Introduction
The main purpose of this management plan is to maintain financial stability of the firm. In every organization, there is need to have a clear management plan since it is necessary in providing the guidelines on how to maintain financial stability.
This team is financially stable and it therefore needs a clear management plan at this initial stage to enable it to retain the said stability. This plan will enhance the team success by keeping the team’s activities in line with its goals and mission. The plan will guide the actions of the team and this will significantly help (the team) in meeting its goals.
Mission Statement
This plan will guide and promote team’s success by identifying a guideline on leadership styles, player and business needs, conflict resolution strategy and evaluation plan that is necessary in enhancing the group in meeting its goals and maintaining financial stability.
Management Strategy
The aim of this management strategy is to enhance the survival of the team. It helps in responding appropriately in different challenges which may arise from different circumstances. Without a good management strategy, a group’s financial well being rarely reflects its potential (Anonymous, 2006, par1). This plan is therefore important for the organization.
Management Factors
There are several management factors that will be necessary for quality management. As the mission of this team shows, the team aims at maintaining its financial stability as it struggle towards realization of its goals. The following management factors will be necessary to the team in realizing its goals;
Top Management Support
This is a vital factor in quality management. According to Kanapathy (not dated), the top management has a major role to play in enhancing the team’s commitment towards quality improvement (p. 5). In other words, there is need for the top management to actively participate in every team’s activity.
They have the responsibility of encouraging every member in the group to work towards realization of the team’s goals. For instance, if every top manager is practicing activities that promote the team’s goal to maintain its economic stability, then in the process a culture will develop and will help the company in maintaining its economic stability.
Employee Training
Employee training in every organization has a significant role in improving the productivity of the workers. By training employees, the team will be able retain its financial stability since it will be able to maximize the labor resources. Training also plays a major role in promoting the success of the quality management systems in a firm.
Quality Information Availability
According to Kanapathy (not dated), a proper flow of information in any organization significantly affects the performance of any organization (p. 2). There is a need for every stakeholder to receive accurate information and in the right time. For instance, every investor must be informed of every team’s activity in the right time so that they may act accordingly.
When hiring new players, every investor must be informed before any transaction is done. Each stakeholder must also be given an opportunity to give their views on every issue touching them.
Players must also be able to access quality information from the top management team at the right time. On the other hand, players should also provide the top management with pertinent quality information so that every person is informed on every activity going around the project.
Quality Information Usage
After receiving quality information, every stakeholder should be able to utilize it in the right manner. Otherwise this information may not be effective to the organization. It is only through effective use that this information will lead to quality improvement in an organization. In other words, every stakeholder must have the ability to act timely on the information received. By so doing, the organization will be able to realize its goals.
Members Involvement
Member’s involvement implies that each member in the team should be empowered to provide information on issues touching the team’s activities. Stake holders in the team must actively participate in the decision making process at all stages. It is advisable for the top management to ensure that the team players are provided with the knowledge and resources so that they can fulfill their responsibilities appropriately.
Leadership Style
In every organization, leadership style is vital in determining the success of an organization. There are five styles which an organization can adopt in order to meet its goals and objectives. These include autocratic, leissez faire, democratic and bureaucratic leadership styles (Anonymous, Leadership styles, p.16). In this case, the best leadership style is the democratic leadership.
Rationale
Democratic leadership style will help the organization in realizing its goals. This leadership style will encourage the participation of the members in decision making. It also keeps every stakeholder informed about every decision that affects them and gives them a chance to contribute in solving any problem that arises. This leadership style will therefore help the team in realizing its goals.
Group Organization
Business Needs
The business needs are based on the mission and goals of the organization. The main business need is to maximize profits and minimize its costs. The business also needs to maintain its financial stability through application of the best management practices.
Rationale: The business requires every participant to work towards the achievement of the team’s success. It therefore requires every player to execute their roles perfectly in order to avoid any drawback. This will involve adoption of the most effective courses of actions.
Player Needs
The player is a very important part of this organization. There is need to consider his needs so that he can be motivated to work hard towards the achievement of the team’s goals.
Players must be given an opportunity to give their views in decision making. This will make them feel comfortable as members of the organization. As Koster (2000) puts it, every player must be given a chance to live their free life (p.2). In other words, players need to have the freedom to live their lives the way they want outside the playing career.
Players need to receive a fair salary from the organization. A pay of $ 400,000 is recommended as a starting salary for the players. This will be feasible depending on the organization’s financial status.
Rationale: In 2009, the average salary for NFL player was approximately $770,000 (Mehta, 2010, p.4). This was a salary for a full time player. The quoted salary will therefore be feasible for a part time player. The salaries may also differ depending on the duration of the player in the team.
Conflict Resolution
Business Issue
One of the main business issues that may lead to conflict is fund management. Fund management conflict is likely to occur between the investors and the management team. As Haslem (2009) puts it, there is need to consider the issue of conflict of interests in investment (p. 21).
Resolution Plan: In order to solve this problem, the management team must ensure that all the members are consulted before making critical business transactions. In case of differing views, this must be settled before moving to the next step.
Player Issues
The main issue which can arise is conflict between players and misunderstandings. This can adversely affect the performance of the team. In order for the team to meet its goals, it has to work together as one since the success of the team can never be met individually. Each member heavily relies on each other in different ways. In other words, conflict among the players can hinder the organization from meeting its goals.
Resolution Plan: In most cases, a conflict among employees arises from their roles in the team. In order to maintain a good relationship among players, there is a need to specify clearly the role of each. This will reduce friction, which occurs on sharing of roles.
Evaluation Plan
Implementation evaluation
- Is the team performing the planned activities as planned?
- Are the team’s activities directing the organization towards its mission?
- How do the players view the team’s activities?
Outcomes Evaluation
- Is the team cultivating attention from the audience to enhance its fame?
- Are the players satisfied with the team’s activities?
- Are the people affected by the activities of the team satisfied?
- Which factors have hindered or favored you in your effort to execute program activities?
Reference List
Anonymous (2006). What Is Management Strategy? Web.
Anonymous. Leadership Styles. Web.
Haslem, J. (2009). Mutual Funds: Portfolio Structures, Analysis, Management, and Stewardship. New Jersey: John Wiley and Sons.
Kanapathy, K. Critical Factors of Quality Management. Web.
Koster, R. (2000). Declaring the Rights of Players. Web.
Mehta, S. (2010). NFL Player Salaries. Web.