Management Strategy in Clotheshound Coursework
Nowadays, in the context of globalization and the event of enterprise plans, the number of varied stores is rising. Therefore, the administration of firms has to implement certain strategies to stay aggressive in the market. One of these strategies is a Balanced Scorecard (BSC), which is efficiently used worldwide. The BSC is a administration tool that categorizes organizational objectives, regulates activities performed by workers, and controls the outcomes of those actions (Gao et al., 2018).
Clotheshound, an apparel retailer, has been utilizing this technique for a 12 months. In this paper, the information about the implementation of the Balanced Scorecard by the company, and the next steps of administration might be included. Also, the communication of this technique to the organization and its translation into performance measures shall be mentioned.
Management Strategy in Clotheshound
The implementation of the BSC strategy in the Clotheshound retailer resulted in improvements in some performance measures, but not in others. Therefore, to achieve improvements in all indicators of effectiveness, management, after implementation of the BSC technique, develops a new reward system for staff. This system includes bonuses for the best worker of the month, overlaying the value of holidays for the most effective sellers of the year, and small rewards for politeness with colleagues and clients.
The BSC communicates technique to the group via regulation of the working process within the firm, tracking of the work carried out by employees, and monitoring the results of the employees actions. These actions improve efficiency measures, which improve the position of the company out there. It is price mentioning that the BSC strategy differs from company to firm as a outcome of every organization has its unique historical past of growth, difficulties, and stipulations that triggered these difficulties. All these factors ought to be taken into consideration by managers who are answerable for implementing the strategy.
The successful creation and use of the Balanced Scorecard are achieved via a detailed evaluation of a company’s position out there and identification of current issues. Further steps embody discussion of potential ways of addressing the issues by a administration team and an in-depth rationalization of the principle elements of the technique to workers. The last measure is monitoring the actions of employees and the results of the implementation of the plan.
Gao, H., Chen, H., Feng, J., Qin, X., Wang, X., Liang, S., … Feng, Q. (2018). Balanced scorecard-based performance analysis of Chinese county hospitals in underdeveloped areas. The Journal of International Medical Research, 46(5), 1947-1962.