In quite a few cases a balanced scorecard is utilised to assess the overall performance of a business enterprise in trying to meet its delineated objectives and goals. There has been growing support for strategies that originate from the stakeholders and for the use of balanced scorecards that include the needs of all stakeholders. Proper strategic management ensures that the business efforts and resources are optimised to meet the various goals and objectives.
The lack of strategic management in a business’ operations indicate that there will be wasted time, effort and resources and the stakeholder’s needs will not be met with as well. The overall effect will be inefficient business operations which would lead to decreasing revenues and it may also cause stakeholders to shift over to other businesses. The kinds of strategies being used depend largely on the business in question as well as on the external environment for the business. For example a global or transnational organisation would use a structured strategic management model while a SME (small and medium enterprise) would use an entrepreneurial approach to strategic management. (Johnson et al., 2008)
Victoria’s Power Industry and Outsourcing
Latrobe Valley produced over 90% of the energy needed for Victoria. The valley was dominated by the energy industry based on the coal reserves present nearby. ...Show more