Business analytical tools | My Assignment Tutor

Business analytical toolsWeek 7Analytical tools• The analytical tools help the business to analyse the current situationin order to plan for futureSWOT analysis• Strengths• Weaknesses• Opportunities• ThreatsSWOT for restaurantPEST analysis• Political• Economical• Social• TechnologicalPest analysis for a restaurantMOST analysis• Mission• Objectives• Strategies• TacticsBoston matrix growthBoston matrix growth• Dogs are confronted with low market share and low market growthproblems. They tend to absorb cash rather than generate it and are developing ina slow growing industry.• Cash cows enjoy a high market share in low growing market. These units usuallygenerate cash in excess but opportunities or new investments are limited, due tothe low growing market. The aim is to ‘’milk’’ them as long as possible.• Problem children have low market share in a high growing market. These areproducts or units that grow rapidly and consume a high amount of resources, butgenerate low cash because of the low market share. They have the potential togrow market share and generate income thus turning into stars or cash cowswhen market growth slows, but there is also the possibility of them degradinginto dogs with little return and wasted investment.• Stars represent the ideal combination for a company: high market share in a fastgrowing industry, two elements which generate cash and further opportunities.Porter’s five forcesPerformance reviews• For managers• A performance review is a two-way conversation used to guide,support and develop your team. It gives you:• Insight into the individual and their career aspirations so you can be afully supportive as a line manager and create a winning team• Opportunity to be clear about the objectives and expectations youhave set for your team, as well as gain feedback on your ownperformance.Performance reviews• For individuals Spending dedicated time together is crucial to buildinga successful manager/employee relationship. An open and honestconversation lets both parties understand where they stand. It’s achance to:• Discuss career, development and growth aspirations• Suggest how to make improvements within the team• Learn about the aspirations and goals of the organisation and howyou fit in• Share feedback on the manager’s performance.Performance reviews• For organisations• Future-focused organisations use performance reviews to establishthe strengths and capabilities of the team, to:• Assess suitability to fill roles within the organisation• Identify where skills and capabilities might need a boost• Understand where further development support is required to helpachieve organisational goals.The 4 F’s of successful performance reviews• 1. Frequency• According to one research, 26% of employees say their performanceis evaluated less than once a year, while 48% say they are reviewedannually.• Annual reviews are great for looking back over the year andconsolidating where you stand, but employees and managers gaingreater benefit from meeting more often.• In fact, employees who have conversations with their manager in thepast six months about their goals and success are 2.8 times morelikely to be engaged.The 4 F’s of successful performance reviews• 2. Focused• Performance reviews are most effective when both parties are clearabout their expectations.• Set realistic objectives and accountability for each one. Objectivesshould focus on the aspirations of the individual and yourorganisation.The 4 F’s of successful performance reviews• 3. Feedback• Feedback is possibly the most effective form of development. Hearingfeedback on your strengths and areas to improve from someoneelse’s perspective helps us to challenge and see beyond our currentreality.• 360 degree feedback is a popular tool that encourages individuals togather feedback on their performance from a variety of other peoplewithin the organisation.The 4 F’s of successful performance reviews• 4. Future-oriented• Performance reviews exist to help you guide, support and developyour people. Whilst conversations should look back on performancesince the last meeting, they must also focus on where the individualand the organisation aspire to be in the future. Keeping this front ofmind will help you to build an engaged, motivated and effective teamof individuals who can achieve their own career aspirations whilstdelivering those of the organisation

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