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Introduction
Background of the Problem
The effectiveness of the companys strategic planning directly depends on the certain management style followed in the organisation. During a long period of time, the Advanced Technology Investment Company (ATIC) located in the UAE has been following the effective management strategies to contribute to the organisational performance, but the level of competition within the industry increased recently. That is why, the company needs to review the approach to the question of performance.
Statement of the Problem
The problem is in the necessity to improve the ATICs current approach to planning and management in order to contribute to the organisations performance and competitive advantage.
Purpose of the Study
The purpose of the study is to conduct the analysis of the situation in relation to the business and to propose recommendations appropriate to improve the performance of the ATIC. The studys objectives are to review the current approaches to planning and management followed in the ATIC, to research management styles and planning methods, and to conduct the analysis of the relationship between the management style and effectiveness of planning.
Significance of the Study
The study is significant because of providing the detailed recommendations for improving the organisational performance which can be used and implemented in practice. Furthermore, the study provides the discussion of the concrete problem of organisational performance in the context of assessing the role of management styles.
Assumptions
There is the direct connection between the planning, management, and organisational performance. Different management styles affect the effectiveness of the selected strategy and planning differently.
Limitations
The recommendations are based on the analysis of the data referred to the ATICs management and employees performance.
Delimitation
The recommendations should be discussed as most effective for implementing within the ATICs organisation, but the findings can also be generally applied to the other businesses.
Literature Review
The General Note of the Topic
Organisational performance is the main aspect to conclude about the companys competitive advantage within the industry and the companys potential. Strategic decision making and planning can be considered as the main factors to influence the character of the organisations performance. The improvement of organisational performance results in increasing the companys status and competitive advantage.
The Current State of the Problem and Recent Research in the Field
The researchers emphasise the direct dependence of strategic plannings effectiveness on the certain management styles used in the companies in order to promote collaboration and stimulate motivation. To influence the companys performance and to promote the employees satisfaction, it is necessary not only to develop the effective strategy for the organisations progress but also focus on supporting the appropriate management style which can affect the realisation of the strategy and contribute to the decision-making process.
Related Factors and Circumstances
Effective strategic planning can be discussed as the guarantee for improving the organisational performance. However, the researchers state that today the strategic planning can be considered only as the result of the managers impact. From this point, to affect the organisational performance, it is necessary to pay much attention to changing the management style followed in the company in order to receive the opportunity to change the whole approach to planning and organisation. It should be noted that different management styles which are usually classified into four to six groups can influence the development of the whole strategy important to contribute to the companys performance and performance of the employees as a team.
Data Collection
Description of the Business Studied
The Advanced Technology Investment Company (ATIC) is one of the leading companies in the UAE which specialize in investing into technology companies in order to promote the technological development in the UAE.
Data to Collect
To analyze the question in detail, it is important to collect the data and information on the current situation in the field of management and strategic planning in order to conclude about the role of management styles and strategies in affecting the organisational performance. To provide the recommendations on improving the companys performance, it is necessary to analyze the current companys position in performance with references to reports and statistics.
Data Collection Method
The research is based on the principles of literature review and on reviewing the qualitative and quantitative data referred to the topic and discussed business.
Data Analysis Method
The collected data is analysed with references to the question of the business success and according to such criteria as the high/low performance and the companys profitability.
Preliminary Findings
Focusing on the current research in the field, it is important to note that:
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strategic planning is the important factor to contribute to the companys success within the industry;
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transactional and transformational leadership and management styles work effectively while being combined;
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it is important to change the management style while changing the strategy and providing the variants to improve the organizational performance;
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the companys profitability depends on the organizational performance which is influenced by the effective use of the strategies and appropriate management style.
Conclusions
Review of the Topic
The notion of organisational performance is closely connected with the concepts of profitability, competitive advantage, motivation, and planning. To improve the companys performance, it is necessary to address all these aspects in order to create the effective fundament for the companys progress.
Review of the Problem
To compete effectively within the industry, the business should improve the organisational performance while using a range of methods associated with reforming the approach to management and planning.
Possible Solutions
Improvement of organisational performance can be the result of selecting the effective management style and strategy which are appropriate for the concrete business and industry. Possible solutions include the focus on transactional leadership, transformational leadership, combination of these management styles, and strategic planning.
Final Recommendations
To improve the organisational performance and to increase profits, the ATIC should focus on implementing the transactional and transformational leadership techniques into the companys management. The approach will be effective because influencing the approach to strategic planning and increasing the employees motivation. This alternative can be discussed as the relevant for the ATIC because of the companys traditional orientation to supporting contemporary trends in the field.
Implications
While improving organisational performance, business can move to the next higher stage of its development. As a result, the focus on organisational performance directly leads to the companys progress. To address the questions of labour and strategy in relation to the company, it is necessary to focus on discussing the management style and strategic planning in their combination.
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