Strategic Plan
The strategic measures, objectives, and targets of Web Tech Solutions can be attained through implementation of strategies and tactics that are aimed at improving performance in the following categories: customer value; financial, operations, employee, marketing, and IT. These strategies are in accordance to the company’s vision, mission, and core values as indicated in the paper ‘conceptualizing a Business’.
Customer Value strategies
Customers are to be retained through constant offering of creative and innovative products that are sensitive to customer needs which would improve the retention rate to 75% by 2016. In making sure that customer complaints are below 10% every quarter, suggestion boxes will be introduced in specific places and would be read daily to see where services and products are to be adjusted. Furthermore, customised solutions of customers needs would be introduced through surveys that would be done on a monthly basis resulting to providing five customised services on an annual basis for the next five years. In conclusion, the strategies would be properly implemented through creation of a customer service and value enhancement office where the manager would make sure that strategies and tactics implemented accordingly.
Financial and Operations Strategies
The most important way that the company can increase returns is through increasing the customer base. Customer base would be increased by advancing to other IT solutions such as software development, graphic designing which would ultimately increase the company’s market share to the expected 30% in five years. It would also be essential that market research on prices be done to ensure that prices are efficiently controlled hence improve profits marginally. In addition, competitive advantage would be maintained by being a leader in offering valuable and cheap products, creative and unique products, and in diversifying offerings.
Employee strategies
Employees would be provided with growth opportunities through trainings and seminars such as ISO and Kaizen certificates which would enhance productivity. Motivation and encouragement of workers would be carried out through introduction of hall of fame for best performing employees, monthly retreats, and even bonuses on exceeding targets. There would also be a strategy of employees being part of the ownership after working for more than three years through being allowed to buy shares. Acquisition of shares by employees would improve commitment and hence growth of the company.
Marketing Strategies
The company would carry out a research on the segment that had the most demand on services and products. Research would be carried out through a survey and in a month advertisement and promotion on products and services satisfying the in-demand segment would be rolled out. Promotion would be done by trade shows, sales discounts, sponsorships, and merchandising. Advertisements on the company’s offerings would be done through IT magazines, newspapers, and the internet. Furthermore, internet commerce would be introduced to anchor current operations and improve its global presence. There will also be improving the public relations of the company through investments and community development projects.
Information Technology Strategies
Social websites such as Twitter and Facebook would be used to enhance the global presence and marketing the company. These websites would enable the company customise its offerings to be customer focused while increasing returns. There is also introduction of an E-commerce system which would sell the company outside USA. The system would contain secure and customer friendly software that would encourage customers to trust online transactions. In conclusion, the company provides services using the latest technology such as wireless services, and intelligent scales which enhance its competitive edge.
Monitoring and Controlling the Strategic Plan
The three strategies that can be used to monitor and control the implementation of the strategies are: feedforward, feedback, and concurrent controls. They can be used as follows.
Feedforward Control
This is where the company will focus on regulating inputs such as human and financial resources to ensure that they ultimately result in the right output. In human resources, a suitable recruitment and selection procedure is implemented to make sure that the right employees are obtained who would then work as a team to achieve the vision, mission, and core values of an organisation. Finances will also be budgeted before being used with certain raw materials inspected to make sure they are up to standard. In this control, the management would prevent problems as opposed to solving them later on (Reading, 2004).
Concurrent Control
Control would occur when business operations are taking place and will entail activities that would make sure that procedures are working optimally. Workers would be monitored to make sure that they are productive and are satisfying customers. This would be checked by customer surveys, daily registers, sales records, and daily errors. The sigma six processes in workers is also another example where workers would be monitored to make sure that defects remain below 3.4 per million opportunities. The system is essential as it determines whether a strategy is working to plan or not (Reading, 2004).
Feedback Control
The system focuses on end results of a strategy and is very essential when the company wants to review the strategy after a certain period (Reading, 2004). For instance, quarterly reviews on marketing and price strategies would be crucial in informing managers how effective the strategies are working. Also annual financial reviews would be important when planning ahead for the next financial year. In addition, the control system could be used as an appraisal system when reviewing salaries or promotions of workers.
Recommendations
In order to address ethical, legal, and regulatory issues faced by the organisation it is recommended that:
Products to have the mark of quality standards to adhere to Federal standards on products.
Harmonise transaction policies in various branches to conform to international and interstate trade policies.
Ensure that workers are working in safe and clean environments in accordance to labour standards.
Pay licences in time and make sure that the company transacts in what is licensed.
Providing privacy to customers when transacting through online and physical procedure.
Furthermore, the company can improve corporate citizenship through:
Sponsoring community events like fashion shows, eating competitions, or technology creativity competition.
Taking part in community development programs such as health walks, and environmental conservation programs
Partnering with the government and other institutions to provide goods at a cheaper rate, such as, computers for elementary schools.
Reference
Reading, C. (2004). Strategic Business Planning: a dynamic system for improving performance & competitive advantage (2nd ed.). Varmount: Kogan Page. Pp. 58-78
