Financial Control Essay Example | Topics and Well Written Essays - 1750 words

Financial Control - Essay Example It is mainly a measurement framework that adjoins measures that are not financial to conventional financial methods to offer a balanced feature of organizational performance. However, there has been a disbelief of this system in implementing it in small-medium manufacturing enterprise (SME). The disbelief concludes that Balanced Scorecard requires an organization with an advanced strategic planning process to realize its whole benefits. In demystifying that idea, this paper digs into the feasibility of applying the Balanced Scorecard process in the small-medium manufacturing enterprises (SMEs), its prospective benefits, the principal management process and the application of costing systems in SMEs. Introduction Businesses always establish a strategic planning that has connection with the performance of the business. This means that for a business to develop there must be growth in the planning of strategies to realize a better management system. It is at this point that essential st rategic management tools must be applied to a business (Brown, 2007, p.5). One of the tools in management processes of strategic planning is the Balanced Scorecard. However, it is important to understand that large organizations often exude a series of challenges in the application of the Balanced Scoreboard. This is because of the extensive coordination, communication and regulations operations in the organizations. The complex nature of large organizations always entangles the institutions in complex organizational operations that make it hard for the Balanced Scorecard to produce effectiveness (Biazzo & Garengo, 2012, p.40). The Application of balanced Scorecard system in SMEs SMEs always have similar objectives, missions and concerns in their operations. Primarily, the strategic management tenets of these SMEs are numerous. However, the crucial ones include the direction where the organization is headed. This is important since it challenges the SME on the achievements of the fi rm after a stipulated period of time. The other is the manager’s ability to understand business models. It is important to have a manager who is circumspect on the application of business models to maximize profits without exploiting consumers. The final one is the agility of the SME to adapt to new strategic management planning tools in the improvement of the enterprise. Lastly, an SME should be flexible to integrate fresh knowledge and skills into its strategic planning process (Blokdijk, 2008, p.10). Perspectives By digging into these issues, one realizes that there is a common goal of identifying, pursuing and achieving strategic goals and objectives. This is the recipe for the success of the SMEs’ performance and fulfilling their stakeholders’ expectations. The realization of the strategic goals is achievable by using four perspectives of the Balanced Scorecard as a component of a strategic management framework in an SME. These perspectives help the SME in viewing the organization in a broader way to execute the collection of data, analysis and development of financial metrics in the SME (Blokdijk, 2008, p.11). The first perspective is the learning and growth perspective. This perspective entails the training of employees in an organization integrated with the corporate cultural attitudes of improving oneself. It is important for the employees to acquire knowledge through training and developing of their attitude since they are the holders of knowledge in the

Power and Conflict in the Workplace Essay Example | Topics and Well Written Essays - 1500 words

Power and Conflict in the Workplace - Essay Example This paper will discuss how power and conflict arises in a workplace. In a workplace, conflicts are endemic and inevitable. As stated above, there are several issues in a workplace that cannot be ignored. In most cases, these issues are related to the social and personal livelihood of an individual. Thus, these aspects can result to a serious conflict in the workplace. Power in the workplace is considered a vital aspect in the organization. Most organizations have an organizational chart that shows the hierarchy of the employees (Woods, 2010). Research asserts that the continual bickering and conflict within an organization has a severe impact on the business. This is because the relationship between the employees is entirely deteriorated. This highlights that conflict in the workplace is an unavoidable condition. In certain cases, the conflict in an organization can be beneficial. For instance, if the employees have conflicting opinions, the aspect of creativity is substantially enh anced. Conflict in the workplace can also provide a clear insight into some of the weighty issues involving the company (Kusy & Holloway, 2009). However, resolution of conflicts is extremely difficult. The executives of the organization are supposed to identify some of the sources of the conflict to address them properly. There are several sources of conflict including lack of clarity, power struggles, lack of communication, conflict of interest and limited resources among others. According to several scholars, these are the main sources of a conflict in any organization. The employees in most corporations are involved in conflicts when there is the lack of clarity. The aspect of clarity in an opinion related to the organization, which may lead to a turf conflict within the organization (Woods, 2010). Therefore, the executives in an organization are supposed to provide a clear job description to all employees in the organization. Nowadays, most individuals require adequate resources to do their work. Most organizations have even included the employees in the resource allocation process in order to enhance better allocation decisions (Zhang, Dhaliwal & Gillenson, 2011). Furthermore, employees can be involved in conflicts of interest whereby they fight over personal goals. The misunderstanding between the employees can cause a vast setback in the organization. The employees are advised to make sure that their efforts and personal opinions should correspond with the strategic business goals of the organization. In addition, power struggles are also considered as a main source of conflict in most organizations (Gramberg & Teicher, 2006). Power is defined as the force that is used to achieve a set goal. In the contemporary society, the aspect of power is portrayed in a negative way. The need to have control over most of the projects handled in the workplace creates conflicts in the organization. Power struggles can also lead to segregation which entails suspicion, gossiping and ultimate conflict. The election of new executives also leads to various unpredictable policies in the organization (Sorenson, Morse & Savage, 1999). Lack of clear policies enhances conflict. Also, conflict involves exercising the power of an individual to control the resources in the workplace or even influence behavior. For individuals to utilize conflict in a