In an organisation, a budget is among the metrics in consideration before coming up with a strategic plan. The budget acts as a control system to measure and reduce variances while comparing a standard measure to the actual unit of performance. On analysis of the budget, the managerial body can set aside expense and production costs per month while comparing them for profit realisations and performance improvement (Baumgartner, R. J., & Rauter, R., 2017). Another metric is the number of the customers it servers. In that to determine which products are more suitable for their clientele on a weekly, monthly or even a yearly basis.
Considerations for strategic plan development
Each company must carefully consider strategic planning decisions wisely for it is the core factor for success in any organisation (Baumgartner, R. J., & Rauter, R., 2017). The amount of investment the stockholders contribute is crucial for leaders may decide on loaning to extend its profit margins or branching out depending on the strength of their capital. Moreover, the revenue growth projection is another consideration which guarantees a suitable position and active competition within the markets.
Appling the process in an organisation
All companies know that minimisation of negative variance is a step towards ensuring the success of the business. Thus, while conducting projects, measuring the performances of a firm is essential for growth forecasts to incorporate revenue outcome while considering the amount of capital the stakeholders are investing (Brewster, C., 2017). At the same time, advertising will ensure a significant increase of customers where reports of their feedback take priority to ensure customer satisfaction.
Mission and vision statement
Netflix is a renowned organisation across the globe for its entertainment services. The CEO of the company has a compelling vision statement with an objective of 'becoming the best entertainment service distributor worldwide' (Larcker, D. F., & Tayan, B., 2018). Furthering their intentions, they are responsible for licensing relevant entertainment content that will ultimately safeguard artists and actors content from illegalities including piracy. Moreover, Netflix intends to create a platform that will grant filmmakers access to the competitive entertainment market. In promoting artists, it will be helping innovative content creators find a suitable global audience that their content appeals to appropriately. The above mission statement gives an in-depth analysis of how the organisations wish to grow.
Furthermore, Netflix's mission statement addresses the suppliers (producers and filmmakers), customers (audiences) and the organisation's partnership in delivering quality content suitable for all parties while at the same time gunning for the expansion of the company to accommodate rising talents. It is imperative for an origination to regularly review its strategy to align their interests with the vision and mission they are anticipating to deliver. An organisation like Netflix may use its mission and vision statements to gear its subordinates, audiences and other personnel towards a consistent but ultimately progressive expansion of both the market position and content delivery (Elkins, E., 2018).
It is essential to factor in the goals of the organisations that align with the vision and mission statements for they are a driving force towards income generation, client satisfaction and expansion of the organisation. The operational planning phase is essential to integrate the matrices establishment of the organisation, hence clearly and concisely to voice out the specifications for improvement while factoring out any negative variances that will cripple the firm (Elkins, E., 2018). Also, the establishment of long-term goals will necessitate carrying out planned actions to ensure favourable competition within the marketplace due to the smooth running of the company.
Brewster, C. (2017). The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.
Baumgartner, R. J., & Rauter, R. (2017). Strategic perspectives of corporate sustainability management to develop a sustainable organization. Journal of Cleaner Production, 140, 81-92.
Elkins, E. (2018). Powered by Netflix: speed test services and video-on-demand's global development projects. Media, Culture & Society, 0163443718754649.
Larcker, D. F., & Tayan, B. (2018). Netflix Approach to Governance: Genuine Transparency with the Board.
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