The spread of leadership across the organization and a lack of effective collaboration due to the resignation of some managers has led to financial and leadership problems. Various approaches that can make leadership effective include the current styles of leadership, which include listening and collaboration among other aspects that increase the effectiveness of the leadership in an organization. MediaWorks faced a year of destabilization in both 2016 and 2017 (Hope, 2017). The problem associated with the destabilization resulted in a loss of $15 million due to the departure of key personnel thus leading to leadership issues. The current trends affecting the business are evident in the financial problems facing the New Zealand business that include high debts (Minea & Parent, 2012).
Decision-Making and Problem-solving Frameworks
The solutions for better leadership and proper financial management in MediaWorks required the use of the cynefin framework and a government policy framework respectively (Mikkelsen, 2015). The cynefin framework will help the MediaWorks come up with a solution regarding its leadership problem that involves the lack of collaboration among the leaders and poor motivation.
H risks are evident since the company may lose advertisements and thus revenue, which is important for such a broadcaster. MediaWorks faces market risk (equity, interest rate, and currency risk), inflation risk, financial risk, operations risk (internal failure regarding personnel), reputational risk (negative publicity, lawsuits, poor services) among others some of which are brought about by high indebtedness in the country. The business needs effective solutions to leadership challenges and financial management to avoid the risks (Hillson & Murray-Webster, 2017).
The company is using the cynefin framework will identify the cause of the leadership problems then come up with a specific solution that is suited for MediaWorks. On the issue of financial management and high debt, the government will have to come up with a policy framework regarding debt collection. The government will identify the state of debt in businesses and come up with a policy regarding debt collection to reduce financial difficulties businesses face together with helping them manage their credit in the process. Broadcasting businesses depend on revenue through programs and mostly advertisement. Moreover, the policy should require companies to be more transparent about their credit through comprehensive audits. The government will further come up with mechanisms to control borrowing among businesses reducing their high indebtedness (Kelsey, 2015).
Hillson, D., & Murray-Webster, R. (2017). Understanding and managing risk attitude. Routledge.
Hope, W. (2017). Epochality, Temporality and Media-Communication Ownership in Aotearoa-New Zealand. MEDIANZ: Media Studies Journal of Aotearoa New Zealand, 17(1).
Kelsey, J. (2015). The New Zealand experiment: A world model for structural adjustment?. Bridget Williams Books.
Mikkelsen, M. F. (2016). How to Cope with Complexity?-a Review of Project Complexity Literature Using the Cynefin Framework as Theoretical Lens.
Minea, A., & Parent, A. (2012). Is high public debt always harmful to economic growth? Reinhart and Rogoff and some complex nonlinearities.
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