Develop and implement strategic plan:
A strategic plan is the accumulation of all operating strategies of an organization with the objectives of optimum utilization of all resources available to an organization. The main objective of a strategic plan is to maximize the amount of profit and wealth of an organization with effective decision making and implementation of different processes. A strategic plan shall include each and every aspect of an organization’s business and must take into consideration each facets of business. An effective strategic plan will help the organization to use its resources efficiently to maximize its profit from business operations. The strategic plan for the Max Lionel Realty is enumerated below for the benefit of the readers.
Managing innovation and continuous improvement:
Running an organization successfully requires lots of hard work on the part of the management. However, with innovative technology the job of managers and executives have become significantly easier compared to the past. The ability of an organization to manage innovation and technology determines the ability of the organization to improve its financial performance in the future. Continuous innovation and technological development has made it compulsory for the business organizations to invest in innovative technologies. Organizations that have successfully invested in innovative technologies have managed to improve its performances over the years. Whereas organizations that have stuck with old ideas and methods have either made ways for new and large organizations or have dwindling market present in the present.
In this case the organization is in the business of property. Use of innovative technology is essential for the survival of the organization. The management should have a dedicated funds for conducting research and development along with annual funds especially for investment in new and innovative technologies. The organization will be highly benefited if it can make effective use of its resources by channelling the funds in innovative technology along with research and development. The following important points must be taken into consideration by the organization to manage innovation and technologies.
To continuously look for new and improved technology:
The management should continuously look for new and improved technology. New and improved technology will help the organization to improve the processes and methods used by the organization for its day to day operations. The modern day science is so advanced that technologies are being upgraded on a regular basis thus, the management must look for new and better technology to improve the method and processes used in business operations.
Make regular investment in innovation and technology:
The organization must invest amounts on innovation and technology on regular basis. Investment on innovation and technology will help the organization to improve its performance in the future. It is also possible to stay up-to-date with modern day technology if investments are made on regular basis.
Providing training to the employees to work in new and improved technology:
Employees and workers are not accustomed of working in new and modern technological environment. Providing the employees with appropriate training to ensure they are equipped to work with new and improved technology would help the organization to make best use of innovation and technology. Training will help the workers and employees to understand the different skills and knowledge required for operating with new and improved technology. An effective training program will go a long way in bringing success for an organization.
Conducting cost benefit analysis:
Before making final decision as to whether invest in any particular technology the management must conduct a cost benefit analysis on such investment. Cost benefit analysis will help the management to assess that whether the expected benefits from use of such technology would be more, less or equal to the cost of investment. Only if the expected benefits from use of a particular technology is more than the cost of investment only then the management should make investment on such technology.
Use of modern and innovative technology will enable the management to improve the process and methods used for day to day to business operations. As a result the daily operational costs and expenditures of business would reduce significantly. If proper use of technology is made it would be possible to reduce the operational expenditures and costs significantly. The financial performance of the organization would improve significantly with optimum use of innovation and technology.