The present case scenario contextualizes a crucial need for top leaders and managers to create a sound framework of governance that is deeply rooted in the notion of a holistic decision-making framework. A holistic decision-making framework brings to the fore the subsequent creation of an open-door policy armed with the potential to account for the decisions of all players in determining the best resolutions to emerging corporate challenges (Sherman, 2017).
Making business decisions is an intricate process; therefore, a leader must apply rigorous management skills, including critical thinking, to assess and implement the best schematics for subverting emerging issues in business. Moreover, the present case study stresses the need for leaders to develop critical decisions that not only address current challenges but also align with future business projections.
The Role of Planning in Organizational Success
Planning is an essential process in determining the success of any organization. Attainment of successful business feats for any company increasingly relies on the ability of organizational managers or leaders to identify and adopt effective planning techniques endowing the corporation with a unique potential towards meeting their stipulated business goals and objectives in due process of carrying out business operations (Sherman, 2017).
By this token of logic, successful planning entails identifying and nurturing business leaders with the potential to adopt and implement the use of effective leadership skills in an attempt to meet the needs of the company.
10 Key Steps for Business Excellence in Leadership
Myers (2014) provides a set of 10 steps that business leaders should learn and apply in their endeavor to establish a sound framework of business excellence over the scope of active business operations. These steps include:
- Recognizing corporate competencies needed to meet the organizational objectives, mission, and vision
- Determining and identifying the necessary skills needed for effective leadership as a CEO
- Leadership capabilities to identify a diligent or promising internal successor
- Clarity of vision
- Effective plan for mustering needed leadership competencies
- Assessing the strategic policy plan for leadership
- Establishing an emergency succession plan
- Establishing a career plan for potential successors
Crisis Response and Prevention Through Better Decision-Making
Establishing a sound decision-making framework is crucial for developing effective and resolute solutions to emerging crises. Implementing a holistic decision-making framework creates a strong management platform. It gives the organization the ability to nurture transformational work cultures (Sherman, 2017).
A critical assessment of the current case reveals that the company missed a unique opportunity. It could have fulfilled its obligations while also developing more practical strategies to address its challenges through effective business planning (The & Kourdi, 2015).
This kind of decision-making framework enables leaders to foster cooperation and build well-rounded decision-making skills. Making critical and effective decisions is essential for managing crises (The & Kourdi, 2015). Additionally, it promotes teamwork, which is key to crafting quality decisions that address crises (The & Kourdi, 2015).
Finally, by creating an open-door communication policy, the organization could have avoided the issue. It would have done so by installing effective measures to prevent the looming crisis.
The Role of Procedures, Policies, and Rules in Future Leadership
Procedures, rules, and policies play a significant role in guiding leaders and their subordinates in the organization. These elements define their responsibilities clearly. Every company must rely on a set of policies, rules, norms, values, and procedures. These guide members on how to interact both within and outside the organization (Sherman, 2017).
Clear-cut procedures and policies help companies prevent crises. They do so by providing ready-to-follow steps for responding to challenges as they arise (The & Kourdi, 2015). The key drivers for this company include mentoring young talent, promoting leadership and governance, supporting continued education, and ensuring technical proficiency.
The Impact of Poor Planning in an Unprepared Organization
Sherman (2017) ascertains that problem-solving, decision-making, and logistics are vital elements an organization needs to establish the best schematics for handling challenges. Furthermore, an organization that lacks definitive succession planning may find itself in a conundrum, especially concerning developing countermeasures with the potential to subvert imminent complex issues in either management, production, or any other internal and external business challenges.
Companies in the present industry can likely suffer greater costs from the lack of effective succession planning, as the absence of a potential successor is a recipe for business failure and chaos in the organization. Credit Union Executives Society is in the financial sector. Such companies increasingly rely on the effective leadership presence of a seasoned CEO, the lack of which can mean negative implications for business.
“Effective leadership requires not only strategic thinking but also an understanding of the human experiences that shape behavior. Read how childhood trauma influences social work practice.”
Real-World Implementation of Succession Planning
Today, several companies have taken the necessary steps to stay ahead of the competition in their various industries. One particular company, Bata, certainly has installed some if not all of the 10 steps of succession planning. Succession planning is essential for any business wishing to thwart challenges in leadership and management.
However, the said company still has room for improvement by implementing a series of key drivers such as investing in the training of potential successors, mentoring the skills of potential successors through continued education, and imparting necessary technical expertise to future executives.