Business Excellence

Business Excellence

Creating a Culture of Excellence

Summary

Companies have been making efforts since long time to achieve business excellence; the term can be defined as utilizing the available human, financial, capital and other resources of an organization effectively and to the fullest to reap maximum profits. To achieve business excellence there should be strong commitment from the top management. It is however not an easy task, companies need to define goals and develop plans to achieve them. Employees are the most significant asset for an organization therefore it is essential to motivate workers for accomplishing these goals. Companies need to define their mission and vision statements that will identify their purpose of existence and what are their future objectives. Managing resources internally in an organization is important; simultaneously it is also significant to incorporate the changes in external environment that is tending to influence internal decisions of managing the organization and achieving business excellence (Daley, 2010).

Key Learning Points

To be able to achieve business excellence successfully companies need to develop an organizational culture that is willing to welcome change and is flexible enough to adapt changes according to varying external environmental condition, consequently management needs to develop strategies that are in accordance with these fluctuations (Taber, 2009). Effective leadership is crucial for business success as it identifies the strategies to be executed in an efficient manner; leaders assist in identifying ways that will enable employees to overcome obstacles that may occur during the process of implementing strategy to accomplish the goals that have been set (Daley, 2010).

Relevant Statements to the Session

It is important to have a balance between execution and strategy. Execution is fundamental to strategy as it is a systematic way of bringing the actions defined by strategy into effect. It might be difficult for managers who have ...