A personal development plan isn’t just a mandatory something that you do before a yearly appraisal, they are also that firm rock that helps your dreams and desires stay in sight. As a manager, there are three key managerial strengths that one should have: honesty, communication skills, and decisiveness. In honesty, for example, the moment a team stops believing their leader is telling the truth, things start to fall apart. Honesty is critically important. Leading by example, honest managers inspire the rest of their teams to be similarly truthful. We know no one is perfect, and there are always areas of improvement for managers. In order to motivate your team, and regularly, you need to foster a positive work environment and build a company culture that helps encourage employee morale so you can avoid drones from clocking in and out every day.
PEST, PESTLE, STEEPLE etc [Morrison, 2009]. PEST stands for Political, Economic, Social and Technology. The Extended forms of PESTLE have further includes Legal and Environment. Another version of STEEPLE has further extended to include Ethical or Education and some even extended it to STEEPLED which includes demographic. It is important to understand the key drivers of change on these factors and the differential impact of these external influences and drivers have on particular industries of interest [Johnson, Kevan and Richard 2007].
1.2 SWOT Analysis
The SWOT analysis concept is originated from SOFT analysis introduced by Albert Humphrey with original goal to study corporate planning. SOFT is the acronyms for Satisfactory, Opportunity, Fault and Threat. Urick and Orr introduce SWOT analysis in 1964 during a seminar in Long Range Planning changing Satisfaction and Fault into Strength and Weakness [Morrison 2009]. Opportunity and Threat are factors external to the organisation, PEST analysis is often perform for this purposes. Strength and Weakness are factor internal to the organisation, it is often done by analysing the organisation’s financial position, product position, marketing capability, research and development capability, organisational structure, human resources, facilities/equipment and past objective and strategy [Thames Business School, P63].
1.3 Porter’s Five Forces
Porter’s five forces are developed by Michael E. Porter during 1979 as a framework to analyse industry and business strategy [Wikipedia, 2008]. The five forces includes threat of new entrants, rivalry among existing firms, threat of a substitute products or services, bargaining power of buyers and bargaining power of suppliers. Freeman recommends a sixth force: Relative power of other stakeholders, being added to Porter’s original five forces [Thames Business School, P61]. This analysis if often uses to evaluate an organisation’s competitive strength and its position in the industry.
2.0 Company Introduction
