Copyright American College Of The Middle East 2020 Business
Copyright American College Of The Middle East 2020bus 250business Or
After completing deliverable 1 and 2, now we continue with the Final deliverable where you answer the questions based on your business plan idea. Make sure that your answers are well written, in meaningful paragraphs (where applicable).
THE PROCESS OF THE COMPANY’S FUNDING
1. How much external funding (money) do you need to build your company?
a. Explain what you need this money for (Rent, salaries, ads etc.).
i. Create a table and allocate money – based on how much you will spend on each item. Include at least 5 items.
ii. Explain from where will you get the funding?
PERFORMANCE MANAGEMENT
1. How would you measure the performance of your organization?
a. productivity
b. effectiveness
c. position on the market
d. customer satisfaction
2. How would you measure the performance of employees in your organization?
a. How often would you measure performance?
b. What will you focus on when measuring employee performance?
c. What tools would you use to measure their performance? (How will you monitor what and how they are doing?)
i. Would you use the same measurement tools for every employee?
ii. Explain why yes, why not.
d. How would you deliver effective performance feedback to your employees?
CONTROLLING
1. How would you, as a manager/owner, deal with the following workplace discipline problems in your organization?
a. Employees who are always late
b. Employee theft
c. Workplace violence (verbal abuse, inappropriate behavior)
d. Workplace privacy (How would you ensure that employees don’t misuse company car, phone, mail or internet while respecting their privacy?)
2. How could you possibly control employees that work from remote locations (like now during COVID-19)?
a. How can you ensure that they complete their work on time?
3. How could you make sure that your organization addresses work control ethically?
TAKING MANAGERIAL ACTIONS
1. Describe the types of managerial actions in the following cases:
a. What would you do with underperforming employees?
b. What would you do with outperforming employees?
BONUS
How could you use the concept of control in your personal life? Be specific. (Think in terms of feedforward, concurrent, and feedback controls as well as specific controls for the different aspects of your life – schools, family relationships, friends, hobbies, etc.)
Paper For Above instruction
Introduction
Effective management of a business requires strategic planning in various operational aspects, including funding, performance measurement, controlling workplace behavior, and managerial decision-making. This paper explores these dimensions through a hypothetical business scenario, providing insights into how an organization can strategize and implement effective management practices to foster growth and sustainability.
The Process of the Company’s Funding
Determining the amount of external funding needed is crucial for launching and expanding a business. For our proposed business, which is a small retail operation selling organic bath bombs named "Glitters and Sparkles," an estimated $50,000 is required initially. This capital will be allocated to various essential items: rent, salaries, advertising, inventory, and equipment.
| Item | Estimated Cost (USD) |
|---|---|
| Rent (Shop premises) | $20,000 |
| Salaries (Staff wages) | $10,000 |
| Advertising & Promotions | $5,000 |
| Inventory & Raw Materials | $10,000 |
| Equipment & Supplies | $5,000 |
Funding sources for these requirements include personal savings, potential small business loans, and angel investors interested in organic personal care products. As a start, capital from personal savings can cover initial expenses, while loans and investors can fund expansion efforts if the business scales successfully.
Performance Management
To ensure organizational success, performance measurement will encompass productivity, effectiveness, market positioning, and customer satisfaction. Key performance indicators (KPIs) include daily sales volumes, customer feedback scores, social media engagement metrics, and market share growth.
Employee performance will be evaluated quarterly using tools such as performance appraisals, customer feedback, and sales target achievement. Focus areas include teamwork, product knowledge, punctuality, and customer service skills. Monitoring will involve daily supervision, sales data analysis, and peer reviews.
While uniform evaluation tools provide consistency, they may not suit every role. For instance, sales staff may be assessed primarily on performance metrics, whereas production staff might be evaluated based on quality and efficiency. Tailoring tools ensures fair and relevant performance appraisals.
Feedback will be delivered through structured review meetings, emphasizing strengths and areas for improvement, fostering constructive dialogue, and motivating employees towards continuous development.
Controlling and Workplace Discipline
Addressing discipline issues starts with clear policies communicated during onboarding. Instances such as tardiness will be managed by verbal warning followed by formal documentation if behavior persists. Employee theft is met with strict investigation and potential termination, reinforced by surveillance and inventory controls.
Workplace violence or inappropriate conduct necessitates a zero-tolerance policy, with corrective actions including counseling or disciplinary measures. Privacy concerns, such as internet misuse or company property abuse, will be managed through monitoring systems and guidelines respecting confidentiality and employee rights.
Remote work control involves setting clear expectations, regular virtual check-ins, and project management tools to track progress and deadlines. Ensuring timely completion hinges on establishing accountability and providing necessary support.
Ethically managing work control emphasizes transparency, fairness, and respect for privacy, preventing misuse while fostering a culture of trust and responsibility.
Managerial Actions
For underperforming employees, strategies include coaching, additional training, or reassignment. If improvement remains elusive, termination may be necessary, always conducted with fairness and legal compliance. Conversely, high-performing employees will be recognized through incentives like bonuses, promotions, or public acknowledgment to motivate continued excellence and retention.
Application of Control in Personal Life
Concepts of control are applicable beyond the workplace. For example, feedforward control can be used to plan study schedules or manage family budgets effectively. Concurrent control helps monitor ongoing activities, such as maintaining healthy lifestyle routines or managing time spent with friends. Feedback control facilitates reflection and adjustment after events, like evaluating academic performance or personal projects, to improve future outcomes.
Implementing these control strategies fosters discipline, time management, and goal achievement in personal domains, contributing to a balanced and productive life.
References
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