Native Bush Spices Australia
Performance and Monitoring Report for Management
Analysis of the yearly data:
It is one year since the strategic plan was implemented last year. It is time for reviewing the performance of the business of the company against the performance indicators identified in the plan.
The performance indicators identified in the strategic plan were as follows:
- A 20% increase in total sales revenue.
- International market identified, and exporting commenced. Sales to international markets to comprise 20% of total income.
- Suitable alliance for marketing identified and 10% increase in sales attributed to alliance marketing.
- Identify new products through review of competitors’ web sites.
By comparing to the KPI’s mentioned above to the result achieved in last 12 months during the implementation of strategic plan, we can find the many important things. The following things have been discovered as follows:
- The increase in sales in last 12 months is 45.45% which is greater than the usual target of 20% in total sales revenue.
- Company has entered the international market in Singapore and Hong Kong. But, Sales to international markets does not comprise of 20% of total income.
- There is no progress on alliance marketing as yet and suitable partner hasn’t been identified yet as well.
- There are no new products identified through review of competitors’ web sites.
Comment on Performance:
There is limited progress during this last year. Only one out of four targets have been met. There is much more to do to increase the sales in foreign market. Alliance marketing need to be researched well. New products must be designed and produced as well.
Recommendations:
For the improvement in performance, following recommendations are to be followed as follows:
- Massive advertisements need to be conducted in foreign country to spread brand awareness.
- Research properly on the successful companies to do alliance marketing. Allocate a team and a budget for finding the alliance partner.
- Research properly on the successful companies and their products to find out about the market trends and products. Design the product which consumer wants.
- Focus on affordability and quality of products to target to broad range of customers.
Best practice strategic planning processes:
A best practice strategic planning is a technique which is generally accepted as superior to any alternatives techniques or other means because it yields results. It will help to achieve the strategic objectives targeted by the company.
It can be as follows:
- Put together a small team of less than 10 people from the company and focus on planning.
- Allow time for strategic thinking rather than hurrying for quick results
- Get all employee at all levels on board and motivate them.
- Get the mission, vision, values, and strategies right.
- Encourage active participation but do not give too much freedom to any one person. Remember the team always comes first.
- Make actionable plan only which can be achieved, measured, and monitored i.e. SMART goals
- Always get feedback after the completion of any project or goals
Company was on right path, but it could not achieve all the objectives with the first strategic plan. The things that could be improved are as follows:
- Employees can be trained properly and need to be motivated
- Research new alliance with successful company and get a senior manager to contact them
- Design the product which consumer wants. Try to make affordable and quality products.
- Always have SMART goals which can be measured and achieved in certain time. Do not be over ambitious.
- Consult with stakeholders more often to discuss about the business strategies and continuously evaluate on performance of the company.
References:
https://onstrategyhq.com/resources/the-top-10-strategic-planning-best-practices/
https://www.bbgbroker.com/strategic-planning-process-6-steps/
https://online.stmary.edu/mba/resources/8-best-practices-in-business-management
https://www.thatcompany.com/what-are-best-practices-and-why-are-they-important
https://sba.thehartford.com/business-management/key-components-of-strategic-plan/
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