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Business Strategy: Applying Critical Analysis
Introduction
This paper develops at least one strategic objective from each of the following Balance Scorecard areas: Financial, Customer, Process, and Learning and Growth based on an evaluation of a number of potential alternatives to the issues identified with SWOTT Analysis paper. A great part of the paper will explain my critical thing on how I derived my objectives for Spotless Cleaning Services from the companys vision, mission, values and SWOTT analysis. This will also discuss in effect the importance and benefits of critical thinking in decision-making processes for the company.
Analysis and Discussion
The strategic objective for each balance scorecard area
The financial objective is to generate a return on equity of not less than 10% for the next five years. The customer objective will be to retain at least 80% of the old customers for the next five years. The process objective would be to have an incremental 1% improvement in productivity every year for the next five years while the learning and growth objective will be to maintain at below 5% employee turnover for the next five years.
How critical thinking was applied in the deriving objectives?
Critical thinking is better appreciated under the concept of the application of the scientific method (Schafersman, 1991), which I may have applied many times in my formulation of objectives for Spotless Cleaning Services although less formal than what is done in an academic environment. In the well-known method of scientific investigation, a question is identified and hypothesis formulated (Schafersman, 1991). In my analysis, I asked questions on the relationships of objectives with companys vision, mission, values and SWOTT analysis. I generated my answers to the questions I posed and I related these possible answers to my readings on the relationships of the concepts (Pearce II, J. and Robinson, Jr. R. , 2004).
These possible answers can just be considered as my hypotheses or as bases of the possible alternatives for the given problem. But like the concept of scientific method that relevant data must be sought and gathered and the hypothesis logically tested and evaluated (Schafersman, 1991), I needed to have facts to support the would-be decision from the generated alternatives that would produce the desired effects in relation to defined corporate and my department objectives.
The process would be followed by drawing reliable conclusions or inferences, as done under the scientific way (Schafersman, 1991), from the facts gathered in relation to companys objectives. Since objectives are measures of attaining ones vision and mission, I found it easier to have described first the nature of these objectives with the desired characteristics. These objectives must be acceptable, flexible, measurable, motivating, suitable and understandable (Pearce II, J. and Robinson, Jr. R. , 2004). I could say that I accomplished this with a good degree of confidence since I could describe my objectives to be within the characteristics I did use as framework for analysis. Each of the objectives is specific, measurable, attainable, realistic and time-bound.
By carefully weighing what is attainable in the objectives, I believe that I have generated choices from which I could declare with confidence on what will constitute what is attainable. I did the same by looking at what is currently have been attained by companies in similar industry where Spotless Cleaning Services belongs.
Choice is not easy to make with the knowledge of possible consequences in terms of meeting corporate objectives that would ensure meeting in return the companys mission or vision. To fail in this aspect could result to mismatch with vision and mission and would deny the importance of the results of SWOTT which will become bases of corporate strategies. Failing here would be being unfair with the various stakeholders who are bound to fail with unrealistic objectives.
Conclusion
To conclude, applying critical analysis in the context of knowing the beneficial consequences of the power of making a choice that could produce economic, social, environmental and even political advantages applies critical thinking in the real sense. When an organization attains its objectives it must be deemed to have attained its vision and mission. Validity of objectives also confirms that the SWOTT analysis is validly made since the results of the latter would provide the groundwork upon which strategies will be based in attaining objectives which are acceptable, flexible, measurable, motivating, suitable and understandable.
The strategies should be able to take advantage of the industry opportunity, protect the company from industry threat, make use of the companys strengths and must avoid or convert into strength the companys weaknesses. By applying the critical thinking, I made sure that companys management will be able to demand responsibility for those who will be tasked to be part of the implementation of strategies.
References
Pearce II, J. and Robinson, Jr. R. (2004), Strategic Management, Ninth Edition, McGraw-Hill, London, U.K.
Schafersman, S. (1991), An Introduction to Critical Thinking. Web.
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