HRMI Business Strategy: Strategic Plan for Softlogic Finance PLC

This report presents a strategic analysis of Softlogic Finance PLC, a licensed finance company in Sri Lanka, as part of a Human Resource Management Institute (HRMI) BTEC Level 05 HND in Business Management assignment. The report outlines the strategic planning process, emphasizing its benefits such as improved strategy formulation and enhanced communication. It then provides an overview of Softlogic Finance PLC, including its vision, mission, values, and services. A SWOT analysis identifies the company's strengths, weaknesses, opportunities, and threats. Furthermore, the report applies Porter's Five Forces framework to assess the competitive landscape, examining the threat of new entrants, substitutes, and the bargaining power of suppliers and customers. The analysis provides insights into the financial industry in Sri Lanka and offers strategic recommendations for Softlogic Finance PLC.

H U M A N R E S O U R C E M A N A G E M E N T
I N S T I T U T E ( H R M I )
P E A R S O N B T E C L E V E L 0 5 H N D I N
B U S I N E S S M A N A G E M E N T
STRATEGIC
PLAN
U N I T 3 2 -B U S I NE S S
S T R AT E G Y
STUDENT NAME: DION DEXTER REGINALD
STUDENT ID: 21/HNDENG/0013
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TA B LE O F C O N T EN TS
STRATEGIC PLANNING 3
SOFTLOGIC FINANCE (PLC) 6
STRATEGIC PLAN FOR SOFTLOGIC FINANCE PLC 9
SWOT ANALYSIS 10
PORTER’S FIVE FORCES FRAMEWORK 11
RECOMMENDATION 17
CONCLUSION 21
REFERENCES 22
STRATEGIC PLAN - Unit 32 - Business Strategy
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STRATEGIC
PLANNING
S T R A T E G I C P L A N U N I T 3 2 - B U S I N E S S S T R A T E G Y
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S T R AT E G I C P L A N NI NG
Strategic planning is the art of creating
specific business strategies,
implementing them, and evaluating the
results of executing the plan, regarding a
company’s overall long-term goals or
desires. (Mclen, 2022)
S T R A T E G I C P L A N U N I T 3 2 - B U S I N E S S S T R A T E G Y
Strategic planning is the art of creating specific
business strategies, implementing them, and
evaluating the results of executing the plan,
regarding a company’s overall long-term goals or
desires. It is a concept that focuses on integrating
various departments (such as accounting and
finance, marketing, and human resources) within a
company to accomplish its strategic goals. The term
strategic planning is essentially synonymous with
strategic management. (Mclen, 2022)
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• Helps formulate better strategies
using a logical, systematic
approach
• Enhanced communication
between employers and
employees
• Empowers individuals working
in the organization(Bigelow,
2020)
B E NE FI TS OF S T R AT EGI C P L A N
S T R A T E G I C P L A N U N I T 3 2 - B U S I N E S S S T R A T E G Y
By Strategic Plans could be beneficial for the
organization because of the following points.
• Helps formulate better strategies using a
logical, systematic approach
This is often the most important benefit. Some
studies show that the strategic planning
process itself makes a significant contribution
to improving a company’s overall performance,
regardless of the success of a specific strategy.
• Enhanced communication between
employers and employees
Communication is crucial to the success of the
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strategic planning process. It is initiated
through participation and dialogue among the
managers and employees, which shows their
commitment to achieving organizational goals.
• Empowers individuals working in the
organization
The increased dialogue and communication
across all stages of the process strengthens
employees’ sense of effectiveness and
importance in the company’s overall success.
(Bigelow, 2020)
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S OF T LOGI C
F I NANCE ( P LC )
ENDURE TO CONQUER
S T R A T E G I C P L A N U N I T 3 2 - B U S I N E S S S T R A T E G Y
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I NT RODUCT ION
S OF T LOGI C
F I NANCE P LC
• SOFTLOGIC FINANCE PLC IS A LICENSED FINANCE
COMPANY. THE COMPANY IS A PREMIER FINANCIAL
POWERHOUSE ENGAGED IN THE GRANTING OF
SME WORKING CAPITAL LOANS, BUSINESS LOANS,
LEASE AND HIRE PURCHASE FACILITIES, GROUP
PERSONAL LOANS, CONSUMER LOANS, GOLD
LOANS, OTHER CREDIT FACILITIES AND THE
ACCEPTANCE OF FIXED DEPOSITS AND THE
OPERATION OF SAVINGS ACCOUNTS.
Figure 1 Softlofic Finance Pic Source: (Kumarathunga, 2018)
S T R A T E G I C P L A N U N I T 3 2 - B U S I N E S S S T R A T E G Y
Introduction Softlogic Finance PLC
(vision/mission/objectives)
Softlogic Finance PLC is a licensed finance company.
The company is a premier financial powerhouse
engaged in the granting of SME working capital
loans, business loans, lease and hire purchase
facilities, group personal loans, consumer loans,
gold loans, other credit facilities and the acceptance
of fixed deposits and the operation of savings
accounts. It operates through the following
segments Leasing and Hire Purchases, Vehicle
Loans, Gold Loans, Other Loans & Receivables, and
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Other. (Senaviratne, 2002)
Incorporated in 1999, Softlogic Finance PLC has
been a key player in the financial realm of Sri
Lanka. With the presence felt in 36 locations on the
island, this is a financial institute based on building
lasting relationships with the customers. (Softlogic
Finance PLC, 2021)
While Softlogic Finance’s products are designed to
connect with the customers with more
opportunities, its service ensures that they connect
with the hearts and lives of our customers.
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I NT RODUCT ION S OF T LOGI C
F I NANCE P LC
VISION: TO BE THE PREFERRED NON-BANKING FINANCIAL INSTITUTION IN SRI LANKA.
MISSION:TO STRIVE TO DELIGHT OUR CUSTOMERS THROUGH ACCESSIBLE TAILOR-MADE FINANCIAL SOLUTIONS, SERVED
THROUGH OUR WELL VERSATILE ACCOMPLISHED, AND HIGHLY MOTIVATED TEAM, COMMITTED TO EXCELLENCE.
• TO CREATE SHAREHOLDER VALUE THROUGH STABILITY AND ABOVE-AVERAGE RETURNS.
• TO SUSTAIN OUR CONTINUED COMMITMENT TO BEING A GOOD CORPORATE CITIZEN AND MAKE A POSITIVE CONTRIBUTION
TO THE COMMUNITY AND THE ENVIRONMENT. (SOFTLOGIC FINANCE PLC, 2021)
VALUES:1. PERFORMANCE
2. INNOVATION
3. INTEGRITY: WE ACT FAIRLY AND HONESTLY. WE BELIEVE IN ETHICS AND TRANSPARENCY IN ALL OUR DEALINGS.
4. HUMAN CAPITAL
5. SUCCESS
6. CORPORATE RESPONSIBILITY (SOFTLOGIC FINANCE PLC, 2021)
Vision: To be the Preferred Non-Banking financial
institution in Sri Lanka.
Mission:
• To strive to delight our customers through
accessible tailor-made financial solutions, served
through our well versatile accomplished, and
highly motivated team, committed to excellence.
• To create shareholder value through stability and
above-average returns.
• To sustain our continued commitment to being a
good corporate citizen and make a positive
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contribution to the community and the
environment. (Softlogic Finance PLC, 2021)
Values:
1. PERFORMANCE: We are committed to a result-
oriented culture. We place customers at the
center of our activities, and we hold ourselves
responsible to deliver what we promise in
keeping with customer needs.
1. INNOVATION: We constantly challenge
conventional wisdom and develop new solutions
and bring simplicity and accessibility to
customers.
1. INTEGRITY: We act fairly and honestly. We
believe in ethics and transparency in all our
dealings.
1. HUMAN CAPITAL: We benefit from the diversity
of our business and our people by working
together to achieve success. We treat all our
staff with respect and dignity, provide
opportunities for their career enhancement and
reward them for good performance.
1. SUCCESS: We always strive to be the best in
our business and possess a will to win.
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1. CORPORATE RESPONSIBILITY: We care for
the community and the environment, taking
responsibility to protect them. We are good
corporate citizens and support worthy causes
and CSR projects. (Softlogic Finance PLC,
2021)
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