| Various Management Strategies Essay
This paper presents a discussion on the various strategies that a firm may employ to enhance its level of competitiveness. This would thereby increase its sales in the market. Every business organization or enterprise is formed with the sole aim of making a profit. All decisions formulated must therefore be aimed at realizing the objective. The first strategy is to produce at an optimal level. This is at the level of production that earns the firm maximum returns. It means that at this level, the costs are minimized while the earnings are maximized.
Maintain and employ qualified staff. The welfare of the employees be catered for appropriately. Where the employees are qualified and motivated, they would perform well compared to those who are less motivated. This would also ensure that the employee turnover is reduced and hence the firm well placed to maintain capable staff to push the firms agenda forward. This promises realization of the firm objectives. The quality of the job done by this kind of employees would also be appealing. The effect of this is an increased demand on the products of the firm.
Marketing is another appropriate strategy. This lets the market know what is available for sale. It has a positive effect of increasing the sales volume of the firm produce. This strategy therefore, improves the income earnings to the firm by increasing the sales of its products. The costs of marketing should appropriately be checked against escalating to high levels. They must be kept low since they reduce profits or increase the price of the products and hence reduce the demand.
An appropriate communications plan must be devised to relay the strategies to the stakeholders. These are for example, the shareholders and other parties who have some interest in the firm. More importantly to be informed are the shareholders, the creditor, and the debtors. This is because, these, have a direct claim on the firms financial performance. An appropriate communication plan would involve use of financial statements. Statements produced at the end of each financial year should show information of the strategies employed. By so doing, the stakeholders would be informed of the strategies employed. Another mode would be through sharing of the strategies during the Annual General Meetings. Hence, the information relayed to the appropriate persons.
Effectiveness of leadership within this corporation is hereunder discussed. Effective leadership is important towards the success of the corporation. This is because; it is at this stage that crucial decisions are made. Good and appropriate leadership would ensure that the set objectives are met. Appropriate decisions when implemented would serve to enhance the operations of the firm and thereby help in the achievement of the desired goals. The strategies set would be sound based on rational and reasonable grounds. As such, it is important that the leadership be well prepared to handle any issues that may require to be attended to. These have a huge effect on the companys ways of operations. With good leadership, an effective system of operations would be in place and hence realization of the objectives of the firm. Where there is no effective leadership, operations would be carried out in a manner that would not lead to realization of the envisaged goals. It is therefore critical that the leadership is up to the task and well prepared for the work. Where it is appropriately instituted, a good performance would be attained and thereby the aim for which the firm was incorporated.
In conclusion, all firms or any business enterprise is formed with the aim of making a profit. Sound strategies, depending on the market upon which the firm operates, should be designed so that the set aims are realized. Appropriate leadership too, is a key. This group makes decisions that guide the operations of the firm. Whenever, all the above are in place, the firm would no doubt attain its objectives.
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