delivering products and services that meet standard guidelines of excellence. This will be measured using international standards of quality to ensure our global customers are satisfied by our products and services. The management will also ensure that the new division’s products and services are available to all markets segments. A community survey will be conducted monthly to ensure that the products and services have a community outreach.
Learning and growth perspective
In this quadrant, the management of the new division will aim at creating effective and efficient human capital to support the above discussed strategic objectives. The first objective is to ensure that the division hires competent and talented employees. To achieve this, the management will be conducting thorough and comprehensive interviews before hiring any individual. Employment criteria will only be based on competency and qualifications that supports organizational culture (emcorgroup.com, 2015). The management will also strive to align the personal employee’s goals with the organizational goals. This will be achieved by maintaining open channel of communication between the management and employees to understand their personal life. Finally, the management will embrace cross training of all employees in the company. The performance appraisal method will be used as a tool to monitor performance and compare the performance before and after training.
A production communication for new EMCO Inc division opening in California
Objectives of the plan:
Maintaining existing customers while attracting new ones
Creating a more productive workforce that is more satisfied and committed.
Increasing employee’s teamwork and fostering a positive relationship between the employees and the management.
Improving corporate relationship between the company and the community where it operates on.
Improving on the existing communication platforms in the company.
The management of the EMCOR Inc.
The customers of the company
The subsidiaries of the company
The general public
This communication plan will utilize both traditional and new media to reach the targeted audience. The traditional media to be used will include the radio and television. In addition, the company will highly utilize its monthly newsletter to reach the audience. Similarly, the company will also rely on its official website and social media platforms such as Facebook and Tweeter.
Evaluation of the communication plan
The company will develop effective tools of monitoring the effectiveness of this plan to ensure that it is meeting the set targets. To achieve this, a monthly report on the work in progress will be prepared by the relevant department. The officer overseeing the program will also be briefing the executive and the department heads on the progress after every two months.
Emcorgroup.com. about us. Retrieved from http://www.emcorgroup.com/retrieved on 7 April, 2015.
Perry, G. (2015). The balanced scorecard- who’s doing it. Retrieved on 7 April 7, 2015 from http://balancedscorecard.org/Resources/Examples-Success-Stories
Birnbaum, B. (2009). Developing your strategic objectives. Retrieved on 7 April 2015 from http://www.birnbaumassociates.com/developing-objectives.htm
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