Examples of Business Performance Evaluation and Utilization of Data for Planning

1.Give Some Examples of how business performance can be evaluated, making refrences to traditional and modern indicators.

2. Explain how different sources of business and contextual data can be assessed and utilised for planning purposes

Internal information within the organisation including HR metrics industry information e.g trends in HR competitive information government information.

Key stages of strategy formulation and implementation

In the world today, companies all around the world aim to achieve maximum profitability and productivity and be on the top. Many companies are adopting new and innovative means to achieve the target or the goal while many organizations are sticking to the age-old, traditional means that can help them to achieve their goals. The companies have to chalk out a definite strategy or more than one strategy in order to help attain the target and the objective of the company. The organizations often adopt diversification and expansion of business as a means to achieve the desired goals and objectives. The strategies that are adopted by the companies often include various steps to fulfill the goal or the objective of the company. A strategy formulation is an important part of the growth and development plan of a company. Strategy formulation requires many steps. They are planning, analysis, establishing objectives and goals, evaluating and then choosing the specific strategy that is to be implemented. The most important stage is the planning stage, which includes developing mission, vision and goals. The utmost significant part of the planning stage or the very first, initial stage of implementing the strategy into an organization is developing a strong mission and vision for the company. This is important because without the presence of a mission and vision the company will just operate aimlessly, without any goals or objectives. 

The next stage is the analysis of the internal and the external environment of the organization. This analysis is important for understanding the inner working of the company as well as understanding the internal as well as the external environment of the company. Tools like PESTLE, SWOT analysis, and Porter’s five forces are all required to understand the operation and the working of the company. These tools are important for undertaking a successful implementation of strategy. These steps help to generate, evaluate and choose the strategy or strategies that are to be chosen. The deliberate or emerging strategies are crucial for the development and growth of an organization.
The strategy implementation stage is important for the development of the company because with a successful strategy implementation, the organization can go towards a progress and development. For a successful implementation of strategy, a proper training and coaching session is needed. The change of culture for the employees of an organization might be overwhelming for the employees in the initial stage. This can be countered with the help of the HR. Counselling sessions conducted by the HR of the company can help the employees to be at ease with the policy and structure of the organization. The employees must be engaged properly with relevant work, which can help to achieve the maximum potential of the employees, thus contributing to the growth and development of the company. The ultimate objective for implementing strategy into an organization is setting the competency work-setting frameworks for the workforce of the company. The workforce of a company has to follow a set pattern of rules, regulations and codes of the company policy. A set framework has to be followed by the workforce in order to achieve the desired level of productivity of the company. An effective implementation of strategy ensures that there is an understanding and working between the leaders and the employees.

The next step in the process of strategy implementation is monitoring and measuring the success of the strategy. By monitoring and measuring the success of the organization, the growth and the development of the organization can be gauged and thus can be evaluated. It helps the management of the organization to decide whether the organization requires more efficient and different strategies or not.