Analyzing Mission Statement, Team Charter & Business Management

This essay discusses the importance of business management practices for organizational growth, focusing on tools like benchmarking, forecasting, and strategic planning. It emphasizes the need for effective business plans, performance monitoring, and the motivation of key personnel. The study highlights best practices such as quality management, inventory control, supply chain management, and effective sales and marketing strategies. Furthermore, it underscores the importance of technological improvisation for sustained business growth and competitive advantage. The essay concludes that implementing a well-defined business strategy is crucial for improving a company's overall performance and ensuring best business practices are followed. Desklib provides a platform for students to access similar solved assignments and study tools to enhance their understanding.

Running head: MISSION STATEMENT AND TEAM CHARTER
Mission Statement and Team Charter
Name of the student:
Name of the university:
Author Note:

1MISSION STATEMENT AND TEAM CHARTER
Introduction:
The aim of the assignment demonstrates the implication of the business management
practices which is undertaken by the organizations. The practices which must be adopted by
every organizations in the business is discussed in the following study. The business strategy
of every organization must be effective which will further ensure the business growth of the
organization.
Discussion:
Best business practices will ensure that a particular organization will definitely
achieve the business growth of the organization. The key business management tools adopted
by the organizations in order to ensure the growth of the business like the benchmarking,
forecasting, financial planning, strategic planning and monitoring the performance of the
business must be maintained on a regular basis. Effective business plan must be maintained
by the organizations and the business plan must be properly executed by the management or
the upper level management of the company (Botha et al., 2016).
Monitoring the performance of the business is also significant in this case in order to
improve the performance of the business (Waldman & Jensen, 2016). The performance
indicators of the business is the sales volume, profitability, quality and the turnover generated
by the staffs. Increasing the sales volume along with maintaining the quality of the product
will automatically generate the revenue of the business. The successful business depends on
the motivation, development and retention of the key or the best people in the business of
every organization. The key people are the top level management people who plays
significant role in the overall development of the business (Pearson, 2017). The management
system of the company must be strong which will definitely put an impact on the
performance of the business.

2MISSION STATEMENT AND TEAM CHARTER
The best practices in the business management must be adopted by the top level
management in an organization. The introduction of the best practices are the quality
management which means that managing or maintaining the quality of the products, stock
control or the inventory management also is considered as the one of the main business
practices (Clegg, Kornberger & Pitsis, 2015). The delivery and the supply chain management
of the business must also be effective which falls under the best business practice methods
must be adopted by the top business organization.
In case of the sales and marketing strategy of the company, the effective marketing
strategy must be adopted by the organizations in order to give tough competitions to the
competitors in the same line of business (Spence, 2016). Improvisation of the technology and
further upgrading must be done by the organizations in order to adopt the best business
practices which will take the organization in the next level (Wheelen et al.,2017).
Conclusion
From the above discussion it can be concluded that the business strategy plan is
needed in every organization and it must be implemented in such a way that the business
growth of the company can be improved. The effective strategy or the best business plan
which is disclosed in the above discussion must be implemented by every organization to
ensure best business practices.

3MISSION STATEMENT AND TEAM CHARTER
References
Botha, T., Van Rensburg, M., Du Toit, G. S., & Motlatla, M. D. C. (2016). Introduction to
business management. B. Erasmus, J. W. Strydom, & S. Rudansky-Kloppers (Eds.).
Oxford University Press Southern Africa.
Clegg, S. R., Kornberger, M., & Pitsis, T. (2015). Managing and organizations: An
introduction to theory and practice. Sage.
Pearson, R. (2017). Business ethics as communication ethics: Public relations practice and
the idea of dialogue. In Public relations theory (pp. 111-131). Routledge.
Spence, L. J. (2016). Small business social responsibility: Expanding core CSR
theory. Business & Society, 55(1), 23-55.
Waldman, D., & Jensen, E. (2016). Industrial organization: theory and practice. Routledge.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic
management and business policy (p. 55). Boston: pearson.