Strategic Plan Part 3 Balanced Scorecard and Communication Plan

Strategic Plan Part 3: BalancedScorecard and Communication Plan

Strategic Plan Part 3: BalancedScorecard and Communication Plan

The creation of a new division inan organization might lead to more changes that will be critical inimproving how the management coordinates the operations. Acommunication plan and a balance card are some of the elements thatwill be critical in analyzing the new division. Besides that, thecommunication plan will coordinate the employees and the seniormanagement staff through the daily meetings. The bi-weekly meetingswill be effective in allowing the face to face discussions among theemployees to clarify any issues and find a solution to the problems.All in all, the communication plan will be a perfect way of improvingthe new division and ensuring that the ideas work according toobjectives created. The balanced scorecard will illustrate thedifferent aspects that the new division will strive to accomplish. Infact, it will also rely on the outcomes of the SWOT analysis thatwill consider the areas that need an immediate response. The balancedscorecard will clarify the specific areas that are more important andwhere the employees should focus on.

A communication plan is quiteconvenient in the creation of a new division in an organization sinceit facilitates the exchange of ideas. In fact, the plan will be a keyaspect in ensuring that the management helps in solving problems,reduce risks and generate new ideas that will facilitate theoperations. Apart from that, the new division will rely on a widerange of objectives that the employees should use. Hence, thecommunication plan will also ensure that the employees understandwhat is expected of them. The plan will also consider the help theshareholders in understanding that their investment will bring thereturns they expect (Caldwellet al., 2011). Thecommunication will also insist on the way that the creation of a newdivision will still maintain the sustainability of the company. Moreimportantly, informing the investors of the new changes and assuringthem that their funds are safe is one way of motivating them to placemore investments in the company. Most investors prefer a place wherethe management is fair and trustworthy through the financialstatements and open communication approaches (Tan&amp Nasurdin, 2011). Thecommunication plan will also sensitize the management of thestrategic objectives that the four balanced areas. The new divisionwill pick the use of e-mail as a communication channel that willenlighten the management on the appropriate objectives to undertake.As an organization that prioritizes technological advancement, theuse of e-mails will be quite appropriate, and it will reveal how themanagement values such aspects. The e-mails also consider theattachments of pdf and word documents that will have financialstatements that the stakeholders can use in assessing the currentposition of the organization.

The four balanced areas ofmeasure will include financial, customers, learning and growth aswell as the operations or process. The four parts are quite criticalin deciding the key areas that the management should focus on. Thestrategic objectives, on the other hand, will rely on the SWOTanalysis that had been conducted in the earlier phase of the businessmodel that will manage the new division.

The strategic objectives will beimportant of the organization. The financial aspect will have threestrategic objectives that will aim at increasing the revenues througha series of three years that will have the first year increasing by3%, 5% and the third year will be at 6%. Even if the goals seem a bitlow, it is best if the new division begins with a minor change and itwill be altered later if the need arises. The second strategicobjective under financial will be the need to increase the marketshare while the third will be the introduction of new competitivestrategies such as a cutting edge technology instead. The next partthat is the customers will focus on the new division targeting aspecific customer segment to increase the profitability. Theintroduction of the sales discounts and increasing the quality willbe the other strategic objectives that will also improve theorganization. The metrics that include the increase in customer,revenue and the market distribution illustrates the way that the newdivision will establish itself. The third part that entails theoperations and the processes will also be convenient and willfacilitate improvement too. For instance, its strategic objectivewill ensure that the customers have access to the services, improveits efficiency and increase the productivity too. The metric willrecord a higher customer satisfaction as well as the best retentionthat will be observed in the measures. Lastly, the learning andgrowth part will also see a number of changes that will improve howthe operations are undertaken in the new division. More specifically,the strategic objectives will include the change of the customer’sattitude towards the services offered (Garrido-Moreno&amp Padilla-Meléndez, 2011).The second objective will boost the customer retention, and the thirdwill focus on the technological innovation. Clearly, the threestrategic objectives will boost the change and growth and facilitatethe revenues as well as the customer retention in the new division.All the objectives discussed will be much appropriate in guiding thenew division towards success since they are practical and measurableas well.

The communication plan will beimportant in coordinating the operations and announcing the strategicobjectives that had been created earlier. More specifically, thecommunication that will be conducted through the emails, as well asthe daily and weekly meetings, will be much appropriate in thesuccess of the business. The communication will help the stakeholdersunderstand what the organization is trying to implement and thecurrent financial position. The strategic objectives will alsohighlight the way that the organization will acquire more profits.The objectives will also pinpoint the specific areas that thebusiness needs to make more improvement and if the new division iscomplying with the core beliefs that governs the organization.

Table1

Scorecard

Four

Balance Areas for Measures

Strategic Objective

Measure

Metric

Target

Year

1

Year

2

Year

3

Financial

Improve the amount of the revenue

Cash Flow over revenue

Profitability

3%

5%

6%

Increase the market share

Improving the market share

Margin

2%

5%

7%

Introduce more competitive strategies

A cutting edge technology

Profitability/ Margin

3%

4%

6%

Customer

Targeting specific customers segments

Customer Retention

Customer/Revenue

8%

10%

12%

Introducing discounts and more sales offers

The increase in the number of customers

Customer/ Revenue

7%

8%

10%

Increasing the quality of the products

Increase in the satisfaction rate

Marketplace distribution

6%

11%

13%

Operation or

Process

Ensure that the Customers access the services

Much faster approach of introducing services

Facilitate the customer services sessions

6%

10%

18%

The new division should have improved efficiency

The best retention

Creating a new process or work on old ones to make a new division

In about 6 month

NA

NA

Productivity improvement

High quality services

High rate of satisfaction

7%

11%

12%

Learning and Growth

Making the customer to change their attitude

Customer satisfaction

Surveys &amp questionnaires

80%

85%

95%

Facilitate the customer retention

The bonus that will arise from customer retention

A much higher retention rate

90%

15%

100%

Technological innovation

Increased productivity

Revenues

4%

5%

7%

References

Caldwell, C., Truong, D. X.,Linh, P. T., &amp Tuan, A. (2011). Strategic human resourcemanagement as ethical stewardship. Journalof business ethics,98(1),171-182.

Garrido-Moreno, A., &ampPadilla-Meléndez, A. (2011). Analyzing the impact of knowledgemanagement on CRM success: The mediating effects of organizationalfactors. InternationalJournal of Information Management,31(5),437-444.

Tan, C. L., &amp Nasurdin, A. M.(2011). Human resource management practices and organizationalinnovation: assessing the mediating role of knowledge managementeffectiveness. ElectronicJournal of Knowledge Management,9(2),155-167.