The corporate environment is characterized by a number of variables: competition, dynamism, turbulence, complexity and change. All organizations must develop ability to continuously and consciously transform themselves and their contexts. Such contexts include restructuring for optimum effectiveness, reengineering key processes and streamlining functions that are able to provide a source of competitive advantage. The aim is to adapt, regenerate and most important, survive. (McLean, 2006).

For a company to thrive today, strategists must find ways to increase the organization’s ability to read and react to industry and market changes. They must know their goal to boost the company’s strategic flexibility by recognizing disruptions earlier and responding faster.

Strategic flexibility or adaptability can be defined as the organization’s capacity to identify major changes in its external environments, quickly commit resources to new courses of action in response to such changes, and to recognize and act promptly when it is time to halt or reverse existing resource commitments. Being adaptable means leaders must not get stuck in a too-rigid way of looking at the world. The organization must view change as an inevitable and essential part of an organization’s growth, in order to achieve this adaptability.

When there is uncertainty or unpredictability in the environment, managers tend to focus almost all their energy on successfully executing the current strategy. What they also should be doing is preparing for an unknown future. Flexibility stems from the ability to learn; managers tend to overlook the negative and emphasize the positive. They need to understand not only what led to the positive outcomes but also what led to the negative ones. This will optimize their learning experience. According to Ford (2004) four points to foster and maintain adaptability include challenging complacency, giving all employees a voice, encouraging participative work and driving fear out of your group.

The companies chosen for this task vary by industry: a famous automobile manufacturer (Ford) a bank going through a merger (Compass) and a start-up software company (DawningStreams). Ford and Compass have been in business for a long time; it is likely they have changed their strategic plan based on changing forces and trends. DawningStreams is new (established in 2005 and incorporated in 2007). Even though they have not had their first sale and have no staff, the owners have devised several iterations of their strategy.

There is a diversity of stakeholders all that are interested in the activity of business organizations. Emphasis must be placed on their adaptability in strategic analysis and their adaptability in strategic management of business organizations. The organization must have a strategic management model.

Each company might scan the same areas, but for different reasons. Considering technological advances, Ford would prepare itself to lead the market by having various electronic equipment in their vehicles, as well as robotic equipment with which to build them and the supply chain technology to keep all in check. Compass Bank is going through a merge and expanding globally; therefore they will need to keep abreast of communication technology. DawningStreams is a software company; they will need to monitor those companies who would be their competition to ensure their product offers better functionality. All three companies would make sure potential customers would be able to get good information from internet websites and advertisement, which encompasses yet another area of technology the organizations may need/want to scan. In this instance, many members of the organization must be enrolled: upper management and finance, who will determine budgetary factors; the IT department, who will be responsible for the implementation and maintenance of some of the technology; the staff who must be trained to use the technology; a sales force who will sell the technology.

To the outside observer, it may seem unnecessary for any but Ford to scan the (actual) environment when it comes to issues such as emission control, fuel efficiency and hybrid cars. That is true however; Compass Bank and DawningStreams can plan a strategy to be friendlier to the environment (and their pocketbooks) by practicing paper reduction (through the aforementioned technology). Lastly, DawningStreams’ product may be useful as a file sharing service to environmental groups.

With regard to the legal environment, all three must be acutely aware of laws, which affect their respective industry among others. To Ford, legal applies, among other areas, to environmental protection laws and department of transportation safety laws. To Compass Bank, they would abide by the rules of the Federal Reserve (www.federalreserve.gov) and the Federal Insurance and Deposit Corporation (www.fdic.gov). DawningStreams must follow laws as they pertain to the transfer of files, which have intellectual property and also the export of products, which have algorithms. All three companies are global and will need to monitor those laws in other countries, which could effect the strategic planning.

At one company after another–from Sears to IBM to Hewlett-Packard to Searle, strategy is again a major focus in the quest for higher revenues and profits. With help from a new generation of business strategists, companies are pursuing novel ways to hatch new products, expand existing businesses, and create the markets of tomorrow. Some companies are even recreating full-fledged strategic-planning groups. United Parcel Service expects to spin out a new strategy group from its marketing department, where strategic plans are now hatched. Explains Chairman Kent C. Nelson: “Because we’re making bigger bets on investments in technology, we can’t afford to spend a whole lot of money in one direction and then find out five years later it was the wrong direction.”

In such a world we need a planning model that allows us to anticipate the future and to use this anticipation in conjunction with an analysis of our organization–its culture, mission, strengths and weaknesses–to define strategic issues, to chart our direction by developing strategic vision and plans, to define how we will implement these plans and to specify how we will evaluate how well we are implementing these plans. The fact that the world is changing as we move forward in the future demands that the process be an iterative one.

Ford Motor Company – Socio-cultural

Ford Motor Company embraces the socio-cultural changes taking place to allow the company to move in the right direction with respect to attitudes in the society. Two areas that stand out in terms of socio-cultural attitudes would be that of fuel economy and smaller cars. The growing concern by the public for better fuel economy has influenced the company’s introduction of the Ford Escape Hybrid and Mercury Mariner Hybrid. The organization is committed to the hybrid to improve fuel economy as a global strategy to meet customer demands. The increased demand in society for such environmentalism has assisted in the decision for Ford Motor Company to look forward to adding the hybrid feature to the Ford Fusion and Mercury Milan and continue in such a strategic planning direction.

The customers that use these vehicles get a substantial break on their insurance in many states and a tax credit as well while enjoying the increased mileage of a vehicle that runs on gasoline and capabilities for 100 percent electric power. The environmental scanning by Ford Motor Company has allowed the company to be knowledgeable of the fact that the people in the United States are buying more small cars today than any other type of vehicle segment. The lifestyles changes have been monitored and there is good data that shows that such a trend will continue in this direction and the expected growth in this segment will continue. The company has redesigned the inside and outside of the Ford Focus to set the car apart from the competitors in the small car segment while increasing upgrades and features to experience positive outcomes. The direction that the company is taking is based on a competitive advantage and being a leader in the industry. The vehicle line has both a sedan and a coupe to attract targeted markets including younger buyers at an entry level to build upon brand loyalty and customer retention. Ford Motor Company will continue to use the socio-cultural factors to drive the business and enjoy future success.

Ford Motor Company – Legal –

Ford Motor Company with regard to the Environmental Protection Agency adheres to the legal aspect of environmental scanning. Ford Motor Company accepted an award in March 2007 from the Environmental Protection Agency called the Energy Star 2007 Partner of the Year Award in Energy Management. The company is the first automaker to have ever been awarded the award two years in a row. The award has come to be presented due to the commitment made by the company to increase energy efficiency and to reduce the greenhouse gas emissions from all of the facilities in the company.

The organization is committed to the responsible use of resources and energy efficiency. The leadership realizes that the environmental protection laws are of great importance and use the environmental scanning to move in the right direction to obtain future success in the company. In 2006 alone the company has improved the energy efficiency in the United States operations by five percent and saving approximately million with enough energy saved to equal 220,000 homes. The effective energy management protects the environment and reduces the greenhouse emissions. Some of the actions taken by the company include replacing lighting fixtures that use 40 percent less energy and using different low-energy, long-lasting compact fluorescent lamps in the properties to include the plants, corporate offices, distribution centers, and research and development campuses. Due to the environmental scanning that takes place at Ford Motor Company the company will use the information that is collected and continue in this direction. New projects for the company include Fumes-to-Fuel that is a system that converts paint fumes into electricity that is being performed with Detroit Edison along with attempting to consolidate the application of primer, base and clearcoat paint applications into a single application to eliminate the need for separate applications and ovens. In addition to the paint booth emissions Ford Motor Company will continue to rely on alternative energy sources such as landfill gas and wind and solar technologies to power their manufacturing facilities.

Ford Motor Company – Technology –

Another environmental scanning tool that Ford Motor Company monitors and uses would be the technological portion. The company has invested billion in the latest technology for flexible manufacturing. The technology that is involved is in many forms to include wireless technology that is installed on the delivery trucks with supplies to the plant as a monitoring status and improved efficiency to reduce inventory. The flexibility of products in the same plant allows the organization to use the same machinery and process for all areas from body assembly, paint facility, and final assembly. The improved efficiency at the manufacturing facility allows for several vehicle platforms to be built on the same line to produce multiple models and quickly change the vehicle mix, the volume, and options based on customer demand.

The technological changes that are being embraced by Ford Motor Company through environmental scanning enables the company to experience huge cost savings through new product launches and 50 percent reductions in cycle changeovers along with waste reduction. Robots are among the technological changes that are being experienced within the organization to include the 400 from the project that are used to weld and assemble the metal body of the vehicle for stamping and assembly. Artificial intelligence in the form of advanced visions systems and laser tracking systems are used to ensure quality through accuracy and dimension abilities. A multi-million dollar training facility is used to ensure that the workforce has the knowledge, skills, and ability to reap the benefits from the new technology that is being used by the company. The training that is administered includes the new servo-electric weld gun system that identifies the perfect center for welding that has replaced the older and loud air-powered system that used a less sophisticated spring system. The environmental scanning of technology that is performed by Ford Motor Company has allowed the company to have positive outcomes in efficiency while remaining a competitive company in the industry through cost savings and continuous improvement.

Compass Bank- Political -

On February 16, 2007, Compass Bancshares, Inc., the parent company of Compass Bank, announced the signing of a definitive agreement under which Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBV Madrid: BBVA) (“BBVA”) will acquire Compass for a combination of cash and stock. Compass will become a wholly owned U.S. subsidiary of BBVA and will continue to operate under the Compass name. The transaction is expected to close during the second half of 2007, pending customary closing conditions, including necessary bank regulatory approvals in the U.S. and Spain and the approval of the stockholders of both Compass and BBVA.

BBVA, which operates in 35 countries, is based in Spain and has substantial banking interests in the Americas. The transaction will facilitate BBVA’s continued growth in Texas and will create the largest regional bank across the Sunbelt. Upon completion of the transaction, Compass will rank among the top 25 banks in the United States with approximately billion in total assets, billion in total loans and billion in total deposits. In addition, the combined company will rank fourth in deposit market share in Texas with .6 billion in total deposits and 326 full-service banking offices.

Compass is a billion Southwestern financial holding company that operates 415 full-service banking centers in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass provides a broad array of products and services through three primary lines of business – Corporate Banking, Retail Banking and Wealth Management. Compass is among the top 30 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity.

Under the terms of the definitive agreement, which has been approved by the board of directors of Compass and the relevant bodies of BBVA, Compass will become a wholly owned subsidiary of BBVA. After closing, BBVA intends to merge its U.S. based banking affiliates – including the former operations of Texas Regional Bancshares, State National Bancshares and Laredo National Bancshares – with Compass.

The aggregate consideration is composed of a fixed number of approximately 196 million shares of BBVA common stock and approximately .6 billion in cash. The merger is subject to customary closing conditions, including necessary bank regulatory approvals in the U.S. and Spain and the approval of the stockholders of both Compass and BBVA. The transaction is expected to close in the second half of 2007.

The merger between both companies will be determined by the political factors ranging from implications of laws and regulations to the state of world politics including the consideration of wars which may be going on in different parts of the world. New laws, regulations, tax programs and public policy create forces and trends, which may provide challenges and barriers or opportunities for any company or organization.

Compass Bank – Technology –

Ford is in the process of implementing a laser marking system on its production line to ensure the highest standard on each transmission assembled. The system will be checking for quality on different points on the assembly line. Ford is teaming up with a company called MECCO to implement this process and a trial run of the new system will last for 3 months. MECCO is a leader in its industry when it comes to laser technology. The decision to implement this new laser marking system came because it is more cost- effective and safer than previous ways of marking checkpoints for quality.

Although this process at Ford has not officially been implemented yet, Compass Bank can learn a few different things. It may be a good idea for Compass Bank to do a short trial of online cell phone banking to see how popular it becomes and if it worth all the time and effort, being spent to get it launched. Compass Bank should also consider investing into a company who is the best at what they do, is in the same time zone, and can meet their demands in a timely manner, not simply because they may be cheaper. Finally, Compass Bank can learn that they need to consider what will be most cost-effective and in the best interest of the company over time. Organizing a time line and a list of costs and potential risks would also be beneficial to Compass Bank so they know what to expect and when with the implementation of online cell phone banking.

When completing the global scan one looks for emerging new technologies which may impact any business in any industry. At one time the emergence of the Internet was a technology that was becoming an emerging trend across all industries. Today very new technologies are used to develop information systems at a fraction of the cost and time of processes that were used five years ago. Wireless is a telecommunications technology that may have moved from a trend to a force in revolutionizing the way information is stored, accessed and used across all industries around the world. Some, if leveraged by a company within an industry before competitors use it, may even provide a competitive advantage.

Compass Bank – Competition –

Although mergers may be costly and rather difficult, the value it creates in the end is the desired outcome companies seek. The eagerness to merge is based on several beliefs, those beliefs are, that the performance gains are greater, expenses are reduced, market power is increased, and shareholder’s wealth is also greater than before. The value of a merger is enhanced when the overall benefit is more valuable than the aggregate of two separate pre-merger companies.

In the end, both John and Bernard should consider this before finalizing a decision. When Zion’s purchased Stockmans, there overall value increased by 43 branches. These branches will help performance and brings much more power to the financial market. In the Journal of Money article, Pilloff states “Companies are more willing to acquire others to avoid being acquired themselves.” Keeping this in mind, companies must figure out a cross border strategy.

As part of the broad environmental scan, it is important to identify the internal capabilities of the organization. There are various models for defining capabilities. Most focus on the broad set of intangible assets such as brand, human capital, organizational capital and even relationship capital. Others include the more concrete assets such as available capital, the organization structure, current technologies and information technology infrastructure. In addition to doing a broad environmental trend, Compass Bank needs to do a more detailed capability assessment using any of the models available.

DawningStreams – Competitors –

Business activities are becoming more and more complex to manage, because of distance, time zones, number of parties involved in projects, number of tasks to achieve, multiple prioritizations, lack of general synchronization, insufficient secure and confidential communication channels and growing complexity of IT infrastructures. The use of task list managers has become very common. It is becoming more difficult to keep teams synchronized, to follow and to implement new business processes and to exchange sensitive information confidentially. The DawningStreams software application is aiming at increasing the practicality of daily executive activities. The types of business, which will most probably be interested in our product, are construction (size of network), consulting (need for synchronization), pharmaceutical research (secure exchange of information) and the software industry (complexity of manufacturing).

Many companies have already developed software applications that enable secured communications and file sharing. However, most, if not all, are relying on Microsoft technologies, which prevent them from expanding to Mac or Unix users. DawningStreams is developed in Java, which can be used on any platform, including Mac and Unix. Microsoft has acquired the Groove Company and has released a new version of the product, which can perform many of the functionalities of DawningStreams, but not generic activities (http://office.microsoft.com/en-us/groove/default.aspx). This is our closest competitor by far. More recently, we found, merely by accident, a company called Shinkuro (www.shinkuro.com), which offers the file sharing aspects of DawningStreams but lacks other capacities.

Although DawningStreams will face competition from many existing players, the fact that it will combine a super-set of functionalities in one application, for a very reasonable price, will give it some leading edge over other competitors. If the US patent is granted, the position of DawningStreams will become a niche. Even if the patent were not granted, it would take a profound architectural redesign of Groove (or other competitors) to include generic activities and match the offer of DawningStreams. As a strategy we will monitor the activities of those companies’ websites and understand what they offer in terms of similar functionality and try to ensure we match or best those functionalities to the best of our ability and resources

DawningStreams – Political -

Maintaining the secrecy of information is the fundamental function of encryption items. Persons abroad may use such items to harm US law enforcement efforts, as well as US foreign policy and national security interests. The US Government has a critical interest in ensuring that persons opposed to the United States are not able to conceal hostile or criminal activities, and that the legitimate needs for protecting important and sensitive information of the public and private sectors are met. Since 2000, US encryption export policy has been directed by three fundamental practices: technical review of encryption products prior to sale, streamlined post-export reporting, and license reviews of proposed transactions involving strong encryption to certain foreign government end-users and countries of concern. US encryption policy also seeks to ensure that American companies are not disadvantaged by the European Union’s “license-free zone.” (Bureau of Industry and Security, 2007).

DawningStreams will contain cryptographic functions. Any reliable and efficient cryptographic system requires a central authority to avoid identity theft. Cryptography is a key functionality of DawningStreams. All specialists insist on designing systems using well-studied algorithms and fully tested protocols; novelty is considered a source of risk. The cryptographic layer of DawningStreams will rely on a dual public-private key system. The private key encryption system will implement Rijndael, the Advanced Encryption Standard (http://csrc.nist.gov/CryptoToolkit/aes/rijndael/), the public key system will implement RSA (www.rsa.com) and the hashing function will implement the 256 bits version of the Secure Hash Algorithm (http://secure-hash-algorithm-md5-sha-1.co.uk/ ).

Encryption products can be used to conceal the communications of terrorists, drug smugglers, and others intent on harming U.S. interests. Cryptographic products and software also have military and intelligence applications that, in the hands of hostile nations, could pose a threat to U.S. national security. The national security, foreign policy, and law enforcement interests of the United States are protected by encryption export controls. These controls are consistent with Executive Order (E.O.) 13026, which was issued on November 15, 1996, and the Presidential Memorandum of the same date. (Bureau of Industry and Security, 2007).

DawningStreams also plans to be an international company, as offices now exist in the Netherlands and the US. As part of the strategy, we will ensure we remain compliant by registering our product with any necessary agency and allowing those agencies access to the processes if they feel there is a threat. We will be responsible to monitor (as best as we can) our client base and to put the proper verbiage in our contracts that illegal activities will not be tolerated. We will continue to monitor the BIS site mentioned in previous paragraphs and also sites in the European Union such as the Crypto Law website of legal expert Bert-Jaap Koops (http://rechten.uvt.nl/koops/)

DawningStreams – Technology/Intellectual Property –

The management of organizational strategy requires a comprehensive assessment of the macro environment of the business. Intellectual Property (IP) refers to the original ideas and innovations evolved by an organization in order to haul up its systems and processes. Creation of ideas requires large investments. This necessitates the protection of IP. Benchmarking is the continuous process of measuring products, processes, and systems of an organization against those that are rated best in the industry. It helps in uncovering weaknesses and flaws in the organizational systems, processes, and products. (Watson, 2003)

The study of the global research conducted by McAfee Inc. and MessageLabs Ltd. on security threat in small businesses in the U.S. reveals that 80 percent of small-and-medium-sized businesses (SMB) believe that an information technology (IT) security failure would be damaging in attaining their business priorities. Yet, only few are courageously making steps to fight against infringements due to resource limitations from other business related priorities. The research implies that company size plays an essential part in the way senior management views security. Among the challenges that SMBs face include keeping up-to-date with security solutions and keeping costs low. Small-to-medium businesses’ behavior towards security is very tactical and meets only immediate requirements. (unknown, 2007)

DawningStreams’ relevance to these forces is two-fold. We are a software company—there is an opportunity for us to lose the intellectual property by those who would download and attempt to modify the code. We have competitors who offer functionality similar to ours, however we offer an additional functionality the others do not. It is this ‘specialty functionality’ for which we applied for a patent the United States Patent and Trademark Office. If the patent is granted, there is less likelihood of software piracy or the loss of our IP. Environmental scans should show us if there are other companies trying to do this.

The functionality, which most resembles our competitors’, is the ability to share files. That brings in a different concern with intellectual property- the possibility someone else’s IP could be sent from one of our users to another, as this could seriously damage our reputation, as what happened with Napster. (www.napster.com).

Conclusion

At one company after another–from Sears to IBM to Hewlett-Packard to Searle, strategy is again a major focus in the quest for higher revenues and profits. With help from a new generation of business strategists, companies are pursuing novel ways to hatch new products, expand existing businesses, and create the markets of tomorrow. Some companies are even recreating full-fledged strategic-planning groups. United Parcel Service expects to spin out a new strategy group from its marketing department, where strategic plans are now hatched. Explains Chairman Kent C. Nelson: “Because we’re making bigger bets on investments in technology, we can’t afford to spend a whole lot of money in one direction and then find out five years later it was the wrong direction.”

In such a world we need a planning model that allows us to anticipate the future and to use this anticipation in conjunction with an analysis of our organization–its culture, mission, strengths and weaknesses–to define strategic issues, to chart our direction by developing strategic vision and plans, to define how we will implement these plans and to specify how we will evaluate how well we are implementing these plans. The fact that the world is changing as we move forward in the future demands that the process be an iterative one.

References

Bilek, E. (n.d.) Compass Bankshares to be Acquired by Banco Bilbao Vizcaya Argentaria, S.A.,

Investor Relations. Retrieved from the Internet on March 31, 2007 at

http://media.corporate-ir.net/media_files/irol/77/77589/bbvarelease.pdf

Cole, Jim. Zions makes small deal, cites growing Arizona market. American Banker, 171(175), 1-1. Retrieved March 31, 2007 from Proquest Database.

Ford Motor Company (2006). Ford Motor Company. Retrieved March 2007,

from the World Wide Web, Web Site: [https://ford.com]

Ford, S. (2004) Adapted from 13 Skills Managers Need to Succeed, Harvard Business School

Press. Retrieved March 31, 2007 from EBSCOHost Database.

Hockenberry, Todd. (2006). Ford implements advanced laser marking. Industrial Laser Solutions, 21(4), 6-7. Retrieved March 31, 2007, from EBSCOhost database

Jacobs, P. (2005) Five Steps to Thriving in times of Uncertainty. Negotiation (p.3) Retrieved

April 1, 2007 from EBSCOHost Database.

McLean, J. (2006) We’re going through changes! British Journal of Administrative Management

54. Retrieved March 30, 2007 from EBSCOHost Database.

Pearce, J. & Robinson, R, (2004). Strategic Management: Formulation, Implementation, and Control. [University of Phoenix Custom Edition e-text]. The McGraw-Hill Companies. Retrieved March 2007, from the University of Phoenix, Resource, MBA 580-Strategies for Competitive Advantage Course Web Site: https://ecampus.phoenix.edu/secure/resource/resource.asp

Author Unknown, Strategic Planning, After a decade of gritty downsizing, Big Thinkers are back in corporate vogue. (2006) Retrieved from the Internet at http://www.businessweek.com/1996/35/b34901.htm

Unknown (2007) 80% of Small-to-Medium Sized Firms Fear a Security Threat. Computer Security Update 8 (4). Retrieved March 30, 2007 from EBSCOHost Database.

Unknown (2006) Strategic Planning, After a decade of gritty downsizing, Big Thinkers are back

in corporate vogue. Retrieved from the Internet at

http://www.businessweek.com/1996/35/b34901.htm

US Department of Commerce (2007), Encryption (ch.10, section 742.15). Retrieved March 27, 2007 from the Bureau of Industry and Security Website at http://www.bis.doc.gov/news/2007/foreignpolicyreport/fprchap10_encryption.html

Watson, G. (2003) Business Environmental Scans for Intellectual Property Strategy (PowerPoint Presentation). Retrieved March 28, 2007 from the Oklahoma State University website at http://www.okstate.edu/ceat/msetm/courses/etm5111/CourseMaterials/ETM5111Session3Part2.ppt#260,1,Business Environmental Scans for Intellectual Property Strategy

We all know that nothing runs without a plan, and a plan cannot run without having its objectives set.

That applies to any kind of plan, whether we’re talking business or personal finances, university degrees or NGO programs, website promotion or weight loss.

Setting objectives and milestones is of crucial importance for any planning activity and is the core of its success, or failure.

Knowing how to set objectives is not exactly rocket science in terms of complexity, but any strategist should know the basic rules of how to formulate and propose objectives. We will see in this article why objectives play such a major role within a company’s planning and strategic activities, how they influence all business processes, and we will review some guidelines of setting objectives.

The Importance of Setting Objectives

One might wonder why we need to establish objectives in the first place, why not let the company or a specific activity just run smoothly into the future and see where it gets. That would be the case only if we really do not care whether the activity in discussion will be successful or not: but then, to use a popular saying, “if something deserves to be performed, then it deserves to be performed well”. In other words, if we don’t care for the results, we should not proceed with the action at all.

Setting objectives before taking any action is the only right thing to do, for several reasons:

- it gives a target to aim to, therefore all actions and efforts will be focused on attaining the objective instead of being inefficiently used;

- gives participants a sense of direction, a glimpse of where they’re going to;

- motivates the leaders and their teams, since it is quite the custom of establishing some sort of reward once the team successfully completed a project;

- offers the support in evaluating the success of an action or project.

The 5 Rules of Setting Objectives: Be SMART!

I am sure most managers and leaders know what SMART stands for, well, at least when it comes of establishing objectives. However, I have seen some of them who cannot fully explain the five characteristics of a good-established objective – things are somehow blurry and confused in their minds. Since they can’t explain in details what SMART objectives really are, it is highly doubtful that they will always be able to formulate such objectives.

It is still unclear from where the confusion comes: perhaps there are too many sources of information, each of them with a slightly different approach upon what a SMART objective really is; or perhaps most people only briefly “heard” about it and they never get to reach the substance behind the packaging.

Either way, let us try to uncover the meaning of the SMART acronym and see how we can formulate efficient objectives.

SMART illustrates the 5 characteristics of an efficient objective; it stands for Specific – Measurable – Attainable – Relevant – Timely.

1. Be SPECIFIC!

When it comes of business planning, “specific” illustrates a situation that is easily identified and understood. It is usually linked to some mathematical determinant that imprints a specific character to a given action: most common determinants are numbers, ratios and fractions, percentages, frequencies. In this case, being “specific” means being “precise”.

Example: when you tell your team “I need this report in several copies”, you did not provide the team with a specific instruction. It is unclear what the determinant “several” means: for some it can be three, for some can be a hundred. A much better instruction would sound like “I need this report in 5 copies” – your team will know exactly what you expect and will have less chances to fail in delivering the desired result.

2. Be MEASURABLE!

When we say that an objective, a goal, must be measurable, we mean there is a stringent need to have the possibility to measure, to track the action(s) associated with the given objective.

We must set up a distinct system or establish clear procedures of how the actions will be monitored, measured and recorded. If an objective and the actions pertaining to it cannot be quantified, it is most likely that the objective is wrongly formulated and we should reconsider it.

Example: “our business must grow” is an obscure, non-measurable objective. What exactly should we measure in order to find out if the objective was met? But if we change it to “our business must grow in sales volume with 20%”, we’ve got one measurable objective: the measure being the percentage sales rise from present moment to the given moment in the future. We can calculate this very easy, based on the recorded sales figures.

3. Be ATTAINABLE!

Some use the term “achievable” instead of “attainable”, which you will see it is merely a synonym and we should not get stuck in analyzing which one is correct. Both are.

It is understood that each leader will want his company / unit to give outstanding performances; this is the spirit of competition and such thinking is much needed. However, when setting objectives, one should deeply analyze first the factors determining the success or failure of these objectives. Think of your team, of your capacities, of motivation: are they sufficient in order for the objectives to be met? Do you have the means and capabilities to achieve them?

Think it through and be honest and realistic to yourself: are you really capable of attaining the goals you’ve set or are you most likely headed to disappointment? Always set objectives that have a fair chance to be met: of course, they don’t need to be “easily” attained, you’re entitled to set difficult ones as long as they’re realistic and not futile.

Example: you own a newborn movers company and you set the objective of “becoming no. 1 movers within the state”. The problem is you only have 3 trucks available, while all your competitors have 10 and up. Your goal is not attainable; try instead a more realistic one, such as “reaching the Top 5 fastest growing movers company in the state”.

4. Be RELEVANT!

This notion is a little more difficult to be perceived in its full meaning; therefore we will start explaining it by using an example in the first place.

Imagine yourself going to the IT department and telling them they need to increase the profit to revenue ratio by 5%. They will probably look at you in astonishment and mumble something undistinguished about managers and the way they mess up with people’s minds.

Can you tell what is wrong with the objective above? Of course! The IT department has no idea what you were talking about and there’s nothing they can do about it – their job is to develop and maintain your computerized infrastructure, not to understand your economic speech. What you can do it setting an objective that the IT department can have an impact upon, and which will eventually lead to the increase you wanted in the first place. What about asking them to reduce expenditures for hardware and software by 10% monthly and be more cautious with the consumables within their department by not exceeding the allocated budget? They will surely understand what they need to do because the objective is relevant for their group.

Therefore, the quality of an objective to be “relevant” refers to setting appropriate objectives for a given individual or team: you need to think if they can truly do something about it or is it irrelevant for the job they perform.

5. Be TIMELY!

No much to discuss about this aspect, since it is probably the easiest to be understood and applied.

Any usable and performable objective must have a clear timeframe of when it should start and/or when it should end. Without having a timeframe specified, it is practically impossible to say if the objective is met or not.

For example, if you just say “we need to raise profit by 500000 units”, you will never be able to tell if the objective was achieved or not, one can always say “well, we’ll do it next year”. Instead, if you say “we need to raise profit by 500000 units within 6 months from now”, anyone can see in 6 months if the goal was attained or not. Without a clear, distinct timeframe, no objective is any good.

Don’t let anyone fool you, that is a tough question. It’s like asking the average high school grade point average of students in America. The factors are almost overwhelming. What schools, quality, geographical area, support from home, the curriculum, etc., etc. but why is it important anyway. Like it or not, our credit world is generated through the analysis of credit scores. Even categories that used to be off bounds, such as a job, insurance, or setting up an account with your local water or electric company, can involve a credit check. So it’s good to know where we are in the mix.

First let me tell you the scores promulgated by the credit industries. According to Experian, the national average is 680. According to the Fair Isaac Corporation, which has pioneered the famous FICO scores since the 1950′s, it is 723.

According to the Fair Isaac Corporation, the breakdown is roughly as follows:

599 and below: 15% of Americans.

600 to 699: 27% of Americans.

700 and above: 48% of Americans.

For example, take 720 and above. This is considered the best. It will entitle you to the best credit in almost every transaction. On the other hand, there are some experts that give you an excellent credit rating only after you read 730.

Now forget about the pendants and let me tell you the actual reality. In my opinion, the average score, after talking to hundreds of people a week, for almost six years, is in the neighborhood of 660 to 680.

The reason: primarily because of high credit card limits. It is not unusual to have ,000 or more on various credit cards. All charged at close to the limit. One gentleman called me the other day and had 0,000 on four cards. This sad scenario is much repeated. Credit card companies are all too happy to extend you credit. Because American’s save less than previous generations, they charge more frequently. It becomes even worse if you are a small business owner. In many cases, it is almost impossible not to start or expand your business without using your credit cards, because of the difficulty of receiving loans. In other words, you have already exhausted your own resources and those of your friends and family, and have nowhere else to turn.

All the experts recommended you have no more than a 25% balance of available credit on your cards. But you can forget about that in a troubled economy. As is usual, a business owner pays their cards on time, but only the minimum balance. Because the interest is so high, it keeps getting added to principal. Even worse, the credit card companies can step in, even if you’re late on one or two payments, and raise the interest rate. This drastically affects your credit score because approximately 1/3 of that is determined by how much you owe.

Without being in an alarmist, I’m afraid it’s going to get worse. But small businesses are the backbone of the American economy and deserve a break. Any recovery package must take into consideration reasonably priced loans available to our small business owners who pay taxes, buy goods and services, and employ persons. This is a sure fire way of jump-starting our waning economy.

For a long time, India has led the worldwide Business Process Outsourcing industry, particularly its great pool of IT graduates and British-influenced British culture. In the last ten years, they quickly formulated the skills set blended with the capacity of creating mass output with the millions of professionals they certified every year. They became the global reference for providing just about every type of ITO and Business Process Outsourcing services in every corner of the world.

With a total market estimated at around US$ 70 billion, the Indian companies are reported to be responsible for approximately U$ 50 billion. That is roughly 70 %. The “TWITCH” companies (the 7 families: Tata, Wipro, Infosys, TCS, Cognizant and HCL), which alone, according to Gartner Research, have 36 % of the US IT services market, and 51 % of the European market, are the real big players, and also according to Gartner are proving to be IBM and EDS´s greatest competitors.

Aside from these giants, India still had some 250 other smaller companies that generate hundreds of millions of dollars each every year, making the Indian companies the most cash rich companies on the globe. This means that, even though they are seeing more competition from other country destinations and companies, they can simply buy the market. Specially in the current times where cash is king. This is the reason why we are

seeing the Indian companies move into all markets where there is a justifiable return on investment. Be it by the ways of the local market, such as Brazil or Poland, be it to use it as a nearshore platform to markets like the US and Europe.

Clearly these Indian Companies were the whales in this great ocean of Business Process Outsourcing industry, ready to devour the small fishes which were the Companies from other markets around the globe. They’re just like fishes financially, compared to the whales of the cash rich Indian Competitors. So what can these companies do to step up to the challenge?

Beating The Whales

Some groups of companies like those in Brazil have adopted a collaborative approach, which was being called the “whale strategy”. In the early 70´s, Walt Disney released an animated flick called Fantasia, considered one of his first masterpieces´s. In one of the scenes, a hungry big whale is after a large group of fish, which find shelter under a big rock, where they stay trapped, since the hungry whale stayed put patiently waiting for its main course.

This is when, one of the smarter fish, comes up with the idea that, if they came out of underneath the big rock in a formation that reproduced a whale, the hungry whale would be made to believe it was another whale too.

In Brazil where the collaborative spirit is strongest, many companies have started several different consortium, building “whales”, so they can have greater critical mass, combine different competitive advantages and capabilities, and also have a more financial clout. The challenge is to create a greater common good that the personal interest, in order to keep every ones dedication and toughness. In this case, the greater need to become a relevant international player plays a heavier role for every company, that if were to go alone, probably would not survive the first year.

Here in the Philippines however, a growing number of American companies and other multinational companies were moving their operations from India to a determined Business Process Outsourcing competitors in Southeast Asia: The Philippines. Although India has a growing share of the pie, the Philippines is fast overtaking the Business Process Outsourcing giant because of it’s all important advantages: improved infrastructure, customer service-oriented workforce, and deep admiration, understanding and efficient practice of the English language and American culture. The Philippines does not only banking on one option alone but also using India’s weaknesses as it’s strengths. This is the main reason why it stands out against whale like no other could.

Unlike the other players, the Philippines though only a distant second biggest service provider in the globe after India has became the largest Business Process Outsourcing destination int the Asia Pacific. The Business Process Outsourcing sector actually grew by 25 percent in 2009 while the Philippine economy almost came to a grinding halt, rising at less than 1 percent. The industry yielded US billion in revenues last year, up by 19% year on year. This still pale in comparison to that of Indian numbers though.

India: Dropping Its Momentum in the Business Process Outsourcing Contest?

According to a survey conducted by Kelly Services Inc. Michigan, India is losing its position as the number one choice of US companies for backroom operations. Suffering Quality – For all its advantages, India may be quickly losing its momentum as the leader of the Business Process Outsourcing industry. The Philippines is fast catching up to India in terms of servicing the growing Business Process Outsourcing market. It’s telecommunication infrastructure is immensely better and companies are more safely set up and maintained because of the stable environment, maximizing economic incentives and extremely competent human resources. American, European and Australian companies that have already outsourced to the country are currently saving 40% to 60%, which translates to boosted profits and capacity for expansion.

More importantly also, while many Indians do speak English, their accent is still too thick, which may result in difficult conversations with frustrated customers. This could be one of the factors in the decision by Tampa-based Sykes Enterprises to move some of its call center operations from Bangalore to the Philippines, as reported by The Motely Fool, a commercial website about investment and finance, and the Tampa Tribune.

Another very promising industry is outsourced medical transcription, which thrives in the immense medical talent pool of the Philippines. The large number of nurses, medical technologists, doctors and specialized medical transcriptionists in the country has been able to meet the increased demands of US hospitals, which are now required by the law to convert medical records into data format. With all of these positive qualities going for the Philippines, all signs point to the tide of battle shifting soon in its favour.

Numerous large companies have already set up operations in the Philippines, such as MSN-Microsoft, AT&T, IBM, Washington Mutual, Sallie Mae, Expedia, Intuit, Transunion, Alltell and Bellsouth. Reading from all present indications, the future of Business Process Outsourcing or Business Process offshoring is clearly not India, but the Philippines. More and more small and medium-sized American companies have also chosen the Philippines as their Business Process Outsourcing headquarters of choice.

Private finance companies, banks in t p Erms Rövid commercial loans for entrepreneurs to find reliable, the credit company when it comes to loans Mon ey replaced in the form of loans. There are reasons why companies ry satisfactory financial groups approached banks for loans Rath th. EASO rn The first is the simple process of borrowing. Conditions that are further away from the loan or loan ba f NKS so severe that most ofThe companies remain in the program IEW Purves bank loans. But a financial company does not re ason of accompanying a loan to a company, no matter how small. The fi loa n Nanc and offers groups for every company, the amount may vary from store Anoto her T Hough.

Ine loans work as a life! For a company so most of the time employers are looking for l ° ow qu and commercial loans to low-ickConditions. Borrowing in t he f orm of a bank loan could be problematic, because the banks do their shirts ime, processing of the loan on the CATI application. Even after the loan is approved EVALUATION nt of society, so that entrepreneurs rarely the entire amount you have requested. But it requires a company to ensure the full amount of money if ANCE with the implementation of a company is satisfied. The Financial Group may also collect the hand that is almost impossibleto receive from a bank, but generous.

People are fed with the process of bank loan and are uncomfortable for someone who prov ide d Coul-business loans at low interest rates without having to search too long. Financial companies are private or grou ps oon companies like prom ise a credit easier for everyone, regardless of their performance. The banks are looking for w ays to make their loan processdeveloped in a more conventional t have any business can benefit from the advantage of easy credit. On the other han d, l ook for banking companies, which are about presentation repayment of loans with high interest rates.

The banks are no longer a popular pl ace or btain for commercial loans, and this is evident by the number of credit card company approaches entrepreneurs to finance their activities e. Obviously, the ease of borrowing and low interest rates are the driving forcesWell ind companies approach financial institutions. To provide the convenience of cash refund and the possibility of a financial group made available to more and more interesting in today's entrepreneur. The private financing of groups are Alwa ys h appy to help. Loan applications are on their websites and you can also ask for assistance and TANC to fill the loan application correctly.

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He has a tremendous amount of credit is discussed in the media in recent years on how to access can not companies are small businesses (loans, lines of credit, working capital advances or credit card company).

In fact, organizations of small businesses claim that more than one per cent of small businesses, 41 have access to credit for business or capital inflows.

I say they are wrong. What I actually say that they have access> Credit for businesses under the conditions they want, or in the form they desire.

Of course, at the beginning of a business loan in 2004 to early 2008 was much easier than it is now. But what was really happening, that the affairs of the loan underwriting standards, where drop-reduced or – allows individuals and entrepreneurs, many of which have not first have to obtain credit, get loans too risky – loans that are been repaid and could neverbeen repaid, very similar to what the mortgage brokers and mortgage lenders have loans in house.

He signed risky loans only for collection and processing training fees sells these loans to investors (again, collecting a fee) – the institution is the end. What this did was put a lot of unnecessary toxic business loan market – loans that do not always have.

Think this way. Suppose that on a scale1-10 difficulties on the basis of a loan – where 1 is the easiest way to get a business loan -. Prior to 2004, loans to enterprises with a radius of about 5 were not easy to find or difficult to obtain. Banks simply followed the protocols of the loan underwriting standards. So who obtain these loans work and should not – do not. At that time, the guarantee was based on the cost of funds and the repayment risk.

But ifCongress open the secondary market for these loans (such as Freddie the secondary mortgages and home loans with Fannie) – The banks realized that they quickly pass and then collect the underwriting of these loans without taking risks. Based on this (as well as with real estate) – have lowered their underwriting standards (why not, since they had no risk – it was all facing up to them). The most difficult point for business loans decreased5 to 1 (regardless of where someone get a business loan, if you are qualified or not).

Therefore, for years, business owners were able to work fast and easy capital, they were willing to pay fees, bank or lender.

Now that the market has collapsed, the number of difficulties in lending to businesses has again returned to its normal position five – that does not make it easy or difficult to obtain.

The 41 percent thatThey argue that access to credit business today are not those who first should not have received a credit in

The bottom line is to get the business loan is not difficult – it was very easy to get a few years ago and now have resorted to which are on the scale of difficulty.

For a business loan today – you must first understand why your company needs capital to the outside (it's growth – everything else is a waste of money) and so I understand your business, as it is, as you can use to obtain funds – there are many ways to get corporations [out], because each application and are no longer should be heavy.

For a business loan today – you must first understand why your company needs outside capital (which for growth – everything else is a waste of money) and then to understand how your> Economics, as it is to use, can get to this money – there are many ways for corporations, as he wishes and it is no heavier than it should be.

Personal loans are available in different types and conditions. How is the program's continued use of money, as the long-term, and many factors, what does it cost loans. Here is some information to consider when a personal loan.

If you borrow a house, the smartest way to make money with your home as collateral. These loans are known as home equity loans. Using the equity you have accumulated at homeDetermine the amount of money they lend to you. Home equity loans have the lowest price and are easier to qualify. These types of personal loans can be for a longer period than any other type of loan, some will be extended up to 20 years. This helps to keep your payments.

Home equity loans and tax benefits. This means that depending on the situation, it may be the interest you pay to solve your tax. So as you can see, this is a greatcheap way to borrow money.

Another choice is the unsecured loans, loans also known as a signature. These loans are not backed by collateral. For this reason, they have a higher interest rate, the costs may be longer. unsecured loans are more difficult to qualify as there is no security for the creditor. The interest rate is determined by what many feel to be the lender's risk in providing loan signing, which is a combinationFactors including the amount of the loan and the rating.

Some people choose to need the use of credit cards for loans. This is a good choice if it's a purchase shortly. Search for a card that offers favorable conditions. Many cards have 0% for six months to a year to offer a new account. You should also look for a card that rewards such as cash back, airline miles or points that can be redeemed search bid.

Car loans are another type of personal loanas a loan as a car known. These loans are secured by the vehicle and are relatively easy to qualify. It can be a dealer auto loan through your bank or through A. Check out both options before committing. A retailer may offer incentives for you to finance through them, but watch out for hidden fees. A car title loan is generally not possible if you do not own the car, which means that you are still making payments on it.

For those whohave a bad credit, poor credit or limited means, a payday loan can be useful in the short term. These types of loans are usually on a fortnightly basis, or more depending on the company's policy and your payment plan. Note that these loans are very expensive. You will end up spending much more of this type of personal loan than any other. These should be used only as a last resort and for a very short period of time.

When considering a personal loanLook at all the options. Discover what you need to borrow and what type of payment you can afford. Avoid using too many places to get too many requests in a short time because it can cost you your credit score and money. Convert before committing to any personal loan to analyze what each option can cost you in time-consuming.

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An entrepreneur is always looking for funding for research as he or she must respond to rising costs ranging from salaries for the purchase of equipment crucial. If you want to start a business for financial support is more important. Business credit is a necessity to finance the purchase as a special case of an individual company may not be enough for the investment of money. A business loan, if utilizedhow, but goes a long way in successful business. in favor of having the lenders business loan is designed so that all types of business people, including those with bad credit can take the loan problem.

Businessmen have the opportunity to take an unsecured loan company or a guarantee as to their needs. If a larger quantity is a prerequisite for the purchase of such machines,Expensive equipment or raw material etc then secured business loan is best suited. Secured business loans as collateral made ​​available based on business property. Business is under the commitment of the loan, if equity in collateral is greater than the safety the creditor. Generally a secured business loan providers will offer anywhere from £ 50000-1000000. But the Interest on the loan is secured business puts its lower interest rate is crucial for a society such as the rate reduces the cost of a company on several fronts. Secured business loan is also popular because of the longer life of repayment attached to it. That is, entrepreneurs have enough time later to start a business, while rates in the loan business.

is unprotected, on the other sideBusiness loans, small loans is if you need to present. Unsecured business loan is for business risk as none of their property as collateral in question is free of charge. Unsecured business loan offers lower repayment amount for a shorter the duration of a few years. Because of the risk, banks tend to have higher interest rate for unsecured transactions.

Are you a bad credit borrowers? Now, in the case of insuredBusiness loans, credit is not bad, not so much count as banks have no risk. Unsecured business loan option requires some revision of corporate events, origin, etc., before the lender approved a loan of less income to the higher interest rate.

A businessman in a position to identify the number of business loan Internet providers. To win, the customer, each creditor has expressed interest rates. Compare this andFavorite on-line application to the appropriate lender for fast approval.

Sure, it can be concluded that the business loan to meet important financial needs of all types of businesses. Do not fall into the trap of debt with the regular payment of loan installments, and then your credit score also move higher.

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Business loans are an essential part of the banking sector. With so many people to your business loan, you must wonder how many of them actually get them. Increasing the amount of business loan every year shows the swelling approval of loans to businesses. What are your chances of getting business loans? I say, add a protection for commercial loans and the chances are brightSecured loans are loans for specific purposes, namely companies. There is no better terminology for business loans with opportunity.

Before applying for business loans guaranteed debt capacity you visit. Each company is different, which means no universal method that will be important to know the cost, and therefore the budget. So we can deduce that it is safe to do businessLoan or not.

Tuck in those documents! Generally a secured business borrowers some of the documents would have approved. First of all is the business profile – about the nature of the business, annual turnover, the length and timing of business ownership of. Discussion In the case of new business you need to project the loan plan and how the company would credit successful enough to pay back. For insuredBusiness Loans the loan application, a loan application as well. These loans include the nature of business required insurance, the amount and purpose (as the funds will be used).

Since the details of business loans, secured assets are an integral part. The collateral and its details, its equity capital, corporate debt and existing cash collateral should be included in detail. In additioncertainly you would need for your budget and business for themselves e. Be prepared with financial firms for three years and current financial statements and personnel. With business loans guaranteed you'll be asked to owners, partners, directors, shareholders with more than 20%, etc.

A lender looking at your business application for repayment of the Secured loan seeking. A borrower may be a slight Redemption created to support the funding sources and other information. By Business Security insured offer loans, the lender this means an additional form of security. This will be the provider of the course! He will seek additional reimbursement when you do not have the necessary funds for the period of amortization of the loan. Both business and personal activities can serve as collateral for secured loans business. If 'Business-loan borrowers have no collateral, he must commit guarantees co-signer, it should have. Pursuant to a secured loan company, flow, collateral is the second most identifiable source of repayment of loans in cash business.

A creditor is asking whether or commercial credit is not your personal property, o. Get your current credit report and check with accurate information. As you have requested insuranceOption means you have better choices. However, credit scores change interest rates available for guaranteed loans to businesses. Score with bad credit pay higher interest rates than those with perfect credit.

As he prepares to get money, it is important to see your financing options. There is both an emotional and financial business loans secured loan, your property is at stake. Make readyfor them. Then you should do some market research. Take it as a test where you get the best quality. Probably not to start a business without all the market to provide the sure to follow this policy while business loans are guaranteed. But I do not remember that time is money. time and not too much in the resolution of the contract.

Every big company starts small. Secured loans are actually the first thing that comes to mind andoffer a key opportunity when you search for companies and businesses offering money for these purposes, and for those in search of funds. Secured loans are what you need, when you're looking for business loans.

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There are a lot of people want to do business. It could be a small or large, and some people need a certain amount of financial resources due to lack of funds. If your company does not suffer enough capital money or your company has experienced growing pains because of the lack of, then you need to finance a business loan.

Some people need a certain working capital and you need to get a loan for your businessThe success or growth, but that is not easy. Because if you have an idea of business loan bank loans since the declaration should be funded to meet the requirements and personal documents required by the bank as business records and financial reports and the company's credit rating to determine funding and eligibility others.

As a loan financing business refers to borrow money from a company, banksand other lending institutions offer small business loans for starting or operating costs and because of the conditions of application requirements, interest rates, loan amounts and repayment plan that must be discussed between the debtor and the creditor . All financial institutions and banks have different requirements for their customers according to business credit has been applied to such funding.

There are banks or financialInstitutions to offer its customers the tools to effectively support most owners and managers with strong growth and decision-making base for their activities, which is part of their services. Before a business loan to finance safe with you to present a business plan that is profitable enough to loan you pay for.

The plan contains the information you on what your company is doing and the target market, where customers can achieve. You mustTo show why people need your products and services. They help to understand the marketing plan and analysis to convince your lender that's able to repay you. It also shows your profits and return the budget for the fiscal year that you want.

Knowing that the most important source for business loans to finance their bag is the entrepreneurs and the following are the banks and credit unions, although some financial institutions offer financing business loanOnly program to support small businesses or other businesses, shops, some means for her. Most providers of business loan, such as banking, are increasingly cautious in their assessments of potential loan customers' business.

Especially for the new company, it is difficult for them to find business funding start-up, because you need to get together an interesting proposal for funding meets the businessLender expectations and opportunities of network production increases need funding.

Thus, the personal credit history is one of the most important things you need to take to heart, because most financial institutions or banks will carefully consider your personal financial history, and the good that you have as collateral if you ask reviewed. Remember, banks and other financial institutions make loans or other credible sources of credit guarantee for the money and the mostprobable that the guarantee is usually less than the loan value or larger could be applied in the amount of your loan.

The banks or other financial institutions will always be certain that their money is borrowed to be repaid with interest, as interest in where they get their profit, but there are also financial institutions, loans are likely to fund your capital Start or add to the personal credit and good financialSkills.