In order to ascertain the continuous enhancement of an organization and ascertain its market share can be expanded further, it is needed to emphasize ways of enhancing the business performance of the organization. This would make it essential for the organization to focus on performance management that would help its employees in delivering with the quality of performance.
Considering the above-made discussion, the focus of the present assignment would be on discussing the ways in which the business performance of an organization can be enhanced. In the process of discussing the above-mentioned aspects, Subway would be taken into consideration. The journey of Subway began more than 50 years ago. The person responsible for building the brand wasDr. Peter Buck who provided the idea of opening a submarine sandwichshop. At present, Subway is one of the leading fast food restraint chains globally. It primarily focuses on providing with a variety of subs and salads. It is having its presence in 112 countries with more than 43,306 restaurants.
Objectives of the present assignment are as follows:
· To identify ways in which Subway can enhance its business performance
· To identify the best strategies for Subway to enhance its business performance
· To evaluate the impact of the chosen strategies on Subway
· To provide with recommendations for dealing with the negative impact of the chosen strategies
The scope of the present study would be specific to Australia wherein the business performance of the chosen company in the Australian market would be taken into consideration. Considering the scenario of the company, under the scope of the present study, strategies for enhancing business performance and profitability of Subway would be provided that can be applied globally.
In the process of reviewing literature, various peer-reviewed journals that provide with different strategies for enhancing business strategies that would be applicable for Subway would be taken into consideration. It is on the basis of this review of different kinds of literature, strategies that are apt for Subway for enhancing its business performance can be identified.
Subway, in order to enhance its business performance, on the first hand, is required to emphasize on strategic assessment. According to Barned (2011), most effective strategic positions are derived with the help of having a detailed understanding of customer needs context to demand products that are provided by Subway. It is with the help of this understanding, Subway, in the process of enhancing its business performance, would be able to understand the needs of customers in the Australian market, develop its products according to that would result in its enhanced business functioning.
It is essential on the part of Subway, to focus on strategic planning. The reason being, with the help of effective strategic planning, the organization would be able to have a right direction for its future operational activities. As stated by Williamsand Naumann (2011), with the help of strategic planning, businesses like that of Subway would be able to set priorities towards which it is required to work and allocate its resources accordingly. In order to achieve these objectives, the business would be required to outline a particular plan according to which it would be needed to act. According to Yang et al. (2011), onthe implementation of the formal process associated with strategic planning the business performance is assessed and evaluated on a regular basis. Strategic planning also helps business managers and owners in implementing organizational changes and resources that are beneficial for the organization in achieving its set target and enhancing its performance.Thus, the consequence of this is an enhanced business performance on the part of Subway.
Subway, for developing its business performance is also required to focus on its operational activities and models followed by the company. As opined by Blackburnet al., (2013), in this regard if the operational model of Subway is taken into consideration it can be observed that the organization follows an exclusive franchise. Following this model allows the organization in opening its outlets in diverse locations that includeshopping centers, convenience stores, universities etc. This has resulted in providing the organization with drastic growth in recent years. As per AarsethandSorhaug(2011), it is worth mentioning here that, this form of operationto a great extent, is risky in nature as the franchisor’s success is largely dependent on the success of the franchisees. It is due to this high dependency level on franchisee’s success that makes it essential for Subway to emphasize on stock management and capital investment.
To get in depth of the matter, as per Hoerland Snee (2012),businesses, whichdeal with stock, have increased the risk of wastage and inefficiency of its resources. The reason for such wastage of resources is the lax approach towards stock movement and its inadequate understanding along with a lack of effective record keeping. In case of ineffective management of the organization’s stock, it may lead to cash flow wastage that may have a direct impact on its sales rate. As a result, according to Colquitt et al., (2011),of this, on the part of Subways, to ascertain its enhanced business performance it is needed to have an in-depth understanding of stock level that is needed for supporting its business operations. While managing its stock, Subway is needed to emphasize on having the right stock level so that it can address its customer’s needs. It would help Subway in formulating its strategies in such a way so that the need of its customers getthe address, the result of which would be the organization’s enhanced business performance.
For Subway, to develop further its business performance, capital investment plays an integral role. In this context, it is of great significance for Subway to secure its long-term viability and growth by making an investment of its capital in the business. In accordance withTrimi&Berbegal-Mirabent (2012),it is with the help of effective utilization of its capital and its resources like staffs, the organization can have ascertained output and performance. It is due to the fact that, dedicated investments when made by the company for maintaining and updating its resources like technology, Subway would be benefited because of maximized utilization of its resources and its limited wastage (Morgan, 2012). As a result, of this, the overall business performance of the organization would witness major enhancement.
Aarseth, W., &Sorhaug, H. (2011). Improving business performance in multi-company projects through 'cooperative power': presentation of a collaborative tool model. International Journal of Business Performance Management, 13(6), 364. doi:10.1504/ijbpm.2009.030955
Holding a PhD degree in Finance, Dr. John Adams is experienced in assisting students who are in dire need...
55 - Completed Orders
Canada, Toronto I have acquired my degree from Campion College at the University of Regina Occuption/Desi...
52 - Completed Orders
Even since I was a student in Italy I had a passion for languages, in fact I love teaching Italian, and I...
102 - Completed Orders
To work with an organization where I can optimally utilize my knowledge and skills for meeting challenges...
109 - Completed Orders
JOB OBJECTIVE Seeking entry level assignments in Marketing & Business Development with an organization...
202 - Completed Orders
Current work profile Project manager- The Researchers Hub (2nd Jan 2016 to presently working) Researc...
20 - Completed Orders
Sales Assistant, Mito Marina Assigned to the Stationery dept – assisted in merchandising, stock taking...
100 - Completed Orders
Personal Profile Dedicated and highly experienced private chauffeur. High energy, hardworking, punctua...
200 - Completed Orders
I'm Lizzy, full time education specialist in English, Essay Writing, Economics and Maths. Having Assi...
109 - Completed Orders