Question

Imagine that you manage a high-volume electronics store, Electricity, Inc. Each of the salespeople has a very ambitious monthly sales goal; for the store to meet its overall goal, all of the salespeople need to meet their individual goals. Apply each of the four keys to a successful control system to Electricity, Inc., explaining how you would implement an effective control system.

Answer 1

As a person who manages the electronics store, I think, these below-mentioned strategies could make wonders:

• Implementing an effective financial control system - The entire activities of an organization work on finance and if there is a lack or inefficiency in the financial department, everything goes bad. A thorough financial audit needs to be implemented frequently to check all the financial statements and their accuracy. The financial ratios also need to be verified based on sales targets and achievements.
• Implementing an effective market control - The market trend analysis along with detailed research regarding customer satisfaction is really important in the marketing control process. This ensures whether sales and marketing are going hand in hand by gaining customer loyalty.
• Implementing an effective budget control - Without a proper and logical budget, a firm can never reach its success point. An appropriate budget should be prepared in order to avoid overspending and also a strict agenda should be made regarding the use of budget effectively and efficiently.
• Implementing an effective Human resource control-Human resource is the major pillar of every organization and hence without a proper HR control system, all efforts go void. Each employee is an asset for a firm, hence, a strict performance management system must be implemented to check the performance of every employee.And the focus of performance should be based on how far an employee could achieve his/her targets within a short span of time.It could be by using various methods like a 360-degree appraisal, scorecard method, etc

After all, economic feasibility, accuracy in the control system along with factors like understanding the points and areas where control is needed, availability of appropriate and sufficient data is very essential to implement the above-mentioned control systems effectively.

Hence the answer.