Strategy for Growth: Coventry University Accounting & Finance Society - Case Study Example

Strategy for Growth: Coventry University Accounting & Finance Society Name: Lecturer: Course: Date: [WORDS 1679] Table of Contents Table of Contents 2 Introduction 3 Current State of Affairs within the Society 3 Identify Growth Potential and Reasons for Growth 4 Resources and Team Required to Achieve Growth 5 Resources 5 Team 5 Smart Targets for Growth 6 Summary and Recommendations 7 Summary 7 Recommendations 8 References 8 Introduction Coventry University Accounting & Finance Society, also known as CUAFS, is a student’s society for accounting and finance students whose key objective comprises linking students to the professional world. The activities of the Society are targeted at preparing students for roles in the banking, accountancy and finance professions (CUSU n.d). Founded specifically as a society for the accounting Society in 2011, CUAFS rebranded in 2013 as a result, it accommodated more students from other courses that also integrate finance, business and finance backgrounds. This has expanded its membership significantly. The Society has also been integral in motivating its members to be proactive in faculty activities and the wider industry. The Society has also come up with a consulting arm that provided research, data analysis and financial advisory to organization and the Society. The initiative is however faced by challenges related to communication (CUSU n.d). Current State of Affairs within the Society Among the range of issues facing the union is poor communication of corporate issues given the increasing membership. In matters concerning communication of significant issues relating to the soviety such as its financial situation or the results of results assessment exercise, consideration has conventionally not been given on how such information should be passed to the members. This has triggered negative perceptions on the part of the students that the CUAFS has failed to pass critical decisions, news and policies to students. In consequence, CUAFS has not been able to exert its influence and significance across the university. This has raised concerns over its growth, as some students have opted out of the union affecting its growth. Based on these underlying problems, it is critical for the federation to come up with a growth strategy that is aligned to its expansion strategy (Coventry University 2013). Identify Growth Potential and Reasons for Growth The strategy for growth defines the priorities and directions that CUAFS should take. It also sets out a structure for the Society in order to affirm the CUAFS’s vision of improving students’ welfare. The Society has a potential for growth if the existing setbacks are put in check. In recognition of its existing strengths and opportunities for growth, it is indeed clear that it will rely on its leadership, finances and large membership to achieve its growth objectives. At present, the key challenge of the Society is to ensure that all its members across the University of Coventry are represented and that the students are informed on matters of interest. Therefore, a key area entails developing student communication plans for the federation’s corporate issues that affect how the university is run. Better communication of important information on policy issues and student initiative will have critical impact on students. There is a need for growth if CUAFS will have to cater for the needs of all students across the university’s campuses. The reasons for pursuing the growth strategy include students’ dissatisfaction with communication, which is a key factor that has contributed to poor means to urgently attend to student needs and student satisfaction with the university. Additionally, student communication has continued to become an intricate issue that involves a range of interactions at different university levels (Welch & Jackson 2007). This strategic plan identifies the range of factors that trigger students to complain about dissatisfaction with the communication system of the university prompting some to threaten opting out of the federation. Such matters are of concern to CUAFS, as they affect its growth. The issues can be broadly categorised into two issues for the purpose of this growth strategy. The two include the channels utilised in engaging with students through the information delivered and the structural and cultural issues in the university that hinder effective engagement and communication with the students (Fahm & Brown 2003). Overall, improvements and changes to the messages and the channels used are ultimately and potentially the clear-cut ways of undertaking the growth strategy. As significant as it is in setting out the strategy, the CUAFS’s success will rely significantly on the implementation of its operational plans that link it to the growth strategy. Resources and Team Required to Achieve Growth Resources To successfully achieve the growth, CUAFS will need access to the relevant technical, financial and human resources in addition to the pertinent space and physical assets. Such a scenario will be characterized by the need for adequate resources capable of supporting the growth strategy’s long-term viability and short-term flexibility. Additionally, the volunteer students along with the staff needed to participate in achieving the growth strategy will have to be qualified for the purpose. In this case, recruitment exercise has to be undertaken in addition to sustenance of staff development plans (Rolle 2014). In addition, they have to stay supported and motivated. There is also need for adequate space and physical assets that can enable the federation to deliver its current initiative as well as pursue the strategy for growth. There also has to be resourceful information systems and an effective operation process that implements the strategic plan as well as permits growth. Additionally, there has to be a sustained approach to utilization of resources while putting into consideration the economic, environmental and social effects of the federation’s actions (Coventry University 2013). Team The growth strategy will need an effective team to achieve the growth strategy. In view of this, there is a need to join up student support. This paper is of the view that directorate and the team engaged in offering students support will not go it alone. This is because involving the students in improving the communication process will sustain student membership in the federation. In this case, CUAFS will involve the deans of the faculties in recruiting students who will be involved in implementing the growth strategy. Student leaders in various campuses will also be involves in recruiting other members who can be engaged in implementing the growth strategy. After the team is recruited, a workshop shall be organised in each campus to inform them of the internal boundaries, which would denote their responsibilities and roles in ensuring the growth strategy is achieved (Coventry University 2013). Smart Targets for Growth Goal-setting is essential for setting strategic direction and attaining it. One way CUAFS can achieve this is by applying SMART goals in planning for the growth (Locke & Latham 2006). SMART in this case is acronym for “specific, measurable, attainable, realistic and timely.” Specific: UoNSU has the specific goal of improving its communication strategy, as the overall goal of its growth strategy. It will need to mobilise its financial, technological and human resources to realise this specific objective. The goal will be written to and passed out to faculties to ensure that it can be communicated easily. The questions to be addressed in the writing include those to be involved, how the growth strategy will be attained, when it will be undertaken and how it is to be accomplished (Cothran & Wysocki 2008). Measurable: To ensure that the goal becomes measurable, concrete numbers are put on the goals to monitor whether the federation is on track. In practice, the measurement will be accomplished through acquiring base-line data. The target will be on the progress to be measures in addition to the benchmarks to be used in measuring progress. It will seek to answer such questions as how to know the milestones covered (Cothran & Wysocki 2008). Attainable: The growth strategy is attainable as it is realistic enough to be accomplished. In addition, it will have to be set to align with the people who shall be responsible in achieving it. The federation’s leadership, students and the university staff participating will be involve during the workshops to seek their opinion on whether the growth strategy is significant and whether time and other resources can be focused on achieving the growth strategy (Cothran & Wysocki 2008). Relevant: The growth strategy is appropriate and in compliance with the vision of the Society. In this case, ensuring effective communication with the students does not conflict with the goals of the federation or the university. Time-Based: The growth strategy is bound by time. In this respect, it is expected to take two years, with progress being measured after every two months. The growth strategy is expected to begin in July 2014. Summary and Recommendations Summary The growth strategy outlines the primary priorities that the federation should pursue in ensuring that it drives the development of its objectives and program goals across the University of Coventry. Among the range of issues facing the Society is poor communication of corporate issues given increased membership. In consequence, CUAFS has started to lose its influence and significance. This has raised concerns over its growth, as some students have opted out of the union affecting its growth. Based on these underlying problems, it is critical for CUAFS to come up with a growth strategy that aligns with its expansion. There is a need for growth if CUAFS will have to cater for the needs of all students across the university’s campuses. The reasons for pursuing the growth strategy include students’ dissatisfaction with communication, which is a key factor that has contributed to poor means to urgently attend to student needs and student satisfaction with the university. Additionally, student communication has continued to become an intricate issue that involves a range of interactions at different university levels. Recommendations The communication issues drawn indeed have had deep roots. In this case, it is difficult to address them by use of tactical measures. Therefore, long-term and fundamental changes will be needed to resolve the issues. This would have fundamental impact on ensuring student satisfaction and sustained membership of the federation. Based on this premise, there is need to e provide sustainable and adequate human, financial, technical and capital resources to achieve the growth strategy. There is also a need to increase student representation at the federation to cater for the growing number of membership due to increased student population at the university. Further, an expansive communication structure should be developed to promote effective internal and external communication. References Coventry University 2013, Implementing PRME in Coventry University’s Faculty of Business, Environment and Society, viewed 9 Jan 2013, http://www.unprme.org/reports/CoventryPRMESIPJan2013.pdf Cothran, H & Wysocki, A, 2008, Developing SMART Goals for Your Organization, viewed 9 Jan 2014, Developing SMART Goals for Your Organization, viewed 9 Jan 2014, https://edis.ifas.ufl.edu/pdffiles/FE/FE57700.pdf CUSU n.d., Accounting & Finance, Coventry University Students' Union, viewed 10 Jan 2014, http://www.cusu.org/organisation/CUAFS/ Fahm, J & Brown, K 2003, Organizational Change Communication: Lessons from Public Relations Communication Strategies, ANZCA03 Conference, Brisbane, July 2003 Locke, E & Latham, G 2006, “New Directions in Goal-Setting Theory,” Association for Psychological Science, Vol. 15 No. 5, pp265-268 Rolle, K 2014, Privatised Loans, Postgrad Mistreatment and Ethical Clothing: Impact Reports From Su Council, viewed 9 Jan 2014, http://www.impactnottingham.com/2013/12/privatised-loans-postgrad-mistreatment-and-ethical-clothing-impact-reports-from-su-council/ Welch, M & Jackson, P 2007, "Rethinking internal communication: a stakeholder approach," Corporate Communications: An International Journal, Vol. 12 No. 2, pp. 177-198 Read More