Measuring Success: Performance Analysis and Evaluation of Soulful Confection

This document critically analyzes and evaluates the performance of Soulful Confection from the perspectives of its stakeholders. It explores the use of various performance management tools, including triple bottom line, ratio analysis, KPIs, CSR pyramid, competitor analysis, balanced scorecard, and 360-degree analysis. The document provides insights into measuring success and making informed decisions based on financial and non-financial data. The content is relevant for a course on performance management or business strategy.

Measuring Success
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Contents
PART B............................................................................................................................................3
Critically analyses and evaluates the performance of Soulful Confection from the perspectives
of its stakeholders. By applying a variety of performance management tools, you will analyse
financial and non-financial data for the company.......................................................................3
References........................................................................................................................................9
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PART B
Critically analyses and evaluates the performance of Soulful Confection from the perspectives of
its stakeholders. By applying a variety of performance management tools, you will analyse
financial and non-financial data for the company.
There are different performance management tools that are significant and effective in order
to analyse or evaluate overall performance (Basahel, A. and Yamin, M., 2017). It is crucial for
determining financial and non financial data for the company as well as assist in better decision
making. Different performance management tools are mention below –
Triple Bottom line – This refer to it is crucial for organisation to focus in social and
envirnentmal cancers as organisation do on profits. Triple bottom line approach consist of three
elements such as profit, people as well as planet. All of these elements are very crucial and it will
assist in successfully or effectively conducting business practices. The triple bottom line plans to
quantify the monetary, social, and ecological execution of an organization after some time. This
bookkeeping structure, called triple bottom line that is TBL, went past customary proportions of
benefits, quantifiable profit, and investor incentive to incorporate natural and social
measurements. By zeroing in on thorough venture results—that is, as for execution along the
interrelated components of benefits, individuals and the planet—triple bottom line detailing can
be a significant instrument to help manageability objectives. Through the theory of triple bottom
line it is analysed that firm should not only consider profits but also includes people and planet in
order to enhance overall functioning of business.
Ratio analysis – This is consider as the quantitative method which is significant for gaining
proper insight regarding the company liquidity, operation effectiveness as well as determining
profitability through financial statements. It mainly focuses about brief credentials from an
enterprise fiscal summaries to uncover experiences with respect to benefit, liquidity, operational
proficiency, and dissolvability (Brady, E., Holt, S. and Whelan, S., 2018). Ratio analysis alludes
to analysis of different bits of monetary data in budget summaries of a business. They are
predominantly utilized by outer investigators to decide different parts of a business, for example,
its benefit, liquidity, etc. Ratio analysis is significant tool as the administration of an organization
can likewise utilize monetary ratio analysis to decide level of proficiency in the administration of
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resources and liabilities. Wasteful utilization of resources, for example, engine vehicles,
building brings about pointless costs that should be dispensed with. Getting monetary ratios, for
example, Price/Earnings, from known contenders and contrasting it with organization's ratios can
assist the executives with distinguishing market holes and analyse its upper hands, qualities, and
shortcomings (Buckley, J., Letukas, L. and Wildavsky, B. eds., 2018). The administration would
then be able to utilize the data to figure choices that plan to improve the organization's situation
on the lookout.
KPIs – This can be describe as the key performance indicator which is helpful for analysing
or evaluating over all performance of individual on the basis of key indicators. It is essential for
organisation to consider key performance indicator as the tool of determining performance and
measurement of performance. Key performance indicator explicitly assist decide an
organization's vital, monetary & operational accomplishments, particularly contrasted with those
of different organizations inside a similar area. KPI shift among organizations and between
businesses, contingent upon execution models. For example, a product organization determined
to accomplish the quickest development in its industry may think about year-over-year income
development, as its central exhibition marker. Dealing with utilization of KPIs incorporates
setting focuses on and following advancement against target. Dealing with KPIs frequently
implies attempting to improve driving markers that will later drive slacking benefits (Clarke,
R.Y., 2017). Driving pointers are antecedents of future achievement; slacking markers show how
effective the association was at accomplishing brings about the past. KPI tied to financials
typically focus on revenues and profit margins. This is very effective and efficient tools that will
help individual in successfully or correctly measure performance as well as help in taking correct
decision. This will assist company in taking correct decision for business which will lead to
increase overall performance and capability. Through good key performance indicators
organisation will be able to determine objective evidence of progress towards achieving a desired
results. This is significant in order to provide proper balance between leading and lagging
indicators. Key performance indicators are helpful for tracking effectiveness, efficiency, quality,
timeliness, governance, compliance, behaviour, economics, personnel performance as well as
resources utilization in proper or accurate manner in order to enhance business performance.
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CSR Pyramid – The concept of Corporate Social Responsibility has been a consider since
the 1950s. In any case, it wasn't until a lot later that individuals began understanding its
importance, importance and effect. CSR, in the structure that we see today, got famous after it
was characterized by Archie Carroll's "Pyramid of Corporate Social Responsibility" in 1991. Its
effortlessness, yet capacity to depict the possibility of CSR with four regions, has made the
pyramid perhaps the most acknowledged corporate speculations of CSR since (National
Academies of Sciences, Engineering, and Medicine, 2020). The CSR pyramid consist of
different layer such as economic, Legal, Ethical and Philanthropic. Different elements of CSR
pyramid is mention below in detail -
 Economic Responsibility – The most reduced level of pyramid addresses a business' first
responsibility, which is to be beneficial. Without benefit, organization would not have
option to pay their laborers, representatives will lose their positions even before
organization begins CSR exercises. Being beneficial is the lone path for an organization
to have the option to endure long haul, and advantage society.
 Legal Responsibility – Second level of pyramid is business' legitimate commitment to
submit to law. This is main responsibility out of four levels as this will show how
organizations direct their business in commercial centre. Work laws, rivalry with
different enterprises charge guidelines and well-being and security of representatives are
a few instances of the lawful obligations an organization ought to stick to.
 Ethical Responsibility – Ethical layer of pyramid is portrayed as making the best choice,
being reasonable in all circumstances and furthermore keeping away from hurt (Patel, M.
and Desai, D.A., 2018). An organization ought not exclusively be complying with the
law, however it ought to likewise do their business morally. In contrast to the initial two
levels, this is something that an organization isn't committed to do.
 Philanthropic Responsibility – In this, it involves voluntary responsibilities of entity for
example- main responsibility of firm is to save environment from getting polluted and
reduce carbon footprint. According to Caroll's pyramid, a responsible is one which fulfil
all the responsibilities of society and community at all aspects.
Competitor Analysis – This can be describe as the strategy of business in order to identify
and determine the major competitors of business as well as help in taking better decision for
business growth and development. With help of this, it can assist with learning intricate details of
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how your opposition functions, and recognize potential freedoms where you can out-perform
them (Scott, M., DeLone, W. and Golden, W., 2016). The contenders you pick for the analysis
decide the bits of knowledge you'll get toward the end, and the choices you'll make, situated to
some degree on those experiences. That is the reason including various types of contenders (of
all shapes and sizes, immediate and roundabout) into the analysis is basic in the event that you
need the outcomes to be complete. Empowers you to distinguish what your rival is doing well.
This data is basic for remaining applicable and guaranteeing both your item and your advertising
efforts are outflanking industry guidelines. encourages you recognize regions of chances in the
commercial center, and test out new, special advertising techniques they haven't exploited.
Balanced Scorecard – Balanced scorecard is regarded to be a strategic management metric that
measures the performance of a company by taking into account the internal business functions as
well as their resultant consequences. It is used for the purpose of provision of feedback to the
company about its financial as well as non financial perspectives (Nørreklit, Kure and Trenca,
2018). Soulful Confection has applied balanced scorecard framework toview the performance of
the firm from non-financial and financial perspectives.
 The Financial Perspective- This perspective is mainly concerned with the measurement
of financial aspects of an organisation. It depicts the extent to which the corporate
strategy leads to improvement of the bottom line of the company along with the
implementation of that strategy (Talbot, Raineri and Daou, 2020). Now, as per the
analysis of financial elements of Soulful Confection, it can be stated that the organisation
is performing moderately from the financial perspective. It can elevate its performance in
the upcoming course of time by inclusion of better and improved business processes.
 The Internal Business Process Perspective –This non financial perspective is related to
the ascertainment of stability as well as effective operations of the firm. It analyses the
internal business components to gain knowledge of the extent to which the procedures are
streamlined. Now, Soulful Confection is a bakery that makes decorated sugar cookies
with unique and creative designs. The procedures are effectively tuned to give positive
outcomes.
 The Learning and Growth Perspective - This perspective is mainly concerned with the
analysis of culture, staff, technology, and infrastructure of an organisation. This identifies
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the extent to which the information as well as knowledge are efficaciously captured and
executed by the employees (Cohen, Robledo, and Kobi, 2020). Now, the employees
working within Soulful Confection are provided with training sessions to enhance their
skill set timely. This provides assistance to the respective firm in efficiently achieving its
goals and objectives by channelizing the staff effectively towards the same (Quesado,
Aibar Guzmán and Lima Rodrigues, 2018).
 The Customer Perspective - This perspective takes a look upon the efforts as well as
initiatives taken by the company to meet the needs, demands and expectations of
customers spread across the globe. It focuses on identifying new customers and making
them aware about the brand and its offerings. With respect to this, Soulful Confection is a
bakery that promotes its products among people by virtue of social media marketing
through Instagram mainly. It makes decorated sugar cookies to appeal to the clients who
derive extensive satisfaction from consumption of organisational offerings.
360 Degree analysis – This is refer as the method of analysing performance of employees in
order to identify 360 degree feedback is also known as called multi-rater feedback, is a
framework where unknown feedback is accumulated about an individual from staff from
different individuals they have working associations with. This is typically their manager, peers,
direct reports, subordinates - consequently the name "360 degree". It's planned so a scope of
individuals can impart their insight to give a balanced view on the person. It's utilized generally
as an advancement instrument since it gives data about a subject's work capabilities, conduct and
working connections (Costanza, 2020). It's likewise fundamentally utilized for people higher up
in the association's chain of importance. The major benefit of this tool is that better and correct
decision could be taken by determining view points of different elements.
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References
Books & Journals
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Buckley, J., Letukas, L. and Wildavsky, B. eds., 2018. Measuring success: Testing, grades, and
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Clarke, R.Y., 2017. Measuring success in the development of smart and sustainable cities.
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National Academies of Sciences, Engineering, and Medicine, 2020. Measuring success in
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Patel, M. and Desai, D.A., 2018. Critical review and analysis of measuring the success of Six
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Costanza, F., 2020. Effects of Patient Mobility on Healthcare Systems: A Dynamic Performance
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