Business Management

Strategic Planning Steps For Optimum Business Management

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Strategic Planning Steps Overview

The Strategic Planning Steps philosophy/business system is an organizational tool that is used by groups and corporations globally to refine their goals and maximize their resources. Drawing from the concepts of strategic military planning, the Strategic Planning process is one way in which businesses strive to attain a competitive edge. Strategic planning involves defining goals, creating an adaptable business plan and measuring core competencies of staff to increase productivity and results. The understanding and implementation of Strategic Planning Steps can significantly affect a company’s ability to maximize revenue and growth. The steps have been used effectively in many fields of business, education and government to formulate productive business systems and resource management solutions.

Strategic Planning Steps Defined

While there are several different approaches to implementing Strategic Planning Steps , most models use the following definitions:

* Mission definition : The mission definition stage of Strategic Planning encourages an organization to develop a brief description of purpose to Inform potential stockholders, employees and customers what they can expect from the company. From the mission definition, a mission statement can be developed that serves as a company’s calling card and core focus description.

* Vision/Trend Analysis : The next facet of Strategic Planning Steps directs a company to analyze current market trends and make committed decisions about where the business is heading. Defining long term goals and visualizing the future of the organization can help to focus current activities and important financial decisions.

* Strategic Objectives : Once long term goals have been set, the strategic objectives phase consists of formulating actual business plans to achieve the visualized goals. One acronym used frequently in this stage of Strategic Planning Steps is SMART. SMART stands for the type of objectives to be developed to fully realize the company’s long term goals. These objectives include:

o S Specific objectives

o M Measurable objectives

o A Achievable objectives

o R Resource-based, realistic objectives

o T Time-frame assessed objectives

* Critical Success Factors : Important milestones and achievements key to goal realization should be identified at the critical success factor stage of Strategic Planning. Singling out these factors provides an easy means for measuring the ongoing success of the business plan.

* Actions to be Implemented : After critical success factors have been identified, the next phase involves the development of action plans need to realize success. Specific tasks and organizations management strategies are designed to effectively implement the business plan. Task management is often defined by the core competencies required for each position in the company.

* Performance Analysis and Progress Measurement : The last of the most common steps is comprised of formulating methods by which to measure the organization’s progress. Comprehensive performance analysis tools and measurement criteria are developed to effectively monitor the success of the current system. These tools can be used to report both internally and externally on the progress and growth of the company.

Business Principles We Learn from Warren Buffett

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According to “Fortune Magazine,” the third most admired company in world is Berkshire Hathaway. When we think of Berkshire Hathaway we think of its head one of the wealthiest man in the world Warren Buffett. What business principles we learn from Warren Buffett? What is his magic?

Strategic Approach

Warren is one of the best investors in the world. His approach is simple. He does not buy stocks as much as he buys businesses. He focuses on a companys value, its stock price and its risks. He looks for companies with strong brands, simple business models, a good return on equity with a lot of debt.

If the price of a firm is less than its value, Warren is interested. In doing his homework, he studies the firms competition, ignores what analysts have to say, and pays little attention to fluctuating market trends. In fact when the market is down, he believes that may the best time to buy.

Jim Collins’ Lens

Let’s start by looking at Warren from a perspective of what Jim Collins teaches in his seminal book “Good to Great.” The book was the result of Jim’s research, where he led a team in a five-year study in which they “scoured a list of 1,435 established companies to find every extraordinary case that made a leap from average results to great results.”

Jim describes the best leaders of the companies that became great as “level 5″leaders. They are ones who built “enduring greatness through a paradoxical blend of personal humility and professional will.” A level 5 leader is first and foremost ambitious for the cause.

Humble Style

Warrens humble style is refreshing. He has simple tastes. He doesnt wear expensive suites. He lives in the same home he bought in 1958. And, he drives his own car. Warren also is famous for how he makes fun of himself. One of his one-liners is, “I buy expensive suits. They just look cheap on me.”

Professional Will

Warren is driven as demonstrated by his almost incomprehensible wealth. Warren looks not only for businesses that are a good deal, but he looks for leaderships who have long tenures of success in their business and who are deeply passionate for the business.

Back to Jim Collins – the Hedgehog Concept

Jim’s team came to simple but powerful conclusions. One important point they make is referred to as the “hedgehog” concept. A key to greatness is finding the intersection, referred to as the sweet spot, between your talent, passion,and economic opportunity.

When we look at Warren from the “hedgehog” framework, we find simple insights:

Passion: What are you deeply passion about?

Talent: What you can be the best in the world?

“I was wired at birth to allocate capital and lucky enough to have people around me early on-my parents and teachers and Susie [his late wife]-who helped me make the most of it,” Buffett told Carol Loomis of Fortune magazine in the June 25 issue.

Economics: What drives your economic engine?

Finding great companies and leaders and investing for the long-haul.

Warren found his passion and talent in life and focused. He became one of the most successful and richest investor in history.

Career Opportunities In Hotel Management Degree Programs And Hospitality Management Courses

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If your desire to work in travel or hotel industry and eager in management a hotel, if you are determined to assist the nation in discovering the best places for their stay and if you want to make challenging and exciting career then you have to earn hotel management degree programs or hospitality management courses would be vital opportunities for you. There are many hotel and catering management institute in Chandigarh India which offering above courses.

Both nationwide and globally hotel management institutes offering best training program for hotel and hospitality management courses India. Student become skilled on the subject of management, leadership, tourism, finance, business management, public relations and they will able to know regarding all features of hotel work like communication and relation with guests, catering, cooking, slicing and other fundamentals, gist elements of the business.

A lot of career opportunities and prospect will be waiting for those students who once get their degree in hotel management and when they complete their hospitality management courses. There are many prestigious HM institute in Chandigarh India which is offering Hotel management degree programs. These institutes will make easy your degree earning procedure and make you ready to face the challenges of career.

Hotel management degree programs cover an extensive assortment of areas which incorporate resort and hospitality management, hotel trade, security and industry finance management. Hospitality management courses India presenting by many universities and institutions could be dissimilar from others. Each courses and programs could focus on an exceptional part. Therefore, you require selecting a hotel management degree program that focuses on your area of Interest. Essentially an institute will covers the basic and require subject matter like resort management, club management, groceries and cooking management, financial and accounts management.

The Hotel and catering management institutes perform training and placement for their students. On campus and off campus placements conducted for students in excellent resort or hotel. Students get an opportunity to relate directly with the persons who related to the similar industry. Diploma in Chef Course is also one of the best career options for the food and cook lover. There are lot of opportunities in the Chef course.

With the help of hotel management degree program and hospitality management courses, you can make your career in assorted fields, for instance hotel or resort manager, beverage and cooking manager, hotel assistant , front office manager, reservation supervisor, sales and marketing director, convention service manager, event planner etc.

Even though the apprentices of hotel management degree program and hospitality management courses graduates are liable to work in hotel and travel management fields, but the career opportunities are not limited for them. The one can go through a group and applying some business associated position in several sector like HR, sales and marketing, finance etc. They can have very broad options into your career choice once you earn your hotel management degree program.

Occupational Health And Safety Management Systems For Organisations

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Occupational Health and Safety management is a combination of practices and organisation. The demands on OHS management systems vary a lot depending on industry and organisational roles, but the basic best practices are much the same. Interestingly, some of the best new modern OHS management systems are the fully statutorily compliant, employer managed self insurance systems.
These are extremely well structured management programs, with full financial and operational management conducted in-house. OHS management systems are extremely productive, containing risk, ensuring a good workplace environment and improving productivity. These programs also provide built in mechanisms for compliance with industry regulations, which is a particularly valuable business operational function.
OHS safety management systems overview
OHS safety management requires strategic planning and systematic review of organisational practices for optimal performance.
Elements of planning include:
Scale and range of organisational operations
Statutory requirements
Risk profiling of business functions and operations
Assessment of sickness and accidents in the workplace
Management resources
Compliance with the requirements of the regulator regarding OHS and risk management obligations (Mandatory in self-insurance licensing)
This is really a form of business planning. In practice OHS management can be seen in context with the organisational business plan, in directly relationship to all areas of workplace operations.
Tailoring your OHS management system to your business.
In many industries, the OHS issues are complex. Risk management may involve very large amounts of capital and large numbers of different types of operation. OHS management systems in these multifaceted business environments require a very strong level of consistency from the policy stage to implementation in the workplace.
The OHS management system must cover:
Occupational health and safety policies.
Best practice OHS operational methods.
Creation of practices for documentation of OHS procedures.
Location based OHS criteria for specific needs.
Reporting methodologies to ensure good quality, verifiable information for each stage of OHS procedures
Databases and records required for OHS-related information.
Many businesses engage expert risk management consultants to create and implement their OHS management systems. This ensures best practice and currency of OHS procedures and statutory compliance. Many consultants also provide OHS management services. These services include monitoring of the OHS systems and are an invaluable asset for businesses which dont have the management resources to conduct these operations themselves.
Getting your OHS management routines in place
Implementation of OHS management systems is conducted using a managed prioritisation approach. Typically, this will be a phased, coordinated process mapped out in advance in consultation with business management.
The most important elements in implementation are training and familiarity with the OHS procedures and safety system requirements. With statutorily affected types of business operation, the training is structured to link OHS systems and operational procedures. In some cases this will require new operational procedures, or changes to existing operations.
OHS management systems provide a valuable resource for businesses. They promote good work practices, a safety-conscious work environment, and routinely increase productivity.

Why Students Choose To Mba In India Only With Top Mba Colleges

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With majority of the students becoming conscious towards their careers, there is an increase in demand of professional courses. But the most popular course among the students in today’s society is the MBA (Masters of Business Administration) as it opens many opportunities for them. Following the economic development of the country the demand of MBA professionals is increasing every day. Because of which a large number of colleges offering this course have come up in India, Which contains some of the best MBA colleges in the world?

Among these colleges the Indian Institutes of Management (IIMs) stands at the top of the list. There are total 8 IIMs across India and they are situated at – Calcutta, Indore, Ahmadabad, Bangalore, Kozhikode, Luck now, Shilling and Ranchi. Students have to score high marks int he Common Admission Test (CAT), in order to get an admission in IIM which also includes group discussion and a personal interview by the faculty of the institute.

Besides IIMs is the Indian School of Business (ISB), Hyderabad, which was established on December 2, 1999. This institute contains a faculty from the best management institutes of the world which includes Wharton, London Business School, Stanford, etc.

Then comes the Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai. It was founded in 1965 and grabbed a prominent place among the top business schools in the Asia – Pacific.

The XLRI is also among the top most MBA colleges for Management Studies. XLRI is an abbreviation of Xavier Labour Research Institute situated at Jamshedpur. It was founded in 1949 and has been growing gradually throughout its existence.

Some other top Business Schools of India are – Faculty of Management Studies (FMS), Delhi, Indian Institute of Foreign Trade (IIFT), Symbiosis Institute of Business Management, Loyola Institute of Business Administration (LIBA), Nirma Institute of Management, Indira Institute of Management (IIMP), Pune, SIES College of Management Studies (SIESCOMS), Institute of Financial Management and Research (IFMR), etc.

The reason behind opting for a top – ranked MBA college is that, pursuing MBA from these colleges guarantees a good pay package depending on the reputation and dependability of the respected college. Hence the growth of the students in the corporate world becomes swift. The IIMs are always known for grabbing the best salary offers for their students all over the country. According to the placements records of 2010, their is an increase of 25 percent in the salary of students from such top MBA colleges