Research to Foster Creativity
Discuss about the Improving Meeting and Events Hire Industry.
Meetings and events' hire provide facilities necessary to conduct a game or a meeting. Such facilities include furniture, space or a hall, sometimes a tent, among other essential facilities. Such a business needs to be innovative and exploring so that it can offer the most satisfying services to its clients. The following report is about research conducted to evaluate improvement and innovation ideas. The report entails the processes used in the research, results of the research as well as recommendations on the incorporation of the same ideas into the business.
Research on the available opportunity is the key element in fostering creativity. The work teams should be encouraged to work on a certain opportunity so as to realize improvements. For instance, the teams should be assigned different tasks to research on ways to improve their department. The best ideas are then rewarded so as to motivate the employees.
To add to the capacity, the firms in the industry need to combine their efforts. This can be achieved through alliances formation or complete merger altogether. When the different companies operating in the same industry come together, they can achieve a lot compared to when they operate individually. Through mergers, the companies can build a vast and stable capital base. With this capital base, the companies have unlimited abilities to improve capacity and afford to deliver high-quality services. With this capital base, the industry will also attract more and more investors. The higher the rate of investment in the industry implies that the more the potential to improve the whole industry.
Government through its policies and interventions in business plays a significant role in the development of any industry. The government should focus on those policies that might be limiting the potential for this industry to excel. Policies such as tax rates on the firm’s profit, licensing policies and other policies that directly interact with industry business should be eased to create the best environment its development. For instance, the government should directly be involved in the development of the industry. Direct government involvement may include building stadiums which are modernized to accommodate huge events as well as rallies. It could also ease taxes on the firm's output for those firms in this industry. The government can also subsidize the cost of improving this whole industry (Niskanen, 2017).
To improve the quality services, each firm should emphasize on the qualification of its employees. This will filter out, the unqualified staff and ensure only the best staff is employed. The existing staff can also be trained continuously to keep them updated on the different trends in their field of operations. The skills of the labor force can also be improved by observing the more developed nations. These nations’ industry is developed and therefore the best place to borrow on skills. Skills level of the labor force of the industry determines the performance of the whole industry. Therefore, it is essential to ensure the best quality skill available.
Formation of Mergers and Alliances
From all ideas generated, the creation of alliances is the best in ensuring improvement in the industry. The individual firms can combine efforts to create a substantial competitive power as well as development capacity. The firms can form alliances through merging facilities and labor forces. Before the concept of forming merger is implemented, its viability needs to be evaluated. This can be done through observation. Merger formation has boosted many industries in developed economies. Mergers blend out various ideas to come up with the best ideas in the market which a competitive advantage to the individual firm and the industry at large. Mergers can be in various forms. Each form of merger ends up benefitting the whole industry at large and as well as the individual firms.
According to most clients of this company, the company does not perform according to their expectations. Although most clients and events holders did not complain about the services offered, they insisted a lot more could be achieved given the necessary innovations in the company. The study conducted to asses more developed nations also showed that the meetings and events hire industry in Melbourne is not performing to its full potential.
The developed countries have witnessed huge events and meetings conducted with all clients receiving the best services unlike what is the case in Melbourne which only can afford to host relatively small events. Data from the firms in this industry after analysis showed that most firms could not hold huge events such as global summit or other huge events. The demand for this summits and conferences outweighed the capability of Melbourne’s meetings, and events hire industry to satisfy this demand.
The low capacity of this industry is also witnessed where the country has never hosted any global conference or event. The limited ability in the industry is not fully exploited as the services provided also need to be improved therefore a need for the company to explore this opportunity become inevitable (Schreier, 2012).
From the results, it is evident that the meetings and event hire industry needs quick transformation. The inner transformation necessary is to improve the quality of the services offered and also to add on the capacity to accommodate more and huge summits which are vital in the development of a country’s economy. The following ideas advocate improving the industry (Tajeddini, 2010).
This strategy cannot be fully implemented without challenges. The primary challenge of the merger is that it creates monopolies. This because the competition is way reduced when firms in the same industry come together. The company may fail to deliver quality services as there are no threats concerning competition, so it operates in comfort. However, the growing demand for quality services will not allow the firm neglects their responsibility.
Government's Role in Industry Development
The strategy may fail to work, and therefore the company should be ready for any outcomes. In case merger fails to improve the company, alternative sources of capital may be employed. For instance, the company may seek loans from financial institutions or any other viable source of funds. This is because capital is the primary limiting factor for this company.
Success can be determined by evaluating customers’ satisfaction. This can be done through survey after implementation. Success can be evaluated by analyzing financial performance of the firm. If the firm is making progress both in terms of financial performance and customer satisfaction, then the idea is successful. To maintain this trend, the company may continue evaluating more opportunities to expand their services.
- Presentation of the innovation idea.
- Evaluation on its viability
- Examination of the risk involved in the implementation of the idea
- Examination of the outcomes derived from the idea
- Approval stage if the idea passes the above tests
Most firms in the meetings and events hire industry are limited by a shortage of capital. The merger is one shot that can address this problem adequately. The merger can be achieved by educating the entrepreneurs in the industry on the importance of merger. By equipping them with this information, the entrepreneurs will see the enormous opportunity for their success. The government agency responsible for the registration of companies should also make it easier for companies to merger and form alliances.
The company should evaluate the most productive merger. For instance, if a company mainly focuses on meetings and small events, it can merge with a company that deals with huge events such as global summits. The two companies have the necessary facilities needed for the company to offer full services in the sector. Mergers may not necessarily be of the companies from the same industries. This is because the primary purpose of forming a merger is to create a huge capital base. Therefore, the company may merge with companies that will help it achieve its financial goals, for instance, the company may merge with a construction company. The construction company will be responsible for setting up facilities for holding meetings and events.
Implementing merger brings about quick transformation. However, the company needs to make improvements continuously. Merger helps the company finance its operations adequately hence the issue of capital and facilities shortage is sorted. To ensure positive trends in the performance of the company, the demands of the customer’s needs to be addressed adequately. Therefore the firm should be very keen on the trends in consumer’s preferences and keep adjusting to them. Individual firms should form department whose duty is to evaluate the changes in the market. The department should be involved in researching what the consumers expect as well as observe competitors and developed industries strategies. This coupled up with other product promotion practices will help the industry develop quality services, and at the same time, it can market its services to ensure growth. This way the company will not stop improving since it will always develop in accordance to varying consumer demand.
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