Mcbride Financial Services Mortgage Company has an objective of offering a low cost mortgage services through incorporating the state-of-art technology. The most targeted locations are Idaho, Montana, Wyoming, North and Dakota. On the other hand, the company’s management has an aim of achieving high financial outcomes and developing more profitable services within the first six months of their business. For the company to achieve this objective they require to design a perfect management plan that will address all the issues in the company. In doing so, they have to make use of the present technology in carrying out various operations that will fully satisfy their customers. The management plan consists of a scheduled management plan, a stakeholder analysis, communication management plan, quality management plan, and a risk management plan.
A Schedule Management Plan
In every action that an organization takes, the implementers should come up with a scheduled plan showing the activities that are to take place, the duration of those activities, and the people responsible. In project management, Gantt chart finds use in developing schedule for management plan of various companies. The scheduled plan for the company will take 2 years. The management plan will take care of all the operations that the company will undertake to ensure they achieve the set goals. On the other hand, the time set for the project implementation is enough to achieve the set objectives and make more profits from the mortgage business. The Gantt chart is shown in excel on the attached file.
According to Thompson (2012), managing stakeholders is a very critical tool in the success of every organization. Stakeholders play a very significant role in the growth and development of any business organization regardless of the nature of the business. Mcbride Financial Services Mortgage Company has the responsibility of engaging the right people using the recommended ways in order to create a big difference between the company and the competitors. The stakeholder based approach will assist in the success of the company in many different ways. To start with, the most powerful stakeholders hold strong opinion that help in shaping the planned strategies earlier enough thus, avoiding misfortunes. Secondly, the company should make use of the powerful stakeholders in winning the available resources since they have many connections, and they are well recognized by suppliers. Thirdly, the company management should communicate with the stakeholders earlier enough and brief them on the intended changes and services they wish to improve. Through this, the stakeholders will have a full understanding of the processes taking place, and discover the projected benefits.
The stakeholder analysis involves identifying the stakeholders for the Mcbride Company. The most common stakeholders for the company are the employer, the shareholders, and the government (Golder, 2005). The table 1 below represents Mcbride Company stakeholders who are responsible for the planned strategy. Other stakeholders are also represented on the table. After identifying the stakeholders, a plan is made on how different stakeholders should be engaged in different functions. These functions include, information gathering, consultation, dialogue, and partnership. Table 2 shows the stakeholder analysis grid that rates them according to their influence in the company. From the table, the press and the government are seen to posses more power as compared to the community and the general public.
Communication Management Plan
Communication is very important in passing information from one party to the next. Most organizations fail in implementing their plans due to the use of poor communication channels. To avoid such incidences, the management at Mcbride Company should develop a perfect communication plan that uses the present technology. Communication occurs between the employer, the staff, the customers, and the shareholders of the company. Communication planning will make use of a timely and appropriate collection, generation, storage, and distribution of the company’s information (Northrop Grumman Corporation, 2007). The communication plan should create a link between people and information for a successful management plan. To start with, the involved people should determine the information needs for the project stakeholders. This assists in determining the communication needs for the stakeholders through highlighting their communication requirements, people responsible for giving the information, and methods that these people will use in giving the information.
On the other hand, information distribution is very crucial in making a communication plan. Mcbride Financial Services Company has well established information distribution system that has the capability distributing the necessary message to the stakeholders. In order to improve on their information distribution services, the company should make use of the present communication channels. These include the use of faster internet connections, improved messaging services, and developing websites where the management can post information. On the other hand, the company could utilize project meeting, distribution of hard-copy documents, manual filings, and electronic databases. Moreover, electronic tools used in project management are very necessary in distributing messages (Northrop Grumman Corporation, 2007).
After distributing the message to the stakeholders, the company should engage in performance reporting. Performance reporting assists in ensuring people receive all the information, and are fully satisfied. Performance reporting assists the organization in developing a successful plan in the following ways. It assists in resolving issues, ensuring stakeholders approve all the company requirements, approved corrective actions, and maintaining project updates. The use of press is another alternative that the company could use to communicate its plan to the stakeholders. This will involve giving information through the media through radios, televisions, and newspapers.
Quality Management Plan
Businesses face a lot of inconveniences in an effort to develop a quality management plan that makes the company win in the present environment. Mcbride Financial Services Mortgage Company leaders have the responsibility of developing value and gain loyalty to their customers through carrying out full research on the market requirements. In addition, having good knowledge on the marketing situations available in every business sector is very important in creating a sustainable business strategy (Lewis & Slack, 2003). Managers at Mcbride Company should therefore ensure that the planned strategies are adhered to and, win as many customers as possible. A quality management plan for the company consists of several components. The management should develop quality objectives, the expected results that are to be reviewed after the plan is accomplished, and quality control and assurance activities.
Companies seek to have a perfect management from the top leaders to the bottom leaders. This ensures that an organization runs accreting to its objectives and attains more revenues in all the transactions. Quality Management Plan will assist Mcbride Company in developing the necessary strategy for provision of quality services to mortgage customers. On the other hand, the plan will be designed in such a way that all the major factors are viewed first before tackling other minor issues. To start with, the marketing department should ensure that customers have full information regarding the services offered by the company, in combination with the benefits of starting a mortgage saving with the company. On the other hand, the management should ensure all work processes are carried out perfectly, and with more efficiency as indicated in the initial plan. Moreover, in case the implementers of the designed strategy meet any barrier appropriate corrective measures should be put in place to rectify any inconvenience.
Risk Management Plan
Many companies in the present day business environment face many technological threats that pose many risks in their operations. Developing a perfect risk mitigation program is very essential for the success of any business marketing strategy. Managers have the responsibility of developing a perfect risk management plan through seeking advice from experts in the field of communication and information technology (Meier at al, 2003). In order to move along with the ever changing world, Mcbride Company management should focus on Internet and IT for all its mortgage operations. Through this, the company will be in a position to make offer quick services, easy to use applications, and faster means of processing mortgage applications. On the other hand, the company should purchase high profile computers that use technologically advanced software with secure servers, quality internet connections, and capable of keeping up-to-date records in a secure manner. In addition, the company should hire qualified staff with the necessary knowledge on risk mitigation processes.
According to Mcbride Financial Services (2011), the company wishes to invest $200,000 on website development with an aim of gathering all the prospective client applications through the web. This is in an effort to improve its information and technology department in order to improve on security issues. Moreover, the company should set up new offices in the local markets to ensure their clients are not conned by others on their mortgages. Most businesses today are experiencing economic risks, especially the current real estate market crisis. The company should adopt a systematic system that ensures the recurring costs are kept as low as possible in order to improve on their operations. Moreover, most shareholders in the company own real estates and are in a better position to get services from the company.
Golder, B. (2005). Cross Cutting Tool: Stakeholder Analysis. Foundations of Success. p. 5
Lewis M. & Slack N. (2003). Operations Management: Critical Perspectives on
Business and Management. London: Routledge.
Mcbride Financial Services. (2011). McBride Financial Services Intranet. Retrieved from:
Meier, J. D., Mackman, A., Dunner, M., Srinath, V., Escamilla, R., & Murukan, A. (2003).
Improving Web Application Security: Threats and Countermeasures. Chapter 2. Retrieved from:
Northrop Grumman Corporation. (2007). Communications Management Plan. Northrop
Grumman. pp. 1-3
Thompson, R. (2012). Stakeholder Analysis. Retrieved from: