Discuss about the Assessment of Current Business Strategy for Coast Guard Yeppon.
The Coast Guard Yeppon is a company that offers services to the marine officers who would like to specialize in radio communications. They give trainings to the officer to the degree of awarding them with a certificate of completion of the course. The organization offers different trainings at different levels and costs. E.g. limited personnel water craft, limited and open recreational services, short term or in transit personnel water crafts. These services are offered by professional, skilled and experienced employees using government approved vessels (boats). This therefore makes their services more reliable and professional. In addition to that, the services are fairly affordable to the trainees. The organization has policies, rules and regulations that are put in place to control and manage the business operations. This therefore makes it even more attractive.
In this report I will discuss the strategies used by Yeppon organization in order for it to be successful by discussing some of the aspects of Coast Guard Yeppon aspects and especially those that help it become a successful business. The report will give a clear analysis of the aspects and give reasons as to why the aspects are vital to the business. The aspects will therefore represent the strategies used by the organization to achieve its success.
Coast Guard Yeppon Aspects
Policies and Procedures
Coast Guard Yeppon has got some rules and regulations that are put in place to be followed and adhered to by every new or old contributor who are usually known as assist contributors. For a new contributor, there are application forms to be filled and agreement to be signed. These forms always have the most important details of the contributors, e.g. names, mobile phone numbers, emergency phone number, boat name, boat color and size, home address to name just but a few features. Another policy is that, when a contributor applies for a certain boat, the application will be for that boat only even at a point of boat transfer. In addition to that, another policy states that contribution can only begging when the application has been drafted, signed and the contribution fee paid. There is also a policy which says that, in case of any rescue missions, personal information will be disclosed other organization if it happens that they are involved in the mission. These rules and regulations certainly help manage and control the operations in the organization (Casadesus-Masanell et al, 2010). The business is clearly a well performing company which I one of the reasons I have used it for my report’s analysis.
Every business organization must have a reliable source of income for it to be able to finance its operations. The availability of money is one of the reasons as to why business may succeed in a competitive market. Therefore, a business should make sure that it has adequate and reliable source of funds. For the case of Coast Guard Yeppon, it sources its funds from state government funding, interested public members like the assist contributors, from fund raising events like Raffles and Bingo and from major sponsors like Gorman Removals, RMH Group, Bluefin Sports, Keppel Bay Marina and Battery World Rock Hampton.
Through this fund contributions, the organization is able to run all its business operations. Also, the business seems to continue to grow and improve its development status with the help of these funds.
Financial Statements Recording and Documentation
This is one of the most important aspects of a successful organization. Financial recording and documentation involves keeping of financial records like a statement of financial position, statement of profit and loss/ a statement of comprehensive income and statement of changes in equity. However, these should not just be recorded and kept, but they should be reviewed, updated and audited at frequent times of the year (De Franco et al, 2008). The purpose for this is to know where the business actually is financially and asset wise. Also they are an indication of where the business received its income/ funds from and how it has spent those funds. In addition to that they show where the business has invested their money, which investments are really earning money and which invests are useless to continue pursuing (De Franco et al, 2011).
For the case of Coast Guard, they not only record and document the above named statements but they also document additional ones like notes to the financial statements, committee members’ declaration and independent auditor’s reports. This simply shows how serious, committed and determined the management and accounting team of the organization are. The organization is also used to comparing its previous year’s performance with its current year’s performance which is pretty professional. For instance, there is statement of comprehensive income showing the total comprehensive income for 2016 being $80, 858 while that of 2015 was $48, 317. This is a clear indication of the level of success the business is achieving in one year and how well they had performed in that financial year. Therefore, it is very vital for a business to keep these kinds of records for future use and especially whenever it wants to know whether it’s growing or its performance rate (Khemani et al, 2007).
Recording and Documentation of Meetings’ Minutes
Most business may record and document financial statements but forget the minutes of the meetings that they attend. All of these are important to document for future use. The financial statements are meant to determine the financial status of the organization but the minutes are used to determine the physical development of the organization (Zott et al, 2011). During business meetings, employees get to interact with each other as well as with managers in terms of sharing ideas. They all get to discuss and air out their views and thoughts on the matters on the agenda whereby they get to choose the best cause of action. Therefore, the documentation of minutes can be used to show the most active and in active members of the organization (Espinosa et al, 2014). Through minutes, employees or members are able to show their passion and commitment levels for their jobs and responsibilities to the organization. Therefore, the recording and documentation of minutes will certainly help the management chose the direction to follow by referring to what was said in the meetings.
Looking at Coast Guard business, the minutes are clear and easily understandable. Apparently, they show that the business carries out meetings twice every year, i.e. the months of January and August. The business has followed the professional format of writing meeting whereby they have a list of the attendances and in attendances and most importantly the agendas of the current meeting and reading of the previous meeting’s agendas and discussions. In most of the meetings, the discussions is all about how they can make their services much better for the contributors and how to expand them in a positive way. This means that the business aim is to maintain its success rate and status. In addition to that, the managers of every department is supposed to give a report of his/her department stating their development level and status of their business operations. This means that every employee in the organization has to work hard towards a certain objective that will have been set up by the manager or by the whole team (Pricop, 2012). Carrying out of such meetings increases the desire to work as a team and motivates all the employees and specific departments especially those may not have achieved their goals (Omotayo, 2015).
In conclusion, it is important for every business organization to conduct an analysis of its strategies and find out how it can improve them. The development of business strategies is the basis of business success, growth and development. When a business finds out that a certain strategy is really doing well then it should keep it but if a strategy is found to be pulling the business down in terms of performance, then it should either be changed/done away with or developed for better results. For the case of Coast Guard organization, it should continue with the strategies that it is using simply because they are causing a lot of positive effects to the organization. Therefore, the effective and efficient strategies being used are entirely the reasons and causes of success for the business.
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