August 19, 2016

Corporate management versus sustainable growth

It is very often said in management literature that performance should be achievement oriented whereas strategy must be purpose-driven and success focused. When it comes to corporate performance, it is commonly pointed out by the scholars in the field of management science that corporate performance should be guided in a crystal clear manner by the 7-Ps – Prior planning plus preparations promote peak performance. Although these 7 Ps are recommended for corporate performance strategy, they can be applied to public administration as well as to personal and professional performance on the part of individuals.
Whatever the case may be, a performance strategy ought to be formulated on the basis of the following four factors of success if the strategy has to meet with success: the burning desire; the indomitable mind; the unyielding effort; and insight wisdom. These four factors of success are quite comparable to the four adhipatis – chandādhipati, viriyādhipati, cittadhipai and vimansādhipati – the possession of which can make people achieve success in whatever they do.
In this regard, it is worth mentioning that the success of a strategy depends upon cutting edge, distinctive capabilities and comprehensive resources, which are the means. Without comprehensive resources, no end can be attained successfully. What then are the most vitally important resources? They are:
–    human resources;
–    financial resources;
–    technological resources;
–    material resources;
–    information resources;
–    knowledge resources; and
–    morale resources
Resources are essential to achieve good corporate performance along with the three other factors – growth, innovation and productivity. In the highly competitive business world, the corporate management always need positive changes in order that they can be innovative by striving for seeking new and better ways of doing things for greater, better, faster, more economical and more sustainable growth in terms of quality, differentiation and value.
In a nut shell, the corporates are required to ensure efficient allocation of resources as well as effective management to achieve sustainable growth in an eco-friendly manner in which the corporate social responsibilities are carried out to their utmost within the bounds of the budget constraint line.

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