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parakhiya vasant

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study for management

study for management

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  • 1. Audit of Business Goals/Strategy
  • 2. BUSINESS GOALS
    • A goal is a statement that clearly describes actions to be taken or tasks to be accomplished by a company, a department or an individual. A business will have a number of goals, each describing a desired future condition toward which efforts are directed. If the goals are accomplished, then the business should be a success
  • 3. COMMON CHARACTERISTICS OF BUSINESS GOAL
    • Derived from the mission statement
    • Task-oriented
    • Short term
    • Specific
    • Challenging
  • 4. Derived from the mission statement:
    • The starting point in writing business goals is to ask "what do we need to do to accomplish our mission." In other words, a mission statement says "what" and business goals say "how".
  • 5. GOAL SETTING FOR BUSINESS
    • Goal setting is the absolute first step in achieving business success.  Before you set out on your business journey you should decide where you are going.  From one perspective the only way you can achieve business success is to set your business goals first.  Because your business goals will help you set your business direction and they will let you know when you have arrived. 
  • 6.
    • Goal Setting is crucial to business success. 
    • The approach to business goal setting varies between a large business and an owner operated business.
  • 7.
    • For owner operated businesses the real starting point with business goal setting is personal goal setting. Your business goals need to be supportive of your personal goals because if your business and personal goals are not compatible not only will you have trouble achieving your goals but the incongruence will consume enormous energy and create discomfort. 
    •   
    • You are likely to find that your business is one of your key vehicles for achieving your personal goals.  So, before you can shape the goals for your business you need to understand your personal goals and understand what the business needs to do to help you achieve your personal goals.  That way, you can maximise your returns from the business – both in financial terms and in non financial terms.
  • 8.
    • Every large corporation has clearly set and articulated goals to drive the company forward. Yet, in the world of small business, many businesses lack a focused goal. “Get more business” is a typical reply of small business owners when asked of future plans.
    • Whether you have a 50- employee or an empire of one, your business success depends on your ability to set and achieve goals. Put your business on the fast- track by applying the principles of SMART Business goal setting.
  • 9.
    • Once your goals are SMART, break down each goal into a specific set of tasks and activities to accomplish your goals.
    • It is important to periodically review your goals and make adjustments if necessary.
    • Goal setting for your business is an essential tool for success.
    • Remember in the end to be S . M . A . R . T
    • S = SPECIFIC
    • M = MEASUREABLE
    • A = ATTAINABLE
    • R = REALISTIC
    • T = TIME BASED
  • 10.  
  • 11. Example:
  • 12. A Note on HRD Audit T. V. Rao Chairman, TVRLS
  • 13.
    • HRD audit is a comprehensive evaluation of the current human resource development strategies, structure, systems, styles and skills in the context of the short and long-term business plans of a company. HRD audit attempts to find out the future HRD needs of the company after assessing the current HRD activities and inputs available.
    Why HRD Audit?
  • 14.
    • HRD audit starts with an understanding of the future business plans and corporate strategies. While HRD audit can be done even in organizations that lack well formulated future plans and strategies, it is most effective as a tool when the organization already has such long-term plans. The HRD audit starts with attempts to answer the following questions:
  • 15.
    • Where does the company want to be ten years from now, three years from now and one year from now? (Answers to this question ensures business linkages part of the HRD score card)
    Question 1
  • 16.
    • Answer to this question needs to be provided by the top-level management. If there are long-term plan documents these are reviewed. On the basis of the answers to these questions the consultants finalize the subsequent audit strategies and methodology . The consultants make an attempt to identify the nature of core competencies the organization needs to develop in order to achieve its long-term, five to ten year plans. The consultants also attempt to identify skills required to be developed by the company at various levels
  • 17.
    • (example - workmen level, supervisors level, junior management level, middle management level, top management level, etc.) and with respect to various functions (finance, production, marketing, etc.). Listing all these core competencies and skills for the future is the starting point of HRD audit. The HRD audit normally attempts to assess the existing skills and the competency gaps in order to achieve the long-term business goals and short-term results of the company. The competencies may deal with technical aspects, managerial aspects, people related or conceptual. They may cover knowledge base, attitudes, values and skills.
  • 18.
    • What are the HRD sub-systems available today to help the organization build itself competency base for the present, immediate future as well as for long-term goals? (HRD systems maturity score of the HRD score card)
    Question 2
  • 19.
    • The auditors attempt to identify various HRD sub-systems that are available to ensure the availability, utilization and development of skills and other competencies in the company. All the HRD tools existing in the organization are listed and studied in detail.
  • 20. Business Excellence Model of EFQM
    • For example to form the first point one can determine if the the Organization has a process to gather and understand the market information etc.
  • 21.
    • The following points will be good guidelines for any strategy audit. Based on these points whether the leadership in the organization is developing vision, mission and values and how the vision - mission values are communicated to all people in the organisation as also other stakeholders.
  • 22. a Policy and strategy (directions) are based on the present and future needs and expectations of stakeholders
    • Gathering and understanding information to define the market and market segment the organization will operate in both now and in the future
    • Identifying, understanding and anticipating the needs and expectations of current and future stakeholders including customers, employees, partners, society and shareholders
    • Identifying, understanding and anticipating developments in the market place, including competitor activity
  • 23. b Policy and strategy (directions) are based on information from performance measurement, research, learning and external related activities
    • Analysing output from internal performance indicators
    • Analysing output from learning activities
    • Analysing external images and brand awareness data
    • Analysing the performance of competitors and best in class organization
    • Analysing data regarding existing / potential partners core competencies
  • 24. Cont…
    • Analysing data for both long and short term social, environmental, safety and legal issues
    • Analysing data on the effects of products and services throughout their entire life-cycle
    • Identifying and understanding economic and demographic indicators
    • Analysing data to determine the impact of new technologies and business models on the performance of the organization.
  • 25. c Policy and strategy (directions) are developed, reviewed, updated
    • Developing, reviewing and updating policy and strategy consistent with the organization’s mission, vision and concepts of Excellence
    • Balancing both long and short-term needs and expectations of stakeholders
    • Assessing risks and identifying ways of addressing these risks
    • Identifying present and future competitive advantage
    • Identifying core capabilities and needs for partnerships / alliances to deliver policy and strategy
  • 26. Cont…
    • Reaffirming presence in established markets or requirement to change market approach
    • Aligning strategy with those of partners and alliances
    • Identifying critical success factors
    • Aligning and continuously developing social and environmental standards with partners
    • Evaluating the relevance and effectiveness of policy and strategy.
  • 27. d Policy and strategy (directions) are communicated and deployed through a framework of key processes
    • Identifying and designing and communicating the framework of key processes needed to deliver the organization’s policy and strategy
    • Communicating policy and strategy to stakeholders and evaluating the awareness of it
    • Aligning, prioritising, agreeing, cascading and communicating plans, objectives and targets as well as following up achievements
    • Establishing organization wide reporting mechanisms to track progress.
  • 28. Conclusion
    • HRD audit always keeps the business goals on focus . At the same time, it attempts to bring in professionalism in HRD. In keeping the business focus at the centre, HRD audit attempts to evaluate HRD strategy, structure, system, staff, skills and styles and their appropriateness.
    • HRD audit is comprehensive. However it is possible to focus on one or more systems thoroughly.
    • Action on HRD audit is entirely in the hands of the CEO and the auditor has no control over this.
  • 29.