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The European Foundation for Quality Management Business Model Essay

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Updated: Dec 24th, 2020

The Purpose of the EFQM Model

The model proposed by the European Foundation for Quality Management (EFQM) is supposed to serve two functions. Firstly, it is expected to provide a set of guidelines that will help managers improve the performance of their businesses. Secondly, the EFQM model establishes criteria according to which executives can evaluate the work of their organizations.

The Main Elements of the Framework

This framework incorporates several concepts that are essential for analyzing the performance of enterprises. For instance, much attention should be paid to such aspects as the creation of added value for clients, sustainability, talent management, agility, leadership, and so forth. The EFQM model is also focused on the company’s relations with its major stakeholders like employees and business partners.

Furthermore, this approach to quality management provides instructions for improving and monitoring the work of the organization. In particular, one should mention the following steps: identification of expected outcomes, developing strategies for attaining business goals, implementation of the chosen strategies, assessment of performance, and refinement of existing policies. These steps represent a continuous process aimed at improving quality and financial results.

The Principles of the EFQM Model

The advocates of the EFQM model stress the point that managers should not focus only financial indicators while assessing the performance of the firm. In their opinion, it is essential to study the perceptions of customers. This method is helpful in identifying potential problems at the early stage of their development. Furthermore, it is critical to examine workers’ attitudes. According to the EFQM model, companies should determine if they can adequately meet the expectations of their employees. Financial results cannot be disregarded; however, these indicators are often misleading. Overall, the EFQM model is premised on the idea that business administrators should not focus only short-term results because such a strategy can threaten the sustainability of the organization.

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IvyPanda. (2020, December 24). The European Foundation for Quality Management Business Model. Retrieved from https://ivypanda.com/essays/the-european-foundation-for-quality-management-business-model/

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"The European Foundation for Quality Management Business Model." IvyPanda, 24 Dec. 2020, ivypanda.com/essays/the-european-foundation-for-quality-management-business-model/.

1. IvyPanda. "The European Foundation for Quality Management Business Model." December 24, 2020. https://ivypanda.com/essays/the-european-foundation-for-quality-management-business-model/.


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IvyPanda. "The European Foundation for Quality Management Business Model." December 24, 2020. https://ivypanda.com/essays/the-european-foundation-for-quality-management-business-model/.

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IvyPanda. 2020. "The European Foundation for Quality Management Business Model." December 24, 2020. https://ivypanda.com/essays/the-european-foundation-for-quality-management-business-model/.

References

IvyPanda. (2020) 'The European Foundation for Quality Management Business Model'. 24 December.

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