Synthesize and identify implications of strategy choices- strategy maps
To begin with, the strategic map shows the organizational strategy which is critical for the success of the business. It helps in serving as a big-picture which communicates to all the workers about the organization’s objectives. This makes everyone focused and working towards the common good of the business. The employees understand the overall strategy of the business and fully understand where they fit. Therefore, everyone is likely to understand how their job affects the company in meeting their overall objectives. The strategy map also shows how the business is performing though at a glance especially when balanced scorecards are used. This article presents the implications of having a particular strategy map would have on West Kendall Baptist Hospital as it strives to provide better medical services to patients.
In this case, the hospital is more focused on including the main themes in the strategy map. This will represent the big picture of the business thus making everyone work towards the realization of the set objectives.
Figure 1: organizational map
The institution should adopt financial strategies to help in achieving operational excellence. This helps in reducing the cost involved in discharging various duties. The company is required to come up with strategic financial management initiatives to assist in planning on how to utilize and manage the resources within the business. The primary concern, in this case, is helping the business achieve maximum benefits for the shareholders and the achievement of the objectives and goals. Financial management will, therefore, entail defining of the company’s objectives and goals, identifying the resources, and devising a plan on how to use the resources and achieve the desired outcome (Goetsch & Davis, 2014). The critical elements for strategic planning, in this case, include budgeting, risk management, ongoing review, and evaluation. Here, budgeting requires planning on how to utilize the available resources. It helps the company to increase its increase its operational efficiency and reducing waste. Budget planning helps in ensuring the company they focus on areas that require more attention and finances but not exceeding the budgeted costs. The liquidity of the organization also increases due to proper budget planning thus the not rendering financial resources unnecessary (Spencer, 1994). The company is also in a position to plan on longtime investment through the budgeting process through effective planning. Additionally, financial strategies also require assessing and managing risks. The company evaluates the potential exposure to financial risk such as capital expenditures and institutes policies to solve the issues. Some of the policies that the company may opt on applying include value at risk which is mainly focused on reducing the risks that they are encountered in managing the organization. The development of the company’s goals is mainly to help in ensuring the company stays on track and follows the procedures to achieve the required success. It is therefore critical for the company to ensure they follow all the required rules and procedures thus ensuring workers share the same aspiration and goals as the management. This helps in providing the company achieves its goals and becomes successful in the long term…………………………..