Balanced Scorecard
Shareholder Value
In order to retain its position in the target market and remain competitive, the company will have to design an elaborate financial strategy. On the one hand, creating viable financial forecasts is a challenging task in the environment of the global economy, where companies with well-established presence have been taking a significant part of the customers’ attention. On the other hand, the fact that Bronzer Tanning Solutions offers a unique and unparalleled product is bound to contribute to building an impressive competitive advantage. Therefore, the financial strategy of the company may be rather daring.
It is expected that Bronzer Tanning Solutions will have a market share of at least 4% within the next month of operating in the global economy realm. The specified effect can be achieved by building a customer value. The revenues are expected to peak at $500,000 within the identified amount of time. It is assumed, though, that the organization will have to spend a significant part of its profit on acquiring the necessary equipment, enhancing the quality of the product, and training the staff members so that they could deliver the performance of the required level.
Customer Value
The significance of customers’ needs will be viewed as one of the primary concerns for the organization. Therefore, a strong emphasis will be placed on retaining customers. The specified objective will be accomplished by providing benefits such as discounts and special options to loyal clients.
Similarly, the importance of customer satisfaction will be held very high. Meeting the needs of the target population will become a possibility once the communication process between the company and its customers will be improved. Therefore, the active use of the tools for gathering essential feedback will be used to maintain customer satisfaction rates high.
Finally, the very concept of customer value will be redefined. It will be necessary to explore the cultural specifics of the target population, at the same time introducing the principles of consistent improvement into the company’s organizational framework. The use of SixSigma tools should be deemed as a necessity for executing control over quality management processes.
Internal Operations
The organizational performance will have to be measured based on the standards set in the balanced scorecard. As long as Bronzer Tanning Solutions manages to meet the key performance indicators mentioned in the scorecard, the opportunities for its successful functioning in the global economic environment will remain viable. Therefore, the specified tool for assessing the company’s results should be used.
The importance of productivity improvement will also have to be taken into account. The enhancement of productivity will become a possibility with the introduction of the principles of sustainability. Particularly, the correlation between the value-added in the course of the production process and the expenses taken in the identified time slot, as well as the waste levels, will have to be viewed as the primary means of measuring the productivity of internal operations.
The operation metric will include the ratios between waste and produced value. Furthermore, the correlation between the expenses taken in the process and the value of the product will have to be calculated. Thus, tighter control can be taken over the process of managing corporate resources.
In addition, the importance of change as the key driver behind Bronzer Tanning Solutions’ success will have to be addressed. It is essential to promote the concept of consistent improvement in the realm of the organization. Therefore, the principles of SixSigma and lifelong learning as the means of encouraging the staff members to acquire new skills and knowledge on a regular basis must be introduced into the context of the organization. As a result., opportunities for reducing waste and improving quality can be built.
Learning and Growth
When considering growth opportunities, one must keep in mind that investing in staff members is currently the most sensible approach due to its opportunities for saving a significant amount of money in the long-term perspective. Therefore, the active enhancement of learning should be carried out among the staff members. Particularly, it will be crucial to foster a culture of lifelong learning and consistent knowledge acquisition in the workplace.
Similarly, a strong emphasis must be placed on the promotion of cross-cultural communication and the use of cooperation as the primary tool for conversing in a multicultural environment. As a result, the negotiation and decision-making processes will occur faster in the context of the organization. Furthermore, the specified approach will allow preventing the instances of cross-cultural conflicts between the members of the organization.
The creation of a well-put-together organizational culture and a favorable climate for fostering trust-based friendly relationships between the staff members must be deemed as a necessity. Therefore, the principles of negotiation and compromise must be regarded as the foundation of interpersonal communication in the context of Bronzer Tanning Solutions. Moreover, the idea of conflict management as a crucial step toward improving the relationships between the key participants should be taken to a new level by acknowledging the importance of workplace conflicts as sources of essential information. In other words, conflicts must be deemed as the basis for learning new communication skills and acquiring essential cultural knowledge. As a result, employees will learn to address
Impact on Stakeholders
The adoption of the framework described above is bound to have a tremendous impact on the stakeholders involved. Particularly, it must allow for the rapid progress of the company. Furthermore, it will help meet the needs of a customer successfully. the interests of suppliers will also be met since the enhancement of communication will help build a stronger supply chain.
Strategic Objectives
- Designing a tool for managing the risks associated with the changes in customer demand;
- Exploring the needs of the target population and creating a coherent contingency approach;
- Focusing on the enhancement of ethical standards and the promotion of stakeholder value as the foundation rot the decision-making process.
Metrics
The key metrics will include customer satisfaction levels, staff satisfaction levels, and the company’s profit margins.
Potential Risks and Mitigation Plans
The failure to introduce the principles of sustainable use of resources can be deemed as the key risk. As a result, the rate of expenses may increase. Therefore, the company will have to use lean production as the means of mitigating the risk.
Ethical Implications
The adoption of the suggested tools is bound to have a positive effect on the ethical standards of the firm. For instance, the threat of corporate fraud will be reduced with the rise of employee loyalty levels. Furthermore, the focus on meeting the needs of all stakeholders will prevent neglecting some of the participants.
Communication Plan
- Audience: employees and potential customers;
- Communication objectives: establishing strong relationships based on loyalty;
- Communication channel: corporate channels (for employees); social media (for customers);
- Expected outcomes: increase in loyalty levels among customers and staff members.
Bronzer Tanning Solutions will have to focus on the active promotion of corporate values to build trust-based relationships with its staff. For this purpose, the principles of transformational leadership will have to be deployed. As a result, the active promotion of new values and the enhancement of employees’ performance along with fostering essential qualities such a Corporate Social Responsibility will become possible. As soon as Bronzer Tanning Solutions organization sets its priorities straight and identifies the course of the further development, rapid and consistent growth can be expected.