The Los Angeles Tribune is facing potential turmoil at this given point in time. The cost of paper is currently rising, the circulation revenue is down, and the current number of employees cannot continue to be supported if revenue continues to shrink. Drastic measures must be taken to boost revenue, reduce cost, and effectively manage to keep the employees we currently have and make a sustainable profit for the company. The first step that must be taken is to set measureable feasible goals to work toward, as well as the corresponding strategies, tactics, activities, measures of success, and goal measurements to ensure these goals are being met.
This paper will discuss these points.
“Goal setting in organizations begins with the organization’s strategic planning process, which establishes the direction and purpose for the organization’s goals”. Typically, an organization must set higher long term goals, and short term goals that are more easily achievable in order to gain momentum and keep the key players motivated to keep going.
In this case, the three long term goals are to boost revenue overall by at least 15% annually, reduce costs of production, namely the cost of paper by 20% and to keep the current staff paid and working, and ideally being able to employ more staff within the next three years.
The shorter term goals will be to continuously boost sales monthly by 5% or more, find a lower cost supplier for our paper, explore new innovative ways of conducting business that may reduce costs, and cross train employees so that they are more productive and more valuable as team members overall.
The strategies and tactics to be utilized are exploring more avenues of conducting business, exploring new marketing techniques such as loyalty reward programs online, coupons, possibly drawings, and more online presence. The employees will be asked for new ideas that they think will stimulate revenue and reduce expenses. The employees that come up with the best and most rewarding ideas should be team leaders on the various undergoing to boost productivity. Ways to boost subscription by 5% monthly will also be explored. Widening our target market and including new columns in our papers may be one are to explore. More market research will need to be completed prior to undergoing such a task.
Various groups or committees will be formed to address the various issues the company is facing, and will need to come up with strategies to reach the goals set forth. We will measure revenue net income, market share, growth, customer satisfaction, customer retention, and the opinions of the employees on a monthly basis to begin with, and potentially move to quarterly reviews to ensure we are continuing on track to reach our goals. “Leaders should be ready to go beyond just the facts and provide feedback that will generally require the leader’s explanation, patience, and encouragement”. At all review periods, all employees will get direct feedback on how they are doing, and what they need to do to keep improving.
The goals set forth are both feasible and attainable. The following are the goal statements. We will boost revenue. We will reduce costs and expenses in production. We will retain our employees and invest in them as they are the future of the company. Employees will be empowered to not only cross train, but take on leadership roles in the brainstorming, committee meetings, and ultimate implementation of protocols that will be set in order to reach our goals. The key incentive is to ensure nobody loses their jobs. After we have seen significant progress toward these goals, we may also implement other incentives such as bonuses based on revenue.