Name
Course
Instructor
Date
Identify a situation requiring change or requiring sponsorship or support of an initiative.
Developing a strategic story
As the marketplace becomes complicated and demanding, companies must frequently change some areas of their operations in order to maintain its competitive nature. However, before making or implementing any change, a company needs to assess its current state in order to identify areas that require improvement, to know what is missing and the necessary processes and strategies that can be applied, and to find areas that need sponsorship (Goodman, 2010). Therefore, the situation that requires change is about cost reduction in an organization and its workers. It is a strategic story that includes buy-in objectives.
Goal setting: determining buy-in objectives
Launching cost reduction initiatives in an organization may be a tricky action to take and it requires a company to make cuts in a way that works best in meeting its culture rather than being against it. It is always necessary for a company to consider securing its employee’s commitment when making cost reductions in order for it to sustain the reduction for than three days. Therefore, it is important that a company wishing to have cost reduction initiatives attain the positive emotional commitment of their employees to enable them support decisions and commit to action change that reduces cost. Therefore, these initiatives seek to foster the commitment and involvement of the employees through linking cost reduction to extremely motivating objective.
Another objective that this initiative seeks is to establish new strategy that will promote its focus on high-growth brand agility and field sales. This approach or objective will harness workers commitment in building a more powerful and more nimble company that is based on growth. Although cutting cost through reducing headcount is not an encouraging objective, strengthening the company for future expansion is very clear.
The participants in this initiative are required to develop an understanding on how and why such decisions are being made and they should believe that they are respected and more likely to buy into a cost reduction initiative. Therefore, they are supposed to work hard, be careful and ensure a frequent two-way communication. They are supposed to participate and attend the meetings, planning in order to come up with a better solution or have a way forward.
First step: Strategic story line
Cost reduction in a company means creating extra profits as far as individual capacity is concerned. This means that when a company gets profits for its goods and services, then it will achieve stability that will later lead to share values, collection of capital and enhanced investment opportunities for both workers and other stakeholders. Cost reduction is beneficial to entire society and this may be through creating cost reduction programs. The companies will most likely work hard to ensure quality production and transfer such programs to the community. The workers and all the staff will benefit by having increased wages and improved welfare facilities. Cost reduction aims at benefiting the whole nation especially, through its cost reduction programs. For instance, the company will try to maintain the international parity in costs of exportable products and hence leading to increase in export, which results to increased savings in foreign exchange. There is likely to be more tax savings accruing from internal revenue.
Second step: Developing storyline in three chapters that target audience’s agenda
Reduction of cost can be encouraging in an emotionally compelling and positive way by connecting efforts to a more positive outcome for a company and its workers. This can only be achieved through a high structuring and execution of efforts that attain the buy-in and commitment of the employee to the significant and important decisions and change in behavior.
Targeted Chapter 1
Cost cutting initiative ensures that it creates impacts that are beyond its own life. It is not a one-time change of action but a lasting benefit to the society. Therefore, better and improved solutions concerning cost reduction will be able to meet the desires of all the participants. There will be redefining and clarifying job responsibilities so that no one feels overworked. For instance, this could be achieved by creating different parts of the company to work together in a manner that reduces costs overtime. This will result into a clear authority and the right balance of membership.
Targeted Chapter 2
Locking in cost reduction by basing on metrics that reflect extensive employee input, hence leading in more buy-in than top-down imposed metrics. Therefore, cost reduction will successfully satisfy the needs of the consumers by 80%, promote service ratings to 90%, and most importantly enhance the engagement of the employee as measured by the wide survey of the company.
Targeted Chapter 3
Cost reduction benefits the entire society through creating cost reduction and awareness programs that educates people on how to cut cost in their spending. This will also help different people reduce cost and be able to save for future use. The companies will most likely work hard to ensure quality production and transfer such programs to the community.
Therefore, with this in mind, participants should know that by cutting costs, they would stand a good chance of being the beneficiaries. For instance, reduction in cost means making profit, improved investment opportunities and saving for the future due to the stability of the company.
Third step: A call to action
To all my audience, you may now pass on your questions, but first let me clarify the important point that brought me here today; reduction in cost will mean improved investment opportunities, company profits, increased share values and saving for the future (Walton, 2004). Therefore, I humbly request for your urgent approval of cost reduction in our company so that we can make our dreams a reality in the near future. Thank you.
Conclusion
Reduction of cost can be encouraging in an emotionally compelling and positive way by connecting efforts to a more positive outcome for a company and its workers. This can only be achieved through a high structuring and execution of efforts that attain the buy-in and commitment of the employee to the significant and important decisions and change in behavior. It also demands a credible encouraging vision of what the company can achieve in future. Therefore, it is possible to achieve the goal of having a lower cost structure if only one can encourage people in a more positive manner that creates emotional as well as rational commitment. Through this, a company will be able to receive more costs out sooner and the benefits will last for a long period.
There are strategies that can be employed to enhance effective cost reduction goal, for instance, planning more aggressive cost reduction targets that will ensure that the company remains competitive under various industry circumstances. In addition, developing commitment from all aspects of the company, streamlining the company as a way of strengthening the future development will lead to achieving the goals set for the
References
Goodman, M. (2010).Corporate Communication: Strategic Adaptation for Global Practice. New York, NY: Peter Lang.
Walton, S. (2004).Generating buy-in: mastering the language of leadership. New York, NY: AMACOM Div American Mgmt Assn.
Use the order calculator below and get started! Contact our live support team for any assistance or inquiry.
[order_calculator]