Goldman Sachs Group is operating in a highly competitive industry, and achieving success requires focus, determination, and effective strategies. It has to come up with effective strategies that will enable it to overcome market challenges in the industry. In this paper, the aim is to identify evidence that this company is focused on its mission, inspired by a vision, guided by a set of core values, committed to accomplishing strategic and financial objectives, and actively guided by a strategy intended to distinguish it as an outstanding enterprise.
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Focus on its mission
Goldman Sachs Group uses a business slogan instead of a mission statement. As Griffin notes, the slogan states, “Our clients’ interests always come first,” (71). The company strives to offer its clients the best services possible. The company business strategy shows that indeed it is keen to meet the interest of its diversified customers. Goldman Sachs Group was one of the few financial institutions brave enough to offer a subprime mortgage to its clients (Koch and MacDonald 54). It did not focus more on the risks involved but was interested in offering its clients the services they need.
Inspired by a vision
In 2008, Goldman Sachs Group was one of the companies worst hit by the 2008 economic recession because of its involvement in the subprime mortgages (Kossovsky 28). However, as a firm that is inspired by a vision, it was able to reengineer its operations to overcome the challenge. Although it received the government bailout, it was apparent that the firm also had an effective way of dealing with this major challenge. Currently, the firm is making impressive growth in the global market.
Guided by a set of core values
Goldman Sachs Group has a set of core values that defines its operations and how it relates with its stakeholders. One of these core values, as noted by Bassi, states, “Our assets are our people, capital and reputation,” (42). This statement clearly demonstrates that this company highly values its stakeholders such as employees, shareholders, and customers. It also values its reputation just as much as its capital (Mandis 93). It means that it is not willing to sacrifice its reputation for the purpose of economic gains. It is ready to do all that it takes to defend these core values.
Committed to accomplishing strategic and financial objectives
In its website, it is stated that one of the main goals of this firm “is to provide superior returns to our shareholders,” (Smith 78). To achieve this goal, this company will need to accomplish strategic and financial objectives. It will need to ensure that its strategic projects help it in getting the financial benefits that will enable it provide superior returns to its shareholders on a regular basis.
Guided by a strategy intended to distinguish it as an outstanding enterprise
The company is closely guided by a strategy that distinguishes it as an outstanding firm among its competitors. The firm has always focused on giving its clients maximum value even in cases where under financial constraints. It has also diversified its products to meet the needs of its diversified clientele base (Kossovsky 44). Goldman Sachs Group is also a highly innovative company. It has empowered its employees to come up with unique and innovative ways of solving the existing issues or a new problem that they may encounter at work.
Bassi, Laurie. Good Company: Business Success in the Worthiness Era. San Francisco: Berrett-Koehler Publishers, 2011. Print.
Griffin, Ricky. Management. New York: South-Western Cengage Learning, 2011. Print.
Koch, Timothy, and Steven MacDonald. Bank Management. New York: Cengage, 2015. Print.
Kossovsky, Nir. Reputation, Stock Price, and You: Why the Market Rewards Some Companies and Punishes Others. Berkeley: Apress, 2012. Print.
Mandis, Steven. What Happened to Goldman Sachs? An Insider’s Story of Organizational Drift and Its Unintended Consequences. London: McMillan, 2013. Print.
Smith, Greg. Why I Left Goldman Sachs, Or, How the World’s Most Powerful Bank Made a Killing but Lost Its Soul: A Wall Street Story. New York: Grand Central Pub, 2012. Print.