A business profile or organizational profile includes brief information about the company’s history and development, past success and expected future performance, credibility, and descriptions of the products and services they offer. It also includes information on the company’s wealth, such as physical and financial assets, and human capital (Bryson, 2018). As the person in charge of the company profiling, the first set of elements includes the company name, contact information, tagline, and logo.
These details will be found in the company’s documented information. The essence of these elements is to give an overview of the company by allowing someone to follow the company through the contact information, refer to the logo and dig more about the company. The next item I would consider including is the company’s background information. This information is found in the company’s operations and history records. The background information serves as a synopsis of the processes and gives a brief history of its foundation, current, and future plans.
The mission, vision, and value statement should come as the third element in the company’s profile. The mission and vision are the guidelines that serve to direct an organization’s functions. The values are incorporated in everyday work and inform the people of what the corporation believes in. I would source this information from the management and employees to get a clear view of what guides the company. The values may have changed over time since the company was formed, implying that it would be crucial to find more from the executive and various stakeholders.
The next item on the list would be the organization’s leadership structure. This includes the company owners, management team, and leaders at various levels within the organization. The company ownership information was recorded during its formation, and the leadership structure is documented in its corporate structure details. The company’s leadership structure is crucial because it shows how the operations are directed by the various leaders and each leader’s role.
The last element I would focus on is the economic plan, including the SWOT analysis, timelines, and growth plans. The financial goal is crucial for a company’s success because it determines how investors and stakeholders get involved. The SWOT analysis shows the company’s position in the market and its ability to grow using the available opportunities (Bryson et al., 2017). Lastly, the timeline indicates how the company is planning to implement its strategies. These details would be found in the company’s history of operations, financial records, and management’s opinions. I would use these sections to shape the company’s economic structure by highlighting its past, current, and expected growth patterns.
The implementation stage is the most challenging part of organizational strategic planning. I find the implementation difficult because this is where the organization has to actualize its plans and achieve its objectives. This step requires discipline, dedication, and focus, which lacks among the workforce in most organizations. Many organizations rarely implement their strategies due to poorly formulated plans, resource constraints, lack of support from employees and management, and follow-up challenges (DvorskĂ˝ et al., 2020).
Implementation requires the input of all stakeholders to facilitate resource pooling. In most cases, employees withhold their support, especially if they were not consulted during the formulation of the plans. When the implementation plan is poorly designed, it is bound to cause disagreements and confusion, delaying or altogether preventing the actualization of set strategies.
- Strategy – A strategy is a long-term plan designed to reflect how an organization aims to achieve specific goals. The implication of a strategy is to guide the workforce regarding their actions and behavior in line with expectations.
- Strategic management – This follows from the strategy and entails the processes involved from strategy development to implementation. The workforce refers to the strategic management process to identify each person’s role and timelines of operations.
- Policy – A policy is the basis of decision-making in strategic management as it shapes how managers think when planning. For instance, an organization may have a growth policy through acquisition, implying that managers have to think in line with acquiring other forms to grow their enterprise.
- Strategic plan – A strategic plan is the means of achieving the goals set by management. It encompasses an organization’s economic aspects and the internal and external factors concerning the set goals (Barbosa et al., 2020). The workforce refers to the strategic plan to know what to do and at what time in order to reach their end goals.
- Core competency – The core competency is the unique value/skill that an organization has, giving it a competitive advantage. The workforce can capitalize on the core competency and align their strengths to the goals.
- Code of ethics – The code of ethics describes acceptable behavior for the workforce. Following the prescribed rules of conduct will enable the workers to improve their internal environment and achieve their objectives.
- Organizational philosophy – The philosophy entails how the organization relates with its stakeholders. The workforce should apply the corporate philosophy to develop healthy relationships that aid in strategic plan implementation.
- Competitive advantage – The advantage a company has over its competitors is defined as its competitive advantage. The workforce should improve its competitive advantage to facilitate the growth and achievement of its set strategies.
- Value chain – The primary and secondary activities of a company are encompassed in its value chain. As the workers follow the prescribed chain of operations, they are keen on improving the quality of their products and activities.
- Environmental scanning – the process by which information is analyzed and distributed to internal and external environments is described as environmental scanning. The workforce should follow prescribed procedures to ensure that information reaches the expected parties to facilitate strategy implementation.
References
Barbosa, M., Castañeda -Ayarza, J., & Lombardo Ferreira, D. (2020). Sustainable Strategic Management (GES): Sustainability in small business. Journal Of Cleaner Production, 258, 120880. Web.
Bryson, J. (2018). Strategic planning for public and nonprofit organizations (5th ed.). John Wiley & Sons.
Bryson, J., Edwards, L., & Van Slyke, D. (2017). Getting strategic about strategic planning research. Public Management Review, 20(3), 317-339. Web.
Dvorský, J., Petráková, Z., Ajaz Khan, K., Formánek, I., & Mikoláš, Z. (2020). Selected aspects of strategic management in the service sector. Journal Of Tourism And Services, 11(20), 109-123. Web.