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    Written Assignment - Unit 7

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    modar Kh
    The document outlines a 5-year strategic plan for a company to balance profitability and social responsibility. In year 1, the plan is to establish a mission and SMART goals. Year 2 involves a SWOT analysis and determining competitive advantages. Production and marketing begin in year 3. Profits are realized in year 4 and reinvested. In year 5, the plan is to give back to the community through corporate social responsibility initiatives. Key strategies include diversifying revenue, identifying cost savings, and using metrics to track both financial and social impacts.

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    Written Assignment - Unit 7

    Uploaded by

    modar Kh
    74 views5 pages
    The document outlines a 5-year strategic plan for a company to balance profitability and social responsibility. In year 1, the plan is to establish a mission and SMART goals. Year 2 involves a SWOT analysis and determining competitive advantages. Production and marketing begin in year 3. Profits are realized in year 4 and reinvested. In year 5, the plan is to give back to the community through corporate social responsibility initiatives. Key strategies include diversifying revenue, identifying cost savings, and using metrics to track both financial and social impacts.

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    The document outlines a 5-year strategic plan for a company to balance profitability and social responsibility. In year 1, the plan is to establish a mission and SMART goals. Year 2 involves a SWOT analysis and determining competitive advantages. Production and marketing begin in year 3. Profits are realized in year 4 and reinvested. In year 5, the plan is to give back to the community through corporate social responsibility initiatives. Key strategies include diversifying revenue, identifying cost savings, and using metrics to track both financial and social impacts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    74 views5 pages

    Written Assignment - Unit 7

    Uploaded by

    modar Kh
    The document outlines a 5-year strategic plan for a company to balance profitability and social responsibility. In year 1, the plan is to establish a mission and SMART goals. Year 2 involves a SWOT analysis and determining competitive advantages. Production and marketing begin in year 3. Profits are realized in year 4 and reinvested. In year 5, the plan is to give back to the community through corporate social responsibility initiatives. Key strategies include diversifying revenue, identifying cost savings, and using metrics to track both financial and social impacts.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    Written assignment – Unit 7

    Melania Murindi

    Graduate School, University of the People

    BUS 5116-01: Operations Management

    Dr. Tapati Sarmah Choudhury

    March 15, 2023

    Introduction

    As the CEO of a company facing the dilemma of balancing profitability and being socially respon-

    sible, it is crucial to act proactively and plan ahead. As the CEO, I should be able to manage the sit-

    uation in order to maintain the integrity of the company, as well as fulfilling the expectations of its

    shareholders and customers. According to Benjamin Franklin, he said that, “if you fail to plan, you

    plan to plan to fail” because the plan simplifies to the workers and the stakeholders the mission and

    the vision of the company. (Quinn, 2010) The top management is responsible for coming up with

    future plans related to finance, growth by buying assets, introducing new products, developing new

    markets and increasing internal efficiency (Ritson, 2013).

    Strategic planning is management activity used to sort out priorities, focus energy, resources and

    ensuring the staff and stakeholders are working for the common goal (Ritson, 2013).

    It is crucial to determine your stakeholders and assess the impact they may have to the organization.

    There is also need to determine if they have internal or external influence. Factors inside the organi-

    zation are the strengths and weaknesses whereas the external are the opportunities and threats of an

    organization (Quinn, 2010)

    5 Year strategic plan

    Strategy is a future plan of action taken by senior management to achieve agreed goals, objectives,

    giving a sense of direction and purpose to the organization (Ritson, 2013).


    In the first year, we need to setup the mission, vision, goals and objectives for the company. Mis-

    sion is to create a company that is profitable at the same time being socially responsible. We need to

    come up with goals for the company that are SMART. Smart is an acronym for Specific, Measura-

    ble , Attainable, Realist and Time bound. It is crucial to communicate openly with the shareholders

    about the company’s mission and values for mutual understanding and creating a going concern

    (Ritson, 2013).

    In the second year, we have to factor in strategic management which is the arranged development

    of resources in departments like marketing, finance, manufacturing, technology and manpower.

    How these departments are going to be functional and the aid they will give to the organization is

    also considered. At this stage the company will have to conduct a SWOT analysis, which will help

    figure out what to do to remain competitive (Ritson, 2013). Every company should have its own

    competitive advantage, and this is what makes the organization better compared to its competitors.

    In a market driven economies, it is the competitive advantage that determines if the business is go-

    ing to be successful or not. Competitive advantage can be defined in terms of speed, size, cheaper,

    stronger, luxurious, sustainable, customer oriented and providing unique employment among other

    things (Quinn, 2010).

    In the Third year, Operations will kick start, with the production of goods and rigorous marketing

    There is need to determine the way of improving the company’s competitive advantage. The use of

    technology is to improve the product or come up with new ideas and as we produce we need to

    careful not to contaminate or spoil the environment (Crowther & Aras, 2008). It is also important to

    explore opportunities to reduce costs associated with social and environmental responsibility with-

    out compromising the company’s values. This may include investing in more efficient and sustaina-

    ble technologies, exploring alternative supply chains or sourcing practices, and optimizing business

    processes to minimize waste and resource consumption. By identifying these opportunities, the
    company can minimize the costs associated with social and environmental responsibility while still

    maintaining its commitments(Crowther & Aras, 2008).

    In the fourth year, this is when the company will start realizing profits for the business based on

    the background work that was laid down. At this stage we need to evaluate and re-strategize on ar-

    eas that needs improvements. They can also diversify the company’s revenue streams to reduce its

    reliance on profitability from a single source. This may involve expanding into new markets, devel-

    oping new products or services, or partnering with other socially responsible organizations to create

    synergies and scale impact. Diversification can help reduce the pressure to maximize profitability

    from a single source, allowing the company to prioritize social and environmental responsibility

    without sacrificing long-term financial stability. The CEO can also provide evidence-based argu-

    ments showing that companies that prioritize environmental friendliness and social impact tend to

    be more successful in the long term. HE can analyze the company's operations to identify areas

    where the company can cut costs without compromising environmental friendliness and social im-

    pact. For instance, the CEO can explore more sustainable ways of production and reducing waste,

    which can lead to cost savings (Crowther & Aras 2008).

    In the fifth year, this is when we start giving back to the community. Corporate social responsibil-

    ity is the relationship between the company and the society in which its operating (Crowther &

    Aras, 2008). Being social responsible includes reducing pollution or littering into the ecosystem ,

    giving back to the community or buying vehicles for business purposes. The company should con-

    sider three principles of CSR which are sustainability, accountability and being transparent

    (Crowther & Aras 2008).

    It is important to establish a system of performance metrics that balances financial and non-finan-

    cial indicators of success. This will help the company measure and communicate its impact and pro-

    gress toward its mission, while also ensuring that profitability is tracked and optimized. By so
    doing, the company can maintain its commitment to social and environmental responsibility while

    also meeting the expectations of shareholders (Quinn, 2010).

    In conclusion, balancing profitability and social responsibility is a challenge that many socially re-

    sponsible businesses face. By communicating openly with shareholders, exploring cost-saving op-

    portunities, diversifying revenue streams, and establishing balanced performance metrics, the

    company can proactively manage this dilemma and maintain its commitment to creating positive

    social and environmental impact. (Quinn, 2010).


    References

    Crowther, D & Aras, G. (2008). Corporate Social Responsibility. Bookboon.com.

    Quinn, S. (2010). Management Basics. Bookboon.com.

    Ritson, N. (2013). Strategic Management. Bookboon.com.

    https://kb.clearpointstrategy.com/strategic-planning/

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