Accounting Theory and Current Issue

Introduction

In the current business scenario change in the operational cycle of the BizOps needs dynamic business development. For that, it is essential to develop and understand the influence of the external sources, the link up with the company’s mission and objectives to get the desired success. The change in the management needs to ensure the growth and betterment of the company and act as an effective solution to the bottleneck of the company. Therefore, before implementing any change in the organization it is mandatory to examine and analyze the needs and risk of changes in the organization for seamless and smooth implication with stakeholder identification. Further, it is also required to monitor the prior determined milestones to achieve the same as per the determined framework. Again, to have a successful full implication of a program it is essential to have a skilled team so that mentoring is required for long-term success.

  • Identification of changes
  • External and internal factors influence changes.
  • Monitoring  and mentoring programs to achieve as per time-frame

Identification of changes

The success of change management is related to many factors of a business plan such as production, marketing, budget, human resource planning and many other factors. In addition, the external influencing factors have a broad effect upon the three changing needs and also the mission, vision of the company. These factors can be analyzed with the PEST analysis such as;

  • Because of the increase in the marketing competition, the BizOps in the market are facing loss of position. For that they face the need of a drastic change for innovation to hold their market position. 
  • In case of political aspects, some time the government impose some strict laws, regulation along with a controlled economy. In that case developing companies especially at the time of change need to implicate strict policies to comply with the changes (Ahmad, Ismail, Rani, & Wahab, 2017)
  • From an economic perspective, sometimes sudden movement in an economy for development may be beneficial to the company with a proper action plan. 
  • The company is part of the changing environment and for the betterment of the social perspective and environment to create a unique image change is necessary.  

 

  • Change management depends on many factors
  • Analysis the external factors
  • Change is linked up with the mission, vision, objectives of the company.

Mission and objectives

Three changes identified by the company are to develop customer satisfaction and customer relationship software. To increase the market share by 15% and enter into the luxury market to enjoy a competitive position, BizOps wants to develop a luxury hamper product. Lastly, the company wants to organize a mentoring program for their supervisors and leaders to have a skilled team in the company. The mission and objective of the organization is current and as per the market demand as per the business plan. Their Mission is a follows;

  • BizOps are committed to their consumers to provide high quality, innovative and valuable products and services.
  • The company is committed to meeting the needs of changes of their customers.
  • BizOps wants to offer creative solutions for their products.
  • They want to provide personalized and speedy service (Taiwo, Lawal, & Agwu, 2016).
  • Their mission and mission is to recruit staff who are professional, skilled and enthusiastic in their area of job. 
  • The company also wants to provide a service that will have a clean and green effect on the environment. 
  • With effective business and operational planning they want to achieve sustainable work of practice. 
  • Develop a process for continuous improvement. 

Objectives of the organization are also well planned that will suit organizational goals and capture the market to rebuild their position in market. In addition, their objectives also liked to recruit the right human resource at the right place to train them as per their requirement. This will help to utilize the maximum strength of the manpower. Their objectives and resources are as follows;

 

Objective Resource
  • Their objective is to maintain the number one position in the industry annually as best customer service provider. 
  • Within budget and deadline launch exclusive high quality products they will meet demands of the market. 
  • Include recognition of brand and delivery service.
  • Implement training programs and high technology.
  • Ensure cost effective methods.
  • Provide training for induction to provide knowledge and develop new skills about the change in organisation this will help enthusiastically. 
  •  Provide support wth resources like time and physical guidance to all BizOps employees for professional development. 
  • Recruit innovative managers
  • Conduct research and development and survey programs.
  • Use new logos and use new vans for each outlet for marketing. 

 

Measuring performance of CRM, production of Luxury hamper and mentoring program

The company applies the perfect tools and techniques to measure the performance indicator of the CRM performance, luxury hamper development and mentoring program. Applying various processes and methods the company selects what is best as per their planning and operational activities. 

The CRM performance measure techniques are as follows;

  • Revenues per sales person: the money contributed by each sales representative into the company and increase in the revenue can indicate and measure the performance of CRM. 
  • Increase in response rate: The time of campaigns in the market increases response of Customer action can be made by CRM is a tool for measuring performance. 
  • CRM performance can be measured by increase in market return on investment. 
  • The performance of CRM can be measured by the number increase of service renewal rates.
  • The increased number of sales and the sales duration cycle also can be a measurement of CRM per mencret (Rafiki, Hidayat, & Razzaq, 2019).

The luxuries hamper production performance measure as follows;

  • The luxury hamper production performance can be measured by the quality and value of the product.
  • Comparing the benchmark with the competitors
  • The efficacy, cash flows, liquidity and financial leverage needs to be examined to determine sustainability.
  • Measure the customer life-time value and increase in market share with profitability impact.

The mentoring program performance measure is as follows;

  • Mentoring program performance can be measured by the satisfaction of employees
  • The retention and engagement of employees in the program can also be a measurement.
  • The development and learning of employees in BizOps is also a technique for measurement.
  • The cultural diversity and inclusion in organisation is a way of performance measurement of mentoring programs.

Resource and regulation

For successful implication of the change in the organisation the financial, human and physical resources play a vital role. The availability of resources at the right time at the right place is important to finish the change at the proposed time-frame.

  • Financial resources are the most important aspect to any change implication proces. Implication of the CRM software cost in the BizOps organisation, the cost of the monitoring and reporting system is required to develop. 
  • Further, the human resources are also the most important part of the change management. They need to be skilled, good at communication, knowledgeable employees and also there will be a cost of training that will be linked with financial resources.  
  • Physical resources need technological support and vehicle support for marketing at each outlet of the company to launch the new luxury product hamper and provide support to employees.

For developing the luxury hamper they need to follow the guidance of the Australian competition and consumer commission.  Further to determine the product safety they need to follow the Australian consumer law. 

  • Financial resource cover the cost of implication
  • Human resource needs to be skilled
  • Australian consumer law needs to follow for luxury hamper 

Stakeholders

For implementing the change and enjoying the success it is essential to identify the stakeholders in the organisation that will help them to reach their target. Stakeholders are those who have the same interest for their business operation. The important stakeholders are;

  • CRM software suppliers
  • IT management
  • Employees
  • Trainer
  • Supervisors
  • Production managers
  • Marketing Manager
  • Financial planner
  • Operations Manager
  • Investors
  • Customers

After carefully selecting the best stakeholders in the organization it is essential to select the right communication channel to build a bond and trust with the stakeholders. A good relationship with stakeholders can help to build loyalty to a brand image. For the purpose to create a communication plan it is essential to target the audience first who will be the stakeholder. After, to avoid any miscommunication the message of communication needs to be clear and understandable. The flow of communication needs to maintain with stakeholders otherwise the organization can face challenges. The leader needs to pass the message and the communication can be in the form of a meeting, discussion or proposal (JOHN, 2018)

Market requirement

After reviewing the market demand for the new product it is highly profitable and the price strategy (premium) of the company is also helpful to reach their targets in the economy. Their intention is to enter the luxury market base to increase the market share and will help them with their current product line and price strategy.

Strength and weakness

The business plan of the organisation to reach their target is well establish and structured that will help them to be successful 

Strength

The plan is linked with mission, vision and objectives.

The plan has a proper monitoring and mentoring plan.

The plan has a well-defined financial budget.

Weakness

There are no alternation methods in the plan.

  1. Refer to PPP
  2. Recruit skilled employees

In the organization, BizOps skilled labors need to have the purpose to have the smooth implication of the change environment in the organization. For that, a highly valuable and strong strategy needs to develop for recruitment and training in the organization. Such a follows;

 

Operational activity Objective Key performance indicator Responsible person Procedure Time Budget
Human Resource Recruitment 13 new employees will be employed related to sales. HR According to the recruitment policy October $250
Human Resource Training 13 new sales staff will be set for induction to gain knowledge and learn skills. Department of Training According to training policy November $300
Human Resource Training 13 new staff will provide two weeks training with a small test.  Department of Training According to training policy December $500
  1. Monitor performance

For the purpose to monitor the business performance as per the three changes in the organisation it’s essential to examine the;

  • Flow of money in the organisation along with the sales volume to determine the profit and sales volume. 
  • Further the acceptance by the customers and the increase of the sales ratio of new products will indicate the community’s awareness.
  • The green effect and sustainability impacta, management performance improvement will indicate the environment and governance effect.
  • The loyalty, customer review, value of customer band image will indicate the quality of products.
  • The increase in sales, increase in products, and increase in number of sales renewal can be used to monitor the performance efficiency of the organisation.
  • The overall development, their expansion, and growth are used to monitor the triple bottom line analysis.

 

5.

Check points Tick
Examine System day-to-day
Update system
Examine production process
Verify software
Analyse customer feedback
Examine the training development program

Reference

Ahmad, M. H., Ismail, S., Rani, W. N. M. W. M., & Wahab, M. H. (2017, October). Trust in management, communication and organisational commitment: Factors influencing readiness for change management in organisation. In AIP Conference Proceedings (Vol. 1891, No. 1, p. 020019). AIP Publishing LLC.

Taiwo, A. A., Lawal, F. A., & Agwu, P. E. (2016). Vision and Mission in Organization: Myth or Heuristic Device?. The International Journal of Business & Management, 4(3).

Rafiki, A., Hidayat, S. E., & Razzaq, D. A. A. (2019). CRM and organizational performance. International Journal of Organizational Analysis.

JOHN, K. N. (2018). Importance of Communication to Stakeholders in all Organisations.