Introduction
This report is mainly based on the analysis of corporate strategy and governance in enhancing and processing financial performance of a company or business enterprise. Regulatory bodies in a country is required to impose different types of principles for the companies so that a transparent image can be presented in front of stakeholders. All the internal stakeholders like directors, owners and managers always try to develop the organisation so that it can become more competitive in the market. In current era it has become most important factor for the businesses to be developed so that all the organisational goals can be achieved. For all the companies it is very important to fulfil all the legal requirements so that business can be operated appropriately. Now all the business entities are adopting the policies of governance so that their financial performance can be enhanced. If an organisation is having sound performance and a positive market image than it can help to expand business in different geographic locations. In other words financial performance can be defined as the appropriate presentation of the organisation's actual financial status. Accountants of companies are responsible for the effective and proper formulation of financial statements and for this purpose they have to follow accounting and financial reporting principles that are published by legal authorities. Faithful representation of business's performance can guide through out the way of success as it provides various benefits to the company. Major benefit of faithful representation is increased interest of investors and other stakeholders which results in higher monetary resources to operate all the business activities. To evaluate the appropriateness of corporate governance a UK based organisation is taken which is Waitrose Limited and it is a chain of British Supermarkets.
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In current era all the organisations are facing various types of challenges. To operate and execute the business appropriately and successfully the organisations should formulate policies and strategies so that all of them can be dealt properly. Main aim of the corporate strategy and governance is to intensify the financial performance so that business can be operated smoothly.
Significance
In this research project the researcher will identify various level of understanding so that this can help to enhance knowledge about the use and implementation of corporate strategy and governance. For all the business entities it is very important to be competitive in the market and for this purpose they have to follow corporate governance because without it an organisation cannot endure in the market.
Aim
To evaluate the importance of corporate strategy and governance for an organisation so that its financial performance can be heighten.
Objectives
Objectives for this research project are as follows:
- To gather the information about the importance of corporate strategy and governance for a company.
- To identify the ways in which financial performance can be intensified.
- To denote such strategies that may affect financial position of the company in short or long run.
- To evaluate the effectiveness of corporate strategy and governance for Waitrose Limited and they way in which it is providing benefits to the organisation.
Questions
Research questions for this research project are as follows:
- Why it is important for the organisation to implement corporate strategy and governance at workplace to improve financial performance?
- What are the major requirements of corporate strategy and governance for a business entity?
- What are the techniques that can be used to identify development opportunities and grab the same?
- What are the impact of bad financial strategies on the financial performance of an organisation?
Literature Review
Corporate governance and strategies can be explained as the set of principles that are introduced by the legal authorities of a country for the organisations who are executing business within the country. It is very important for all the business enterprises to use both the concepts in their operational activities so that it can help to intensify the financial performance. It helps the organisations to formulate effective strategies so that all the organisational goals can be achieved. It has a broad scope as it consist social and institutional aspects. If the organisations are following all the corporate strategies and implementing corporate governance than it can help to improve the financial performance by providing proper guidance to the accountants to the company. There are three different types of theories can be adopted by the business enterprises to enhance their financial performance. These theories are Agency theory, Stewardship theory and stakeholders theory. All of them can help to run the business smoothly by tightening the financial strength. Importance of corporate governance can be analysed with the help of following points:
- It guides to evaluate the performance of the company in global market.
- Relationship between members of board and top executives can be analysed with the help of corporate strategy and governance.
- It helps the accountants to conduct financial reporting appropriately.
- Higher contribution in the enhancement of performance of finance division of the company.
Research Methodology
Research methodology is the process of developing different aspects for a research. For the assessment of the level of corporate strategy and governance in enhancing financial performance, four different aspects are identified. All of them are rights of shareholders, relations with investors, composition of board of directors and transparency and disclosure. The data for this report is gathered from 25 employees who are working in Waitrose Limited and the assessment process is done on the corporate strategy and governance and all the employees are aware of both the elements. For the data collection process different research designs are used that are descriptive, explanatory and experimental research design.
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