For an effective and efficient management in large or small-scale business, it is imperative that a broad programme of action underlines the decision actions on set goals and objectives. Thus, it is necessary for the business to have a clearly spelt out business strategy. Griffin and Ebert (1996), have it that, “every business organization, small or large, should have goals and objectives, and deciding what the business organization intends to achieve is the first step towards efficient and effective management. ”
Having seen the procurement procedure of the Footsteps Business , it is pertinent that the areas of the business strength, weakness, opportunities and threats to the are highlighted, before recommending a business strategy that would bring about effectiveness and efficiency to the entrepreneurial venture. Having studied the Footsteps Business, it is discovered that the entrepreneurial strength lies in the motivational factor for Roger and Judith. Both of them are motivated through the likeness they share for their kind of business, and not the profit maximization.
This has led them to carry out in-depth historical research, and tourists and travelers are at an advantage with the thorough research embarked by the duo. Another area of strength for the business is the preservation of the entrepreneurship impetus that the business is crated upon. For more than 20 years, the business retained its’ focus on primary task of genuine historical research and good service to satisfy their clients. Area of weakness of the business lies in the fact that the managers, of the Footsteps Business, don’t give room for modern management techniques.
The old way of doing things is sacrosanct. This tends to retard the level of growth of the business. Also, there is poor structuring of the management of the business. There is a need to seek the help of experts in management and technological improvement (such as Izzy and Max) Vast opportunities abound for the Footsteps Business; the level of competition is not in the increase. The business can explore these vast opportunities through result oriented planning and embarking on effective management practices.
The threat to the business lies in the introduction of other experts and subordinates to manage the business. As time goes by, the business may loose its’ entrepreneurship impetus, because this is the motivational factor for the Ironridge. Thus, it is recommended that the Footsteps Business should hire experts in management and technology which have contemporary knowledge of in their profession, and also, the vital point here, is that, these recruited expert should share the same interest as Roger and Judith, so that the team could work harmoniously to the development of the business.
It is also recommended that decision making should not be centralized, but participatory and de-centralized; where discretionary view are welcome and upheld. This will bring more innovative ideas that would contribute in the better management of the business. Kontes and Mankins (1992), Przybylowicz and Faulkner (1993) and Covin and Miles (1999), buttress the fact that the issue of core competence has been seen as a basis of advantage for small business enterprises.
Thus, they opined that, strong and consistent emphases on competitors, in addition to an economic framework for investment decisions, are of managerial importance to the success of small and large business enterprises. In the light of the forging, it is recommended that the Footsteps Business adopt a managerial strategy that would make it be at an advantage over its competitors; this can be attained through effective division of labor, de-centralized decision making and the practice of modern management techniques.
Also its zeal to bring about more customer satisfying services, this will go a long way in retaining the customer to the Footstep Business. Reflection on learning process. The group assignment brought about every member of the group, contributing to the build up of the total report. Ides on the processes to adopt were sought from group members. The group members decided that the intimacy theory and Total Quality management should be adopted as the most feasible theories for this report. The group member reached a consensus that the tourist’s visit to historical sites, in the Footstep Business, should be blueprinted.
The strength of the group members lies in the sharing of ideas, and contribution of ideas to pressing issues. Also, each group member took turn to write a segment of the report. The weakness comes in form of lack of adequate time to meet and deliberate on the scheme of the report. This is as a result of other assignment that demands our attention. The decision to allocate the total compilation to a member of the group was unanimously approved.
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