Managing Successful Business Projects

Requirement

Managing Successful Business Project

Solution

Introduction

The entire project will revolve around one of the most emerging topics in the recent times that are corporate social responsibility. Along with this topic, there will be several facts, points, and concepts that will be also covered.  Furthermore, there is also a subdivision under the topic of corporate social responsibility as it is mentioned in the above discussion that is "How to start a company that is completely socially responsible". It can be also said that the entire report consists of the different paragraph that will further highlight all of the vital points that are closely related to this topic. On the other hand, the report will also include objective and aim of the project, performance review, and also judgment of the entire scenario. However, there are certain points that must be kept in mind for starting a socially responsible company: Establishing the goals that are attainable, crowdsourcing the ideas, establishing bonuses and charity rewards, targeting the talent that is good and etcetera. The corporate social responsibility will be discussed in an elaborate manner throughout this report along with its importance in a firm's development, success and competitive advantages. Another important aspect will be also incorporated in the report that is how the corporate social responsibility is vital and also it is required to meet the business objectives and aims.  The topic that has been chosen for the report is "the ways by which a socially responsible company can be started" and based on this specific topic analysis and discussion will take place. The main objective and goals for starting a socially responsible company are as follows: Supporting the cultural diversity, to guide the employee management plan, to guide in ethical considerations, to guide in fair and equal treatment in the firm, and implementing the worker maintenance policies. The above-mentioned are some of the important and basic objectives and aims that are needed for starting a socially responsible company. 

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Discussion

Support and analysis of the entire scenario 

The basis of the entire analysis for the scenario that is to create a socially responsible firm and highlight the fact that how the corporate social responsibility is connected with the concept of the socially responsible firm, what are the usefulness of being a socially responsible firm, what are the vital points that is taken into consideration for forming a socially responsible firm and what are the main contribution towards forming a firm that is socially responsible. The above-mentioned points are some of the important points that form the foundation of the entire analysis in this report here. 

Importance of corporate social responsibility 

It has been greatly observed and witnessed that the corporate social responsibility has become one of the most standard business practices in the recent times. Furthermore, the firms that remain committed to the CSR it simply means that they are on a path of enhancing their reputation and it is one of the most powerful tools that can be used by them to stand out of the crowd. It can be also said that if the CSR strategies are established and implemented by the companies in a proper manner then it will also become the competitive advantage for them (Aguinis and Glavas, 2012). The CSR strategies are also regarded as the sustainable strategies. The above-mentioned statement also means that having the procedure and policies in place that integrate the environmental, social, customer concerns and human rights into the operations of the business and the core strategy all in close cooperation with the potential stakeholders. The benefits the corporate social investment for the business are as follows: the brand will be recognized in a better manner, the capital can be accessed in an easier manner, the operational cost will be saved, the financial performance will be enhanced, and there will be also a high-rate of consumer loyalty and sales. 

Project management plan

The project management plan here in this report is completely based on the development of a socially responsible firm mainly resides on some of the strategies, the development of the strategies and also the execution of the strategies (Brammer, Jackson and Matten, 2012). On the other hand, the project management plan for this report refers to the management of the startup with regards to the socially responsible firm and this also includes various types of methods and strategies. Throwing light on the above-mentioned statement, it can be also said that different methods, procedures, and strategies that will come under this plan will be also discussed in this section so that an idea can be received about how a project plan can be shaped. Furthermore, the development and execution of the strategies would be also discussed. The project management plan in this report will also contain developing a team of qualified HRM team that can look after the workers and the team can be also be in charge of the entire management and maintenance of the workforce, developing the team leaders that are effective, developing timeframes, and developing an organizational behavior for each and every points that has been discussed in this segment so that the project plan can be shaped and incorporated in a right manner so that it brings out efficient and effective outcome or result (Cheng, Ioannou and Serafeim, 2014). 

Goals and objectives of the organization 

The main goals of this startup will revolve around being one of the most successful socially responsible companies in the marketplace. Moreover, the goals will help the startup to define the critical success factors of the company, and also the main performance indicators. The long-term goals of the startup will be: Meeting the demands of the potential stakeholder's for good financial returns, integrating long-term environmental, economic and social components in the business strategies while maintaining the brand reputation and the global competitiveness, managing the human resources to maintain proper employee satisfaction and workforce capabilities via best-in-class company's knowledge and learning management practices and the remuneration programs (Crane, Matten and Spence, 2013). On the other hand, objectives of the startup will be divided in into certain aspects such as the communication plan, consultation and evaluation in the first six months of its formation. Furthermore, the objectives for the organization will be entirely divided in form of the SMART.
Tasks 
For each of the goals and objectives mentioned in the above-segment, there will be a list of the main tasks that need to be achieved and the dates for completing such tasks it will be shown more clearly with a help of a Gantt Chart. It can be said that the details about the tasks such as cost, time and the quality required will help the startup to move forward in a right direction (El Ghoul and et al, 2011). 
Work breakdown structure 
The main tasks will be further subdivided into smaller tasks. Then it will group according to the activities, departments and the locations. Below mentioned is the work breakdown structure of the startup.

Figure 1: Work breakdown structure
Gantt chart
The project managers of the firm will be using the Gantt chart because it is one of the best visual tools for showing the actual progress of the projects and they will also make sure with this tool that all of the tasks are completed. Below mentioned is a type of Gantt chart that can be used by the firm (Ferrell, Liang and Renneboog, 2016). 

 Figure 2: Gantt chart

HRM strategy 

The HRM strategy for this report includes a lot of points such as supporting the cultural diversity, promoting the multicultural environment, and also adhering the needs of the employees and caring for them. The above-mentioned elements are some of the small points that come under the strategy and these strategies will be developed by the HRM team of the startup so that it can be executed for the project of developing a firm that is socially responsible. The startup needs to make sure that in order to build a socially responsible firm they need to promote the concept of multiculturism. It can be done by the HRM team of the company that includes guiding in the cross-cultural communication, supporting the cultural variety, group communications, group meetings, and recruiting individuals from different cultural backgrounds (Hopkins, 2012). 
The above-mentioned elements will help in creating a socially responsible firm as these elements will also create a positive environment in the firm and there will also be a cultural exchange among the workers as well. Furthermore, the HRM in this particular scenario mainly needs to focus on developing an environment that is completely holistic in nature where the employees are given their needful rights, where the employees are treated in a fair manner, and also where the employees are valued a lot. The HRM strategy with regards to the corporate social responsibility or in development of an organization that is socially responsible is quite important because it is one of the main elements that can take care of the organization and the employees as well so that the firm can be made socially responsible via the management. 

Socially integrated management norms 

The project management in this segment is completely based on developing a socially developing firm includes the implementation and development of the management norms. It can be also regarded as one of the main strategies of the firm. The management of the startup needs to be shaped in a perfect way so that it does not have any type of negative impact on the workforce (McWilliams and Siegel, 2011). Moreover, the management norms include working hours of the employees, allowances of the employees, employee management or the treatment of the employees, and the payment structure. Another most vital aspect is forming the operation of the firm in and a way that it does not harm or have a negative impact on the surrounding or the in an environment of the firm that misbalances the normal lifestyle of the individuals. It is mainly the norms of management that will guide the firm and they will take the vital considerations such as, supporting the workers, giving enough space to the employees, transparent business operations need to be incorporated in the firm so that all the departments can be benefitted. 

Risk management 

The risk management will play an important role in the startup. The following are some of the risk management tactics the startup should have. Firstly, a tax advisor should be hired- the regulations and rules with regards to the small business are quite complicated in nature so they need to have a tax advisor. Secondly, the firm should also keep a check on the cash flow so that they will be able to manage the cash expenditures in a better manner. Thirdly, the firm should also use the lean startup method for validating the riskiest assumptions around the concept of the product. Lastly, the firm also should have a bunch of good contracts that will protect them in the risky situations (Orlitzky, Siegel and Waldman, 2011). Furthermore, if the risk analysis of the startup shows a high impact of risks then they might also consider what might happen if some of the things go wrong. During the project implementation phase, reasonable attention should be given to the communication issues and the Gantt chart, such as: Who should the firm consider communicating with, how any type of information of this project can be communicated, when to communicate, and what has been the most effective and efficient communication method so far. 

Monitoring progress

The Gantt chart should be used by the firm for showing the progress till date. It will also highlight that what are the tasks are still outstanding and may affect the project on the last date. At this stage, the firm will also be able to take any type of steps for correcting the problem. Monitoring the project will also help the startup to check if they are moving towards the success or the right direction that has been identified at the start (Peloza and Shang, 2011).

Managing changes to the specification of the project 

The startup will go through a lot of experiences during their entire lifetime of the project. Some of the changes may be unexpected for them and others may appear in the risk register of the firm (Takkar, 2015). Furthermore, the firm might experience changes in the funding, or their client may also have changed their requirements. In order to be successful, some of the changes need to be managed by the firm so that their ongoing project that is incorporating social responsibility will be successful at the end. 

Designing data collection method 

Designing proper data collection method is one of the biggest challenges for the firms especially for the startup firms to a great extent. The data will be collected by the startup for observing the benefits that are gathered by performing the corporate social responsibility. The data collection method that has been taken into account for this study is the questionnaire method (Servaes and Tamayo, 2013). It is one of the most inexpensive methods. The below-mentioned questionnaire highlights the advantages of the corporate social responsibility and the knowledge has been gathered from various people. 

QUESTIONNAIRE

How does corporate social responsibility impacts on the community?
•    Corporate social responsibility has the immense ability to create a positive impact on the community. It encourages the business to act in an ethical manner and to consider the environmental and social impacts of their businesses. 
How corporate social responsibility does helps the relationship of the company with the clients?
•    Corporate social responsibility always tends to maintain and build a trust factor between the clients and the company. Furthermore, it has the ability to build alliances, strengthen ties and foster the strong working relationships with the new as well as between the existing clients.
Does corporate social responsibility encourages the personal and personal development?
•    Yes, corporate social responsibility encourages both personal and professional development. The firms who are socially responsible tend to undertake activities that are outside the work responsibilities. The employees also have a fair chance of contributing to the work and causes that might interest them. 
Does corporate social responsibility have the ability to be attractive in the marketplace?
•    Yes, a robust framework of corporate social responsibility can help a firm to become more attractive to the employees who are looking for a firm with right socially responsible practices, sound ethics, and community-mindedness. 

Developing organizational behavior 

It is also one of the vital parts of the project management plan as if the behavior of the firm is not right at all then they cannot be a socially responsible company. The behavior of the company generally regarded here as the behavior of the workers among each other and the behavior of the manager towards their subordinates and others. It is the sum total of the attitude, behavior and the regards that individuals show in the working environment (Shamir, 2011). The creation of the socially responsible firm can be fulfilled only with the advancement of the positive behavior of the organization.

Timeframe

The timeframe is also regarded as one of the most vital components that come with the project management plan where each and every strategy as mentioned in the above segment needs to be presented under a timeframe. Furthermore, this particular timeframe will help in the analysis of the development and execution of the policies and the strategies that are under each of the division. On the other hand, it will also help in knowing the fact that exactly how much time is completely required for building up a socially responsible firm (Tai and Chuang, 2014).  

Conclusion and Recommendation 

The entire report revolved around the central theme that is the corporate social responsibility and after that, some of the ideas are presented with regards to how to form a socially responsible firm. Furthermore, the report also presents the project management plan and also the small points under it so that it can give the project managers the in-depth knowledge of the project management. On the other hand, the report also stresses on the areas that are quite vital for forming a socially responsible firm and also at the same time the study emphasizes on the fact that how the project plan can be shaped or formed to achieve the respective aims or the objectives. Moreover, at the beginning of the paper, the objectives and the aims are presented so that the topic can be understood in a better manner. One of the main recommendations for the startup is that they must understand the entire concept of the corporate social responsibility so that they can develop their socially responsible firm in a better manner. Another recommendation for the startup is that the operations, management and the HRM and all other divisions work with the holistic approach so that it can help to form a socially responsible company. Furthermore, the social responsibility is quite vital to a business as it highlights and demonstrates to both media and the customers that the firm takes interest in wider social issues that do not have any kind of direct impact on the profit margins of the firm. These issues may be global, local or national but the concern for wellness and health of other people does not includes the sales can be observed as praiseworthy, if it is handled in a proper manner. Additionally, being a part of the corporate social responsibility also helps disadvantaged individuals or the people who are in great need and it can help to enhance the morale for employees within the responsible firm. 

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References

  • Aguinis, H., and Glavas, A. (2012). What we know and don’t know about corporate social responsibility: A review and research agenda. Journal of management, 38(4), 932-968.

  • Brammer, S., Jackson, G., and Matten, D. (2012). Corporate social responsibility and institutional theory: New perspectives on private governance. Socio-economic review, 10(1), 3-28.

  • Cheng, B., Ioannou, I., and Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.

  • Crane, A., Matten, D., and Spence, L. (2013). Corporate social responsibility in a global context.

  • El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406.

  • Ferrell, A., Liang, H., and Renneboog, L. (2016). Socially responsible firms. Journal of Financial Economics, 122(3), 585-606. 

  • Hopkins, M. (2012). The planetary bargain: Corporate social responsibility matters. New York:  Routledge.

  • McWilliams, A., and Siegel, D. S. (2011). Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of Management, 37(5), 1480-1495.

  • Orlitzky, M., Siegel, D. S., and Waldman, D. A. (2011). Strategic corporate social responsibility and environmental sustainability. Business & society, 50(1), 6-27.

  • Peloza, J., and Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the academy of Marketing Science, 39(1), 117-135.

  • Servaes, H., and Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management science, 59(5), 1045-1061.

  • Shamir, R. (2011). Socially Responsible Private Regulation: World?Culture or World?Capitalism?. Law & Society Review, 45(2), 313-336.

  • Tai, F. M., and Chuang, S. H. (2014). Corporate social responsibility. Ibusiness, 6(03), 117.

  • Takkar, K. (2015). Corporate social responsibility. International Journal of Research in Economics and Social Sciences, 5(8), 297-302.

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