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Critically evaluate an existing strategic plan for the organisation of your choice.
Introduction
The entire project A will revolve around reviewing and modifying the existing strategic plan for an organization. The company that has been taken into account for performing this study is PWC of U.K. It can be said that PWC is a world-renowned company and it is present on a worldwide basis. It has been chosen for conducting this specific study because it is known as one of the largest professional services company present in the entire universe. The company is headquartered in the United Kingdom. Moreover, the company offers the following services to their clients: Assurance, Tax Advisory, Advisory, Actuarial, Legal, Data and Analytics, Strategy Consulting and Management Consulting. The new and updated strategic plan will serve the company with a sense of direction and it will also outline the measurable goals. On the other hand, strategic planning will be a vital tool for guiding the day-to-day decisions and for judging progress and changing approaches when the company is moving forward. Arguably, in order to make the most of the strategic planning the company will also give careful thought towards the strategic objectives it outline and will also back up the goals with the researched, realistic, and quantifiable benchmarks for judging the results. The entire strategic plan of the company will be designed in the following manner: The mission of the company will be defined, personal vision of the company will be defined, then the overall business of the PWC will be analyzed through that will further include the conducting the SWOT analysis, short term goals of the company will be established and it will include the SMART goals, then the strategies of the company will be outlined neatly, action plan will be created, strategic communication will be fostered, and in the last segment the strategic planning team will be created.
Discussion
PART 1
Strategy
It can be defined as the long-term direction with regards to a company. Throwing light on the above-mentioned statement it can be said that the long-term direction of PWC is to be the leader with regards to the services they provide to their consumers.
Levels of strategy
There is various level of strategies such as: Corporate-level strategies, business-level strategies, and the operational level strategies
Strategy statements
The strategy statements mainly consist of the following: Mission, vision, scope, objectives, and the advantage.
Strategic model
The 3 main elements of the strategic model that is used by almost each and every organizations across the globe are: Understanding the current strategic position, making choices in terms of strategy and then finally a company turns the strategy into action
Strategic position
It is mainly concerned with the impact on strategy with regards to the external environment and the strategic capability of a firm.
Strategic choices
The various strategic choices of an organization are as follows: Business strategy, corporate strategy and diversification, international strategy, innovation and entrepreneurship, as well as the acquisitions and alliances
Strategic capabilities
In the book exploring strategy, it has been highlighted that the external environment is one of the most vital components when the chapter of strategy comes into the scenario. On the other hand, it has been also argued that it is not only the external environment that is important for the strategy but also the differences that take place between the firm’s need must be considered.
The environment
The environment consists of several complex layers such as: The macro-environment is considered to be the highest-level layer, and then the industry that is the next layer within the broad general environment and at last comes the competitors and the markets are regarded as the most immediate layer surrounding a company.
Types of industries
There are several types of industries present in the marketplace such as: The monopolistic industries, the oligopolistic industries, hypercompetitive industries, and the perfectly competitive industries.
Levels of strategy
There is various level of strategies such as: Corporate-level strategies, business-level strategies, and the operational level strategies
Strategy statements
The strategy statements mainly consist of the following: Mission, vision, scope, objectives, and the advantage.
Strategic model
The 3 main elements of the strategic model that is used by almost each and every organizations across the globe are: Understanding the current strategic position, making choices in terms of strategy and then finally a company turns the strategy into action
Strategic position
It is mainly concerned with the impact on strategy with regards to the external environment and the strategic capability of a firm.
Strategic choices
The various strategic choices of an organization are as follows: Business strategy, corporate strategy and diversification, international strategy, innovation and entrepreneurship, as well as the acquisitions and alliances
Strategic capabilities
In the book exploring strategy, it has been highlighted that the external environment is one of the most vital components when the chapter of strategy comes into the scenario. On the other hand, it has been also argued that it is not only the external environment that is important for the strategy but also the differences that take place between the firm’s need must be considered.
The environment
The environment consists of several complex layers such as: The macro-environment is considered to be the highest-level layer, and then the industry that is the next layer within the broad general environment and at last comes the competitors and the markets are regarded as the most immediate layer surrounding a company.
Types of industries
There are several types of industries present in the marketplace such as: The monopolistic industries, the oligopolistic industries, hypercompetitive industries, and the perfectly competitive industries.
PART 2
Business strategy
It has been witnessed that the business strategies are applicable for both private as well as for the public sectors. The two types of business strategies that can be highlighted are: Generic strategies (focus, cost leadership, hybrid strategies and differentiation). The other strategy is interactive strategy (game theory, hypercompetitive strategy, and the cooperation).
The strategic clock
It is one of the most common ways for approaching the generic strategies. There are two main features of the strategic clock namely: It is completely focused on the prices to the customers, and then the circular design of the clock allows for more continuous choices than Porter’s comparison between the differentiation and cost leadership.
Cooperative strategy
It is one of the most used strategies in the recent times by most of the firms as a huge amount of benefit is enjoyed by applying the cooperative strategy because collaboration between some companies in a market can provide some amount of advantage over the other competitors in the same marketplace or the new entrants who have huge amount of potential.
It has been witnessed that the business strategies are applicable for both private as well as for the public sectors. The two types of business strategies that can be highlighted are: Generic strategies (focus, cost leadership, hybrid strategies and differentiation). The other strategy is interactive strategy (game theory, hypercompetitive strategy, and the cooperation).
The strategic clock
It is one of the most common ways for approaching the generic strategies. There are two main features of the strategic clock namely: It is completely focused on the prices to the customers, and then the circular design of the clock allows for more continuous choices than Porter’s comparison between the differentiation and cost leadership.
Cooperative strategy
It is one of the most used strategies in the recent times by most of the firms as a huge amount of benefit is enjoyed by applying the cooperative strategy because collaboration between some companies in a market can provide some amount of advantage over the other competitors in the same marketplace or the new entrants who have huge amount of potential.
THE COMPANY PWC: EVALUATING THE EXISTING STRATEGIES
Mission and vision
The main vision of the PWC is: Firstly, to improve the quality of life of their potential consumers and people living in the community by providing high-quality utility services, by being one of the best leaders in the sustainability segment and the company also want to be a leading community partner (Johnson and et al, 2014). Secondly, the company also wants to gain the huge amount of recognition throughout the world by portraying their strong work ethics. Thirdly, PWC is also looking out for the individuals who will be able to adapt to the market in various types of situation, as well as following the firm's work ethics for having a leading role in their operation's department. Fourthly, the company also strives hard for applying their best practice in all the segments of the governance and also they are trying to maintain the transparency as much as they can do. Fifthly, the company has also a strong vision to be a leading participant in the process of establishing international accounting and Spanish as well as playing a vital role in the above-mentioned segments. Fifthly, the company also wants to be a firm in future where the employees and also the partners of the company feels proud and motivated for contributing their efforts in the success of the company (Bryson, 2018). Lastly, it has been already observed the PWC are specialized in a lot of sectors so they want the participation of the young individuals in the firm.
In terms of the mission the company always wants to deliver a clarified as well as the fair auditing service in order to upgrade presentation with regards to the financial information of the company. The three vital principles are followed by the company namely: Integrity, innovation and also intelligence. The three values of the company are: Making a difference, acting with integrity, working together as a team, caring for each other and reimagining the possible (Smith, 2013).
In terms of the mission the company always wants to deliver a clarified as well as the fair auditing service in order to upgrade presentation with regards to the financial information of the company. The three vital principles are followed by the company namely: Integrity, innovation and also intelligence. The three values of the company are: Making a difference, acting with integrity, working together as a team, caring for each other and reimagining the possible (Smith, 2013).
SWOT analysis of PWC
Strengths: They have a huge client base, PWC also has an extensive geographical reach, the workforce of the company is also the best when it is compared to their potential competitors, it is also one of the biggest accountancy firms present nowadays, and the company has also got several awards because they have the best working environment.
Weakness: Cutthroat competition with their potential competitors and several allegations and controversies had a negative effect on the brand image.
Opportunities: There a lot of opportunities with regards to providing solutions in compliance, increase in firms who are looking for the expert business solutions, and PWC can also be benefitted from the growth prospects in the economies that are emerging.
Threats: The global economy is fluctuating a lot and affecting the operations of the company, expansion of the potential competitors with regards to the PWC in U.K. can have a negative effect on their business.
Weakness: Cutthroat competition with their potential competitors and several allegations and controversies had a negative effect on the brand image.
Opportunities: There a lot of opportunities with regards to providing solutions in compliance, increase in firms who are looking for the expert business solutions, and PWC can also be benefitted from the growth prospects in the economies that are emerging.
Threats: The global economy is fluctuating a lot and affecting the operations of the company, expansion of the potential competitors with regards to the PWC in U.K. can have a negative effect on their business.
SMART of PWC
The company provides SMART solutions in the compliance and coding, PWC also provides SMART solutions in the Ambulatory Care, and SMART solutions in the field of RISK and Regulatory is also provided by the company.
Creating a strategic planning process
The strategic planning of the company will consist of four main phases: Phase 1- the input from the citizen and employees, phase 2- strategy planning retreat, phase 3- planning review and development and phase 4- implementation phase.
Figure 1: Strategic Plan
Phase 1- citizen and staff input
The first phase of the study is to develop a strategic plan that will consist of the input received from the citizens and the employees of the company. In the year 2015, PWC conducted an opinion survey of the employees and also a consumer satisfaction survey and focus group with their workers. The above-mentioned efforts from the employees and the customers were used by the company for helping them to identify the priorities of the consumers and their employees.
Customer needs- the all total ratings with regards to the value and price revealed that it was quite lower. On the contrary, there were some of the particular segment where the PWC received very low ratings from their potential customers such as The employees of the company who were following up the consumers for observing if their problems were solved were not were quite low, there were also some of the employees who did not value their consumers, there were also a handful of employees who had genuine concern for their potential consumers, there were a large number of vital issues that were not resolved in a timely manner, the employees also did not take an initiative for providing enough information that helps the consumers, and the communication, as well as the response during the outages, were quite poor.
In the above-mentioned segment the company can follow these strategies for creating a better consumer strategy: Creating a customer service with a proper vision, assessing the consumer needs in a better manner, hiring the right type of employees who can address the needs of the consumers in a better manner, setting few goals for the consumer services such as, the company must strive to address each and every complaint by their consumer in the same manner and if any employee fails to do so then they will be held accountable, the company also needs to train the employees on their service skills and lastly one of the main strategies in terms of the effectively serving the consumer needs is to recognize and reward good services by the employees as acknowledging will be a positive reinforcement and the employees will be more motivated and serve their consumers in a better way.
The customer satisfaction survey showed mixed results although the overall consumer satisfaction level was quite high there were some of the particular areas that PWC did not receive high ratings and the ways and the strategies that can be used to enhance will be presented in the following segment. Firstly, the company needs to treat each and every consumer like they are their boss. The employees must not discriminate the consumers at any cost. Secondly, building consumer loyalty for increasing the consumer satisfaction as consumer loyalty is considered to be priceless for example, remembering the special occasions like the birthdays and anniversaries of the consumers, striving hard for educating and empowering the consumers will make the consumers stay loyal to the company for a long period of time. Lastly, the consumer expectations must be set in the earlier phase so that the company proudly judges that at some point in time they have exceeded the expectations of their consumers.
Employee satisfaction
In case of the employee satisfaction also there were some of the areas that the company received higher employee's satisfaction rates whereas there were some of the areas where the employee satisfaction rate was lowest. The three main areas that the company received the lowest employee satisfaction rate are The compensation segment, opportunity for advancement and jobs demands. The following strategies can be undertaken by the company for excelling in these areas: Firstly, in case of the compensation and benefits segment, the PWC should identify employee objectives as they must take a look at their workforce and at the kinds of the individual who would apply for the positions in their company. Secondly, the company must increase the ways by which the job demands can be increased at an alarming rate as there are a lot of people in U.K. who wants to be a part of the company. Lastly, in terms of advancement and opportunity, the company must try to create as many opportunities they can for the young people and they also must include some of the advancement programs.
Figure 2: Employee Satisfaction Index
It can be also suggested to PWC that they must conduct focus groups with their employees and consumers for understanding their issues in a better manner. The interviews must be conducted with each and every member of the senior leadership team of the company. Furthermore, the input from the senior leadership of the company will inform the commission of their planning retreat. The main strategy of this particular phase will be to gather a lot of input that would allow the company for assessing the present external and internal environments that would further include the strengths, opportunities, weakness, and challenges (Cassidy, 2016).
Modification of the strategic planning retreat
It has been greatly observed and witnessed that the company conducted a strategic planning retreat in the year 2016 for the reviews they have received during the citizen and employee input phase. On the contrary, it has been also observed that the strategic planning retreat has not been so much success as the company actually has anticipated. Hence, here are few ways by which the company next time can conduct a successful strategic planning retreat. Firstly, the PWC has to decide that whether it is simple planning or originally a strategic planning retreat because last time they had failed to do so. It is advised to the company they must consider the individual mainly the key people who will be going to take part in setting the vital strategies. Throwing light on the above-mentioned statement it can be said that the PWC must consider building up a contextual map that will help them to understand the external needs in a proper manner. For understanding the framework in which the company is currently operating so that the commission can review and develop a context map detailing the present environment for providing the participants with the understanding of the present issues., factors and trends that can affect the company in a negative manner. Secondly, the SWOT analysis also needs to be conducted for understanding the present status of the company in a better manner. It is recommended that the participants of the retreat must perform a SWOT analysis for identifying the most vital weaknesses and strengths as well as the challenges and important opportunities with regards to the company (David, 2011).
It is the session that drew a huge amount of information that was collected from the phase 1. Moreover, the results from the worker's satisfaction survey and the consumer survey were of the fundamental importance to the commissioners in conducting the entire SWOT analysis (Haines, 2016).
Visioning exercise
It is the activity that will help all the participants to turn on their imaginations and attention towards the future they always want and add to particularity to the present vision of the company. After evaluating their vision it can be suggested that it needs to be modified. Hence, the conceptualized headlines for the future of PWC may include the following things:
• Reliable and safe at the rates that are quite competitive
• A world-class utility for the purpose of the community
• The main part of the economic engine in U.K.
• Quality firm appreciated by the community
• Behaves and viewed as best utility in the entire country
• PWC leverages technology for high-quality with regards to the each and every consumer
Guiding principles, Vision, Goals and Mission
The vision, goals and mission statement of the company was thoroughly revised as well as reviewed. Minor changes need to be made in them
Developing strategic issues
A list of strategic issues is prepared so that it can be considered by the commission. Currently, the key strategic issues that are faced by the company are as follows: Firstly, the company is facing issues in their entire strategic planning process to a great extent. Secondly, taxes are also highlighted as one of the issues that are not planned properly in the recent times. The commission of the company must review and consider these problems with regards to their strategic plan. Furthermore, it is also advised to the commission that they must clarify each every issue that is arising from the strategic planning of the company and they must prioritize and each and every action according to it (Kerzner, 2011).
Strategic actions for measuring success from 2018-2021
It has been observed that the company with regards to the leadership team developed a long list of performance potential measures for each and every main goal area. However, the revised performance measures by the company are mostly included in the following section of the strategic plan. Throwing light on the above-mentioned statement it can be said that it is one of the most positive measures that has been undertaken by the company ever.
Phase 3: Review and plan development
The development of the newly revised version of the strategic plan of the company will take place within few months. Furthermore, the information that has been developed in phase 2 and 1 will shape up the entire strategic plan. Moreover, the company should consider the original goals and vision statements as well as the performance-related measures that have been developed when the strategic plan retreat has been modified, it can be observed in the previous section of this particular project. On the other hand, the strategic issues, goals and the performance measures that have been developed at the strategic plan retreat needs to be categorized and revised and it can be observed in the finalized form in the following section of this project. Additionally, the management of the company is considering to adopt the new strategic plan by the middle of this year (Moutinho, 2011).
Phase 4: Implementation
It is the main responsibility of the CEO to ensure that the updated strategic plan is implemented in the company in a proper manner. However, it is the responsibility of the employees to continue with the current practice with regards to the strategic plan and update the company in a timely manner ensuring the status of the strategic issues is addressed during the board meeting of the company. The company is also planning to create a system that will report and monitor the performance measures that has been set up for each and every goal area (Spee and Jarzabkowski, 2011).
Evaluation of the guiding principles, vision, and mission
It has been observed and witnessed that the company have made minor adjustments in their mission, vision and the guiding principles. The adjustment that has been made in the vision statement states that a long-term view has been added of the perfect future for the PWC. Additionally, the upgraded mission statement of the company states that why the company exists and what PWC will do to help to achieve its vision. Furthermore, the mission and vision statement of the company is rounded out with their guiding principles, which completely highlight the beliefs that are shared among the important stakeholders of the company and the way they have shaped the culture of the company. Furthermore, the goals, strategic issues and the performance that have been developed by the company in the strategic plan will support their vision and mission statements (Albrechts, 2013).
Strategic priorities, goals and performance measures
The company in the recent times has introduced some of the performance measures and goals for monitoring the success and the strategic priorities of the company are described more in a detailed manner in the following segment:
Strategic actions of the company 2018-2021
• Engaging retaining and attracting top-quality people for the company
• Showcasing the value to the community
• Coordinating properly with the regional infrastructure and supporting the economic development of the country
• Ensuring strong physical as well as the cybersecurity
• Evaluating the long-term power supply options
• Enhancing the local vendor engagement and their capacity
Strategic goals of PWC for 2021
• Providing reliable and quality services
• Top-quality employees from around the globe
• Efficient and effective working relationship with the local and the city governments
• Community, economic and sustainable environmental growth
• Strong and steady core business- lowest responsible rates
Performance measures by PWC
The company has undertaken some of the major performance measures at present and after evaluating it can be said that the performance measures looks quite promising because it has been considered by the company to highlight the community and monitor their services continuously to make sure that the company is on the right track. Some of the performance used to be updated annually but the company made sure at present it should be updated quarterly. Moreover, the company also made sure that they identify and implement the methods that are best in class for engaging the individuals who is quite eager to perform business with them that includes: How to bid in a easier way, how to become a vendor of the PWC and what are the available bids at present (Al-Turki, 2011).
Conclusion
The above-mentioned study critically highlighted and evaluated the strategic plan of PWC U.K. It has been observed that in the recent years the company has not upgraded their strategic plan but at present, they are taking a lot of honest measures for upgrading and modifying their strategic plan. On the other hand, the strategic measures, the strategic goals and the performance measures that are taken by the company also look very strong and promising. Arguably, it is also recommended that the company must include some of the innovative elements in their strategic plan for being a leader in the marketplace.
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1. Bryson, J. M. (2018). Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. New Jersey: John Wiley & Sons.
2. Smith, R. D. (2013). Strategic planning for public relations. New York: Routledge.
3. Cassidy, A. (2016). A practical guide to information systems strategic planning. New Jersey: CRC press.
4. David, F. R. (2011). Strategic management: Concepts and cases. New York: Peaeson/Prentice Hall.
5. Spee, A. P., and Jarzabkowski, P. (2011). Strategic planning as communicative process. Organization Studies, 32(9), 1217-1245.
6. Albrechts, L. (2013). Reframing strategic spatial planning by using a coproduction perspective. Planning theory, 12(1), 46-63.
7. Moutinho, L. (Ed.). (2011). Strategic management in tourism. New Jersey: Cabi.
8. Kerzner, H. (2011). Using the project management maturity model: strategic planning for project management. New Jersey: John Wiley & Sons.
9. Al-Turki, U. (2011). A framework for strategic planning in maintenance. Journal of Quality in Maintenance Engineering, 17(2), 150-162.
10. Haines, S. (2016). The systems thinking approach to strategic planning and management. New York: CRC Press.
11. Johnson, G., Whittington, R., Scholes, K., Angwin, D., and Regner, P. (2014). Exploring Strategy. New York: Pearson.
2. Smith, R. D. (2013). Strategic planning for public relations. New York: Routledge.
3. Cassidy, A. (2016). A practical guide to information systems strategic planning. New Jersey: CRC press.
4. David, F. R. (2011). Strategic management: Concepts and cases. New York: Peaeson/Prentice Hall.
5. Spee, A. P., and Jarzabkowski, P. (2011). Strategic planning as communicative process. Organization Studies, 32(9), 1217-1245.
6. Albrechts, L. (2013). Reframing strategic spatial planning by using a coproduction perspective. Planning theory, 12(1), 46-63.
7. Moutinho, L. (Ed.). (2011). Strategic management in tourism. New Jersey: Cabi.
8. Kerzner, H. (2011). Using the project management maturity model: strategic planning for project management. New Jersey: John Wiley & Sons.
9. Al-Turki, U. (2011). A framework for strategic planning in maintenance. Journal of Quality in Maintenance Engineering, 17(2), 150-162.
10. Haines, S. (2016). The systems thinking approach to strategic planning and management. New York: CRC Press.
11. Johnson, G., Whittington, R., Scholes, K., Angwin, D., and Regner, P. (2014). Exploring Strategy. New York: Pearson.
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