Introduction
Hoosier Media, Inc is struggling to sustain revenue growth in the print media industry. However, the firm has tried to increase customer traffic by initiating the online advertisement process. The revenue growth is still low, and it seems a big thing to worry about for the management of the company. It is imperative to navigate both internal and external business situations to derive several insights and present some pertinent alternatives to regain growth and success. It is an essential step to being a strategic consultant for the company. Also, measuring the organizational performance is necessary by the time to make some changes in the competitive landscape.
Impact of Strategic Plan
The effect of the strategic plan is in the limelight, as it indicates some solutions or alternatives to get rid of some problems, faced by Hoosier Media. However, it seems necessary to align the operational process with the strategic plan. All objectives stated in the strategic plan are measurable and verifiable. Interestingly, further, the firm has to come up with some methods or evaluate the performance and progress. All new changes and corrective actions in this company will revolve around the strategic plan.
Best possible options for evaluating a strategic plan
The best option for the company is to make a comprehensive strategic plan, including some critical strategic analysis tools, to obtain some flaws and possibilities. The best opportunity to evaluate the strategic plan is to understand the connection between the strategic plan and the mission & vision of the company. It is a fact that overplanting is a significant problem for this newspaper giant. The management must evaluate whether the plan is realistic or not. Another option is to navigate the integration. It all components of the strategic plan are integrated, the plan looks effective and balanced (Olsen, 2018).
Corrective actions to ensure Alignment of Company with the strategic plan
Depending on the strategic plan to address the company’s problems, the firm also needs some corrective actions to align operations. For Instance, the first corrective action for the company is to outline the mission, vision, available resources, and different support needed areas. Second, the company has to identify what is going well in the company. Also, some flaws are to be derived by the company. Based on the strategic plan, the firm has to identify appropriate adjustments in the whole process. The final step is to include all these adjustments in the strategic plan. These are some additional strategies to align the operations with the strategic plan (Lannon, 2015).
Measuring Organizational Performance
Predicting or navigating the financial performance of the company is an appropriate and traditional way to measure organizational performance. However, this organization may estimate the determinants of results. For Instance, the company can create some quality measures to assess the quality of outputs. If the resources of the company are correctly utilized, the company may predict good performance. From operations to marketing, flexibility and level of innovation are some essential measures of organizational performance. Improvement regarding flexibility and innovation will indicate the success and favorable performance of the company.
Competitiveness or Financial Performance
The financial performance or competitiveness can be assessed to measure the performance of the company. For Instance, simplest way to measure the performance is to examine the increase or decrease in the revenue growth. If the growth rate of the company increased over time, the performance is excellent. Also, if the firm has several differentiating factors to get the edge on other rivals, it seems the firm is going in the right direction.
Examining Progress
Tracking progress towards the stated objectives is an important process. It helps an organization to find its current position and direction. Being a strategic consultant, I would like to examine the resistance level in this company when achieving these objectives. The low internal stakeholder’s resistance will depict decisive and swift progress towards objectives. Being a modern organization, it must use a proactive dashboard to evaluate progress. There is a need for a tighter system to observe what is going on and what is to be improved to meet the set objectives.
Criteria for determining whether company objectives are measurable and verifiable
A criterion for determining whether company objectives are measurable and verifiable is simple. For Instance, Hoosier Media, Inc has to juggle or observe several financial predictions in stated objectives. The firm aims to increase revenue growth by the specific percentage. Thus, regarding revenue growth, it is a measurable objective.
Interestingly, the same criterion can be used to verify the objective. For Instance, the firm may know the specific percentage at a particular time. Through evaluating the progress and navigating the increase or decrease the percentage, the verifiable objective can be determined (Openchannels.org, 2017).
Changes should be made to reposition Hoosier Media competitively for the future
Repositioning Hoosier Media competitively for the future needs some fundamental changes. Newspaper Company must contain modern technology. For Instance, the use of data analytics will be a significant change, as it can help what works well. The management has to understand the reading behavior or people, and it can be derived through analytical tools. Also, a competitive position in the media industry can be gained through audience engagement. For Instance, people, especially young customers or readers are interested in online newspapers. Thus, the firm must keep the right balance to facilitate old age young customer segments. These are some changes to be relevant in the industry and get an edge over other newspaper giants (RealMatch, 2016).
Conclusion
In the end, it is to conclude that Hoosier Media can survive in the competitive landscape. Despite facing threats from electronic media, the firm must have to contain some strategic considerations to make the difference in the industry. Depending on the strategic plan, some measurements and evaluations have been elaborated along with some insights and impacts. Regaining the revenue growth is mandatory to be competitive and relevant in the market.
References
Lannon, R. (2015, March 10). Four Steps To Align Your Organization To Its Strategic Plan.https://www.projecttimes.com/articles/four-steps-to-align-your-organization-to-its-strategic-plan.html
Olsen, E. (2018, January 10). How To Evaluate Your Strategic Plan. https://www.dummies.com/business/business-strategy/how-to-evaluate-your-strategic-plan/
Openchannels.org. (2017, January 1). Step 2: Identifying Measurable Objectives. https://www.openchannels.org/msp-eval-guide/step-two
RealMatch. (2016, April 26). 4 Newspaper Trends To Watch For 2016. https://www.pandologic.com/publishers/4-newspaper-trends-to-watch-for-2016/
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