Child Maintenance Service: Strategic Audit and Analysis
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Added on  2023/06/08
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This report provides a strategic audit and analysis of Child Maintenance Service, including SWOT analysis, Ansoff Matrix, and VRIO framework. It suggests market penetration as a strategy to improve policies and generate more funds. The report also includes critical reflection and recommendations for improving decision-making.
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TASK Executive summary Present report was based on Child maintenance service that is introduced in December 2012 as the part of Government's child maintenance reforms. Company replaced with Child support agency (CSA) that is separated from the parent company. The non-resident parents annual gross income can be classified on the basis of number of children who live in non- resident parent.According to last three of data it has been analysed that company faced different types of problem which are related to pandemic as well as there were low income gain by organization which impacted by provided less facility for children development. One of the major challenge faced by Child maintenance group is funding crises from 3 years as well as at that time government imposed the lock-down and social distancing rules in order to mitigate the risk of covid-19 that lead closure of schools, business and workplace. It has been analysed that there are some positive factors which can be seen for child maintenance services such as direct pay service by which public can easy to pay donation for children and this is suitable for those who havestrained relationship with other parent. This is also helpful for organization in order to collectand enforce the right level of maintenance to pay. For the present report strategic action are completed by using different types of framework such as VRIO and Ansoff Matrix which help to suggest different type ofstrategy to company are necessary to follow for the growth. Then with the help of strategic analysis it has been analysed by using SWOT analysis in which threat are identified and provides recommendation for improving the strategy as well as it help to provided approached for child development and able to generates more incomes which help to grow the company effectively. Strategic audit This is the important part of the business in order to focus on strategy that help to grow by ensuring about all the resources and competencies which are necessary to evaluate. Also, external environment is related to the business that is operating for creating opportunities by identifying threat of organization (Hakovirta, Skinner and Jokela, 2020). There were various risk faced by company from last three year such as related to covid 19 it reduces the incomes of organizationwhichimpacttheplanningprocessoforganization.By2020,thefinancial performance are impacted by pandemic which was unpredictable for industry. There were restrictionby government during pandemic also that it impacted by not getting enough money
from private sector for development of children. Then challenges faced by company related to funding crises in order to pay more then 25% of dividend to other shareholder by earning after some taxes which made loss. Swot analysis Strength-Childmaintenancegroupperformwellinregardtosurviveandgrows effectively for long term as well as also there are large number of volunteer support get by organization that supplies substantial amount of free labour which are related to huge saving on staff cost. Also, chosen company are eligible for tax discounts that are help company for becoming another strength (Jokela, 2019). Weakness- Company is depend on external environment that become weakness for organization also there is lack of financial stability in terms of expenditure, income and reserve levels. Then weakness focuses on internal issues which can be work for resolving issues beyond control such as lack of institutional funders. Opportunities- There are large opportunities available in order to work with local people so that they can contribute for raise the fund as well as this is opportunities for learning new things in orders to improve the trustees member. So that this is helpful for looking forward by emergingdevelopmentinordertoprovidemanyoptionswhichishelpforgettingthe opportunities of takings immediate action. Then Child maintenance group help company to focus for lifelong learning, behaviour and health also this is related to child's capacity in order to focus on work on stress and challenges (de Araujo,2020). Threats- Company faced vulnerable threats and shocksby less secure income streams combined fort few months of financials reserves results organization. There were less backup plans as well as due to pandemic child maintenance group affected badly in order to not generate income. Analysis Company has faced different types of issues which is related to business strategies in order to makes sudden changes in industry for increasing theirs efficiency.There are several growth models of strategic action can be applied in order to focus on getting positive results as well as it help to get positive results or suggest other strategies which can be followed by company for generating more profit. By using Ansoff matrix it cans be said that this is two-way frameworksfor managing team as well asthis is help for community in order to makes more
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profit by support plan and then executes accordingly. Then VRIO framework will be used for company strategies which is used for making different types of action. ANSOFF MATRIX Market penetration: The strategy suggest improving the existing market share with existing resources to use them efficiently through introduction of new policies, schemes and offers to gain the interest of loyal customers and also suggest what improvement required to perform effectively and what measures taken for the growth of the current market share (Le, Nguyen and Ngo, 2022). For Child maintenance group it can be said that increment in market share also done by reaching out directly to the customers, improving sales point, and the more benefit of customer basket to maintain the interest of loyal customers. The improvement in current policies which is help company to use effectively as well as in order to get more funding not only improves the growth of the organization which is help for identifying the loopholes in order to focus on working the policies which is help for suggesting better ideas for existing services (Pratt, 2020). Market development: The market development not only focuses on current market but also focus on the global market which help company to generate more income and the reach towards the international market. The aim of the market development is related to the study the market trends and following the strategies to improve the market share. The growth of business inclined due to pandemic and exploring the options to improve the performance in current market to introducing better policies and measures to cover theall the necessary and explore the performance in alternative market and expanding its growth in the international market too. The market development helps to improve the profit of the company and also push towards the growth and increase the potential of the company. Product development To improve the existing schemes find out the requirement of the child to be satisfied with the product and what up gradation and changes are required to meet the standard of the current market (Odhiambo and Njuguna, 2021). The product development is addition of new feature to up gradation to improvement in the performance of existing product to maintain and attract the
new customers. The product development is the best strategy followed to increase the share of profit as well as growth of the business. Diversification Diversification mainly followed when the product and organization is new in the industry. The strategies followed to explore the opportunities in the adjacent industry or in the completely different industry for the growth of the business. Horizontal diversification followed when the new product introduced in the existing market and Conglomerate Diversification followed when business decides to move into the completely different industry in which services or product are new (Obati, Awino and Ogutu, 2018). On the basis of Ansoff matrix suggest the strategies and methodologies to be followed to make and improve the growth of the business and develop its market share and expand it's business and profit share and also explore the market trends and opportunities for better performance and to develop strategies to fight against competitors. In context to chosen company it has been analyzed that child maintenance group should focus on market penetration for improving the strategies as well as it is related to introducing new policies which help to generate more fund in order to improve the challenge of funding crises as well as it is help for contribution for the incomes which is improved the other activities while faced by company during pandemic. Also, other strategies are related toplanning for resources in order to focus on capacities and problems by understanding and analysis the strength in order to build upon opportunities. Further, this isnecessary for the company to use the sustainability plans in order to focus on mores technical support as well as this is related to communicate with more donors that help for generating income effectively. VRIO ANALYSIS This framework is related to internal analysis which help business for identifying the advantages and resources in order to analyse the competitive resources in order to given competitive edge. Also, this is help for identifying the measurements of success in orders focusing on organization (Ogutu, 2018). There are four elements such as rarity, value, imitability and organisation. Also, this framework will be used for strategic analysis of company as well as this is the part of strategic scheme for the strategic process s where firms begin with vision and
objective in order to focus on internals and external analysis, strategic choices and strategic implementation. Valuable- According to statistics it has been analysed that there are 12% of gross weekly income, for 16% of gross weekly income. Then by analysing the value of organisation it can be said that there are external opportunities which is valuables or it is helpful for investing in better community in order to work on external threat. There is a need of child maintenance in order to workonvaluableresourceswhichisperceivedvalueforhighdemandandimproving competition dues to high quality services provided to children (Miethlich and Oldenburg, 2019). In context to company it can be said that there are needs of child development which improve the relation of getting valuable resources. All the employees working in child maintenance group are trained and highly educated in order to provide best services to children. This is also helped to influence by promoting familiar services to improve the unpaid services. Rarity-Thisisuncommonresourceswhichisrelatedtodevelopingtheneedof competitive advantages as well as it is help to achieve the short-lived value. There are some major resources which are related to everyday care such as s clothes, food and housing. This is the basic need of childrenthat help to maintain expense. Also, parents are supposed to get best services to their child as well as it is help for that kind of company which is necessary to works according to better development process. Due to pandemic there are many problems faced by company because at that time organization not able to generate more income or resources. Then financial services are help company to focus ondifficulties which is necessary to work on available resources by the target market (Ngo, 2021). Then it is necessary to use sustainable resources which is important to work by having exceptionalcapabilitythatleadto competitiveadvantages.Thisisvaluableresourcesor capabilities which is unique.This is also important to work on distribution network which is related to rare resources as well it provides the opportunities of developing the infrastructure that come up on the basis of distribution network in order to improve the community which is require lots of requirements. Imitable-This is related to section in which resources are difficult to imitate or create when substitute is ready also including non substitutable or difficult for another firm in which it is necessary for require something. There are competitive parity in this section by certain valuables resources in orders to exploit the resources at same way. Also, this is important for
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gaining competitive advantages in order focusing on equality. Volunteer who are work under child maintenance group are help for collecting resources from external department which is necessary for getting better key stakeholder in order to identify the find key tangible or mixed resources in organization. From different sources that are help for collecting the resources for developing the child maintenance group also there are age-wise development needed and necessity of all the person are different (Lalzai and Rana, 2020). Organization- In this department there are very all the department are including in this section such as financial, human resource, material resources and non-material resources. Also, in the finance all the resources are included such as money, bonds, shares etc. Humans resources are including people skills and knowledge then in the material resources it is including with facilities or equipment. Critical reflection It has been critically analysed that I have learn a lot from significant lesson on the basis of enhance my knowledge as well as it is help for collecting information which is related to student achievement and progress and help to indicate for development in further areas. I have learned how to use the adequate information in order to improve communication by getting help by improving the process of decision-making by which information is necessary to collect as well as it is necessary to consider the efficiency. On the other hand, most of the time I have used my time by searching the relevant information for report. Also, I was confused to how to use the academic information in report (Sakinah and Wibowo, 2021). Then, it can be said that it is necessary to work by engaging with information in order to define the comparison of all the information. Also, in this report I have used swot analysis by focusing on strength, weakness, opportunities and threats in order to build the address which can minimize the risk or challenges faced by organization. This is also helped to analysing the new strategy which can be used by company during tough time. Then I have applied Ansoff matrix in which all the situation are discussed for the chosen report I have suggested market penetration for introducing new strategy which help to improve the policies or action taken by child maintenance group. It has been recommended that there are collaboration or efficiency which help to improving challenges for encouraging different type of strategies.
Then lastly I have analysed through VRIO framework that help to improve the necessary work by using other strategies which help to collecting resources in order to focus on developing knowledge as well as identifying the advantages and disadvantages of resources which are necessary to work on competitive advantages in order to measurement of success of company by focusing on all four element. Then with the help of reflection I had got the experience of how to write reflection for academic report as well as it enhance my writing skill. This is necessary for student to enhance their knowledge in order to focus on improving the writing habit. Then this is important to get better outcome by learning experience which affect future action as well as it is considered on the basis of practice with subsequent practice by deliberating thinking.
REFERENCES Books and journals 1
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de Araujo, N., 2020, December. TheHCCH and maintenanceobligations.InThe Elgar CompaniontotheHagueConferenceonPrivateInternationalLaw.EdwardElgar Publishing. Hakovirta, M., Skinner, C. and Jokela, M., 2020. Child poverty, child maintenance and interactions with social assistance benefits among lone parent families: A comparative analysis.Journal of Social Policy,49(1), pp.19-39. Jokela,M.,2019.Contributionofchildmaintenancetolonemothers’incomeinfive countries.Journal of European Social Policy,29(2), pp.257-272. Lalzai, K. and Rana, M.B., 2020. Understanding MNCNGO collaboration in emerging markets: investigating how MNC-NGO collaboration evolves, creates and co. Le, T.T.,Nguyen, T.M.A. and Ngo, T.H.C., 2022. Risk-basedapproach andqualityof independent audit using structure equation modeling–Evidence from Vietnam.European Research on Management and Business Economics,28(3), p.100196. Miethlich, B. and Oldenburg, A.G., 2019. The Employment of Persons with Disabilities as a Strategic Asset: A Resource-Based-View using the Value-Rarity-Imitability-Organization (VRIO) Framework.Journal of Eastern Europe Research in Business and Economics,1, pp.1-13. Ngo, Q., 2021. Does strategic alignment matter when SMEs adopt entrepreneurial orientation? An empirical examination in Vietnam.Uncertain Supply Chain Management,9(3), pp.577- 584. Obati,D.,Awino,Z.B.andOgutu,M.,2018.STRATEGICPLANNING,MACRO- ENVIRONMENTAL FORCES AND PERFORMANCE OF NON-GOVERNMENTAL ORGANIZATIONS IN NIGERIA.DBA Africa Management Review,8(2). Odhiambo, E. and Njuguna, R., 2021. STRATEGIC MANAGEMENT PRACTICES AND PERFORMANCEOFHEALTHNON-GOVERNMENTALORGANIZATIONSIN NAIROBI CITY COUNTY, KENYA.Journal of Strategic Management,6(1), pp.1-16. Ogutu,M.,2018.Strategicplanning,organizationalstructureandperformanceofnon- governmental organizations in Nigeria; a mediating perspective.DBA Africa Management Review,8(2). Pratt,B.,2020.StrategicissuesfacingNGOsintotheforeseeablefuture.InNGO Management(pp. 165-174). Routledge. Sakinah,M.U.andWibowo,S.A.,2021,November.InternalandExternalEnvironment Analysis on The Performance of Provincial Office of Indonesian Food and Drug Authority in Manado. InJournal of International Conference Proceedings (JICP)(Vol. 4, No. 2, pp. 181-189).