Defining Issues & Priorities


Ensure that the key issues facing business have been realistically defined in light of the current and rapidly changing business environment. There is nothing new about this requirement, but the fact is that very few management teams actually take the time and apply the discipline necessary to objectively define and prioritize the key issues that can make or break their business. The issues of inferior quality, higher cost products, lower productivity, and nonresponsive service plague manufacturers for the better part of the recent past. Many companies in industries such as steel, automotive, machine tool, textile, farm and construction equipment suffer badly as a result. Only few companies address these issues in effective ways. Most are unable to clearly identify the key issues, set priorities, and develop the necessary business plans to overcome the underlying problems.

While the specific issues vary for different companies and industries, the management mindset should not vary. To deal effectively with an increasingly turbulent environment, priorities must be set so the business can survive unexpected blows, adapt to sudden dropping changes, and then capitalize on smaller windows of opportunity that develop and close much more quickly than they have in the past.

Many progressive managers kick off their planning process with a session aimed specifically at getting agreement on key issues and priorities. Accepting these priorities require a shift in the way most managers think and act, such as:

  • Liquidity becomes a more important objective, often more important than reported earnings. It provides the flexibility to deal more effectively with unexpected events than is possible when everything is tied up in fixed and slow moving assets.
  • Productivity gains per dollar of capital and per employee must be achieved annually. These reductions must exceed inflation and achieve demonstrably lower costs.
  • Innovation must never stop. Demonstrable product and process improvements must be achieved year after year.
  • All cycle and response times must be continuously reduced.
  • A “frightened” sense of urgency must be the way of life in all parts of the business.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Global Marketing Place


Several factors have forced countries to extend their economic views to events outside their own national borders. First, international agreements are being negotiated in attempt to increase trade among nations. Second, the growth of electronic commerce and related computer technologies brings previously isolated countries into their marketplace for buyers and sellers around the globe. Third, the interdependence of the world’s economies is a reality since no nation produces all of the raw material and finished goods purchased by its citizens or consumers of all its output without some exporting to other countries. Evidence of this interdependence is illustrated by the introduction of the Euro as a common currency to facilitate trade among the nations of the European Union and the creation of trade alliances.

Service firms also play a major role in today’s global marketplace. In many cases, global marketing strategies are almost identical to those used in domestic markets. Rather than creating a different promotional campaign for each country, marketers use the same ad with spectacular results.

Domestic marketing strategies may need significant changes to adapt to unique tastes or different cultural and legal requirements abroad. It is often difficult to standardize a brand name on a global basis.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Public Policy and Courts


Public policy is a broad concept that is impossible to define precisely. Perhaps the only realistic way to define it is to say that a court’s view of public policy is determined by what the court feels is in the best interests of society. Public policy may change with the times; changing social and economic conditions may make behavior that was acceptable in an earlier time unacceptable today, or vice versa.

There is therefore no simple rule for determining when a particular bargain is contrary to public policy and illegal. Public policy includes immoral and unethical agreements, even though they may not call for the performance of an illegal act. The courts have broad discretion in ruling on questions of public policy, and the discretion can provide the legal system with a degree of healthy flexibility. However, the courts may differ in their views of what constitutes desirable public policy—a difference that can make  a contract legal in one state/province and illegal in other.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Illusory Promises


For a promise to constitute consideration, it must actually promise something without being illusory. One party to the agreement is not bound anyway. When one party is not legally bound, neither should the other party be. There is no contract because of an absence of consideration. An agreement between the parties to agree on something in the future is regarded as too indefinite to make a contract.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Mistake


The term mistake is used in contract law to describe the situation in which one or both of the parties to an agreement acted under an untrue belief about the existence or nonexistence of a material fact. In mistake cases, unlike fraud and misrepresentation cases where the victim is also acting under a mistaken belief about the facts, the mistaken belief about the facts is not the product of a misstatement by the other party. Mistaken in this sense does not include errors of judgment, ignorance, or a party’s mistaken belief that he or she will be able to fulfill certain obligations under a contract. The things that were said about materiality and fact in the law misrepresentation hold true in mistake cases.

In deciding mistake cases, courts often seem to be trying more obviously to do justice than in other kinds of cases. This is why decisions in mistake cases sometimes seem to depart from the announced rules of law dealing with mistake.

Mistake cases are classified as mutual or unilateral, depending on whether both or only one of the parties was acting under a mistaken belief about a material fact. Mutual mistake is always a basis for granting rescission of the contract at the request of either party. Clearly, no meeting of the minds took place and therefore no true contract was ever formed.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Theory of Incapacity


The basic reason for holding that insane persons lack the capacity to contract is that we presume such persons are unable to bargain effectively with those who do not share their disability. Some countries treat drunken persons like insane persons if, the time they entered the agreement, they were so drunk that they were unable to understand the nature of the business at hand.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Collective Bargaining


Collective bargaining is the process by which representatives of labor and management negotiate an agreement governing pay scales and terms of work. The negotiations leading to a labor contract are often time consuming, difficult, and heated. A contract between a large union and an industry is of considerable economic consequence, involving thousands of workers and billions of dollars in wages.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Leading


Implementation involves leading people to use their abilities and skills most effectively and efficiently to achieve organizational objectives. Without direction, people tend to do their work according to their personal view of what tasks should be done, how, and in what order. They may approach their work as they have in the past or emphasize those tasks that they most enjoy—regardless of the corporation’s priorities. This can create real problems, particularly if the company is operating internationally and must adjust to customs and traditions in other countries. This direction may take the form of management leadership, communicated norms of behavior from the corporate culture, or agreements among workers in autonomous work groups. It may also be accomplished more formally through action planning or through programs such as management by objectives and total quality management.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

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