Management by objective is a crucial aspect incorporated by managers in day to day activities. In modus operandi, management aims at attaining the best results. This is done by laying down strategies that are implemented through the use of available resources to ensure the results are successful (Islami, 2018). It is as good as gold for an organization to run under goals. This is vital even to the managers. Instead of the managers working under their bosses, it is better to work under objectives (Islami, 2018).
It should be noted that an organization has goals. As operations take place daily, the core aspect that drives managers and the subordinates to yield more results is objective. In Victoria textile, things are the same. The business was established in the year 2005 and up to now, it is among the leading textile industry in the local market.
The four essential functions of management are planning, organization, leading, and controlling. The four services lead the organization towards prosperity (Islami, 2018). The four functions, P-O-L-C, are adhered to wholly by the managers more than anyone else in the company. However, apart from planning, a lot of focus should be channeled towards the organization (Islami, 2018). It is the framework that the company deploys to distinguish authority, responsibilities, and the way information flows in the organization. This results in the implementation of proper operating procedures and decision marking profit, which heavily contributes to achieving the organization's goal. This means that the manager should be able to allocate roles to each worker who should understand and adhere to the assigned responsibilities (Islami, 2018). In Victoria Textile, workers are well informed about their duties. The company has heavily invested in workers with the aim of a good organization that accelerates the achievement of the company's goal.
Victoria Textile Company aims at serving the local citizens with new trends of fashions in the market. This is their primary objective. Apart from making a profit, the company is devoted to producing quality clothes for both males and females. To achieve this, the company deploys Management by Objective (MBO), which ensures the operations are tracked as well as feedback is received to accomplish the goal (Islami, 2018). Peter Drucker's assets that managers should focus on the results than the activity (Islami, 2018). Like Victoria Textile Company, managers do not dictate the workers how to carry out their duties. Every worker is set at liberty and provided excellent conditions to give the best. After admitting new workers, the management ensures that the recruits are well conversant with the goal of the company.
It should be noted that for the better performance of the company, MBO must be incorporated. The management's devotion contributes to the effectiveness of MBO towards achieving the company's goal of implementing MBO. The company also scripts down different aims to different departments and individuals. This also aids in familiarizing individuals with what the company intends to achieve (Islami, 2018).
Components of a Balanced Scorecard and How It Relates to the Business
Victoria textile, with an objective of providing trendy fashions to its consumers, the mission of expanding its operations internationally and investing in technology, and goal of offering jobs to many people and harvest more profit heavily deploys balanced score card in its operations. However, the organization also have strategies which include: establishing modeling competition and increasing its profit making through investing in commercials. To achieve these, the manager tracks the execution of activities of the subordinate staff in the company and even monitor the outcomes arising from the events through the use of the balanced scorecard this is to ensure the strategies are on the cause (Ibrahim, 2018). Balanced scorecards have gained popularity over the years, with many companies deploying it in their operations. Significantly, it has resulted in the prosperity of many organizations. In Victoria Textile Company, the balanced scorecard is used in several ways. It is used to precisely focus on the list of the company. Also, it is deployed as a measure to monitor performance versus objectives. Besides, the balanced scorecard is used in the company to monitor the financial status of the organization. Lastly, it is designed to affect the purposes of the company. The balanced scorecard has the following components, as discussed below concerning the business.
This is one of the components of the balanced scorecard. The part determines how the company is doing financially in terms of expenses and income revenue (Ibrahim, 2018). In Victoria Textile Company, the finances reused to pay salaries, transport, paying taxes, rent training, supplies, buying, and maintaining equipment, among other uses.
Areas that cover customers are covered under the customer component. In Victoria Textile Company, areas such as elating customers, for instance, by providing a pleasant environment for them, after sell services, for example, if the customer buys commodities in bulk, the need to deliver arises, and faster response to customers are covered to make sure they achieve their goal..(Ibrahim, 2018).
This includes the internal processes that the organization uses to achieve its goals (Ibrahim, 2018). For instance, Victoria Textile Company has heavily invested in technology. This provides for accessible communication within and outside the company. Time is highly valued; therefore, with the use of technology, they can achieve more than operating manually. This also helps in accounting.
Learning and Growth Component
This refers to how much the company has been able to learn and improve over the years (Ibrahim, 2018). The two more critical factors are employee morale and satisfaction. In Victoria Textile Company, the company has been able to improve over the years, being among the leading textile companies.
Islami, X., Mulolli, E., & Mustafa, N. (2018). Using Management by Objectives as a performance appraisal tool for employee satisfaction. Future Business Journal, 4(1), 94-108.
Ibrahim, N., Yulianti, D. T., & Christian, A. (2018, October). Supplier Performance Measurement for Online Travel Agent Using Balanced Scorecard: Case Study: Klikhotel. Com. In 2018 International Conference on Advanced Computer Science and Information Systems (ICACSIS) (pp. 45-50). IEEE.
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