The proposal, developed in anticipation of the initial public offer, is aimed at raising funds for development, marketing and advertisement. Change is imperative for the organization due to the ever-changing business environment. Though the company has recorded tremendous performance over the last eight years, it needs to adopt strategies that will cause internal change in the way individuals work. The strategies proposed for the company include establishing a positive culture and developing a vision statement. The proposal identifies the strategies that could facilitate change in the organization. It also provides an implementation strategy that ensures successful organizational change, while explaining how these strategies will affect the innovativeness of the company.
Company's Vision Should Include
A vision is a description of the company’s outlook after successful implementation of all the strategies and accomplishment of the company’s full potential. According to Collins and Porras, an appropriate vision should contain three components. A vision should indicate the values and beliefs of the company, a purpose statement and short-term missions that would help the company come up with its own vision. The purpose statement defines to the public the company’s reason for existence, as well as people and organizational activities it intends to benefit from. Missions are stepping stones that stand for goals to be accomplished over a short duration. The process of establishing a vision should begin with educating all stakeholders on the basic definition of a vision, as well as the benefits that would be attained from having a vision statement (Collins & Porras, 2011).
The Proposed Process for Gene 1
The group could come up with a worksheet of questions that would elicit discussions about the organization’s values, desired future, challenges that may prevent it from achieving this vision, as well as factors differentiating it from other industry’s participants. The questions should be posed to small groups of people in order to provide many answers. The small groups are then combined to form larger groups that combine parts of the vision provided by the small groups. To establish its appropriateness, the ultimate vision is then tested against the framework provided by Collins and Porras. The final wording of the vision statement ought to be done by one person or engaged expert. All stakeholders of the company should review the final version before its approval.
Gene One will benefit from having a vision statement in several ways:
- the members are able to identify their role in the organization;
- when the group agrees on a vision, it gives the organization power to perform and grow;
- a vision reduces organizational and individual conflicts;
- the organization is able to adapt to changes in the business environment, even if the changes had not been anticipated.
Having a vision is seen as a proactive strategy for dealing with a volatile business environment (Collins & Porras, 2011).
The Culture of an Organization
The culture of an organization is a system of beliefs that determines the way in which members of an organization perform their duties. A positive work environment ensures that the group has coordinated efforts while performing their duties. Creation of a positive working environment entails a series of steps, which are discussed below.
- Building trust. This is achieved by having the management live up to their promises. The management should ensure that they are accountable for their actions.
- Creation of an open and positive communication channel. The organization’s employees should be able to directly communicate with the management. Open communication begins with the management’s constant reminder that they are open to the views of their employees. As a result, the employees are reminded that they are important and their actions are essential for achieving the company’s vision.
- Creation of a team culture, which encourages individuals to work together. A team culture is developed when corporate spirit replaces that of competition. Teams have the effect of coordinating activities, thus creating synergy.
- Rewarding individuals for small and big wins. Monetary and non-monetary rewards and recognition should be given to the organization’s employees, which will encourage them to work harder to achieve the company’s vision (Huczynski & Buchanan, 2007).
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Innovation is paramount for the organization’s sustainable growth and improved productivity. An innovative approach to work is also needed to reinforce the organization’s position in the increasingly competitive market. Employees’ ability to generate ideas is increased when they work as a team, as opposed to performing duties individually. The time taken to generate new ideas in biotechnology is likely to be shorter; as compared to the time it takes individuals to generate the same ideas. Again, individuals who may be shy to express themselves, yet have some brilliant ideas, may find it easier to communicate these ideas in the group setting. Communicating with the company’s management is more effective in teams; thus, teams will be able to communicate with the management to secure resources needed for the development of new products and carrying out research.
An organizational culture that embraces teamwork is likely to be successful. The organization’s vision should encourage change. Change is caused by the volatility of the business environment, which in turn is caused by innovative organizations. The vision of the organization should be stated in ways that the employees of the organization are capable of setting up missions to meet the overall vision (Huczynski & Buchanan, 2007).