Appropriateness of the Objectives for the Project
The financial, customer, and internal business process and learning and growth objectives will play a significant role in the Airbnb business. Financial objectives such as increasing market share and profit enable Airbnb companies to maintain their market (Islami et al., 2020). As firms increase their market share, they can also maintain constant flows in sales, which is essential for long-term growth and sustainability. In addition, attaining cost efficiency through decreasing overhead costs aids in lessening the operating costs associated with running businesses, thus ensuring profitability and the firm’s financial health and stability. Similarly, the financial objectives of increasing company sales ensure that the employees work with a common goal of increasing their productivity, ultimately contributing to the overall performance. Additionally, customer objectives such as an increase in customer value, reduction of customer complaints, improvement of response time, and building customer loyalty ensure that Airbnb is customer-focused on meeting customer preferences and needs, thus increasing customer satisfaction and company sales.
The internal business process objectives focus on identifying business competencies and processes at which companies must excel to meet the customer and financial perspectives (Gupta et al., 2020). For Airbnb, the internal business process perspective aims to identify the company’s operational activities that impact customer satisfaction and, ultimately, financial performance. Increasing customer value aims to create services and products that meet customers’ needs and wants. Similarly, improving response time ensures the timely address of customer requests, which can significantly reduce customer complaints and increase customer loyalty, which is critical to company performance. Likewise, learning and growth objectives aim to improve issues related to employees that may affect service delivery. For instance, implementing appropriate training programs can enhance employee technical and analytical skills that are key to delivering high-quality services. Employee training programs can also enhance compliance with industry laws, which can significantly reduce costs associated with non-compliance, such as fines and penalties.
Appropriateness of Metrics and Timelines for the Strategic Plan
The metric assessment determines the progress on a given strategic goal (Jasti et al., 2019). The metrics are important as they help monitor the project’s progress, evaluate the project performance, and ultimately adjust the project plan and actions if they do not meet the goals within the given timelines. For instance, the financial objectives of increasing the market share by 5%, increasing overall revenue by 10% for the first two years, and reducing overhead costs by the second year give the company Airbnb management a yardstick that they can use to measure the company progress to attaining its strategic goals. Likewise, the timelines and metrics help determine unmet expectations, helping adjust the actions to meet the organizational goals. Additionally, the timelines and metrics act to determine and offer the company an achievable short- and long-term focus. As the timelines and metrics are set on the company’s realistic expectations, management, and employees can determine the resources required to meet the organizational goals within a specific timeline by considering the potential challenges, barriers, and complexity.
Gupta, A. K., Maheshwari, M., & Sharma, S. (2020). Internal business process perspective of balanced scorecard: Driver to outshine in front of customers and shareholders (An empirical study on inter-bank and inter-sector comparison of public and private sector banks in India). Journal of Critical Reviews, 7(13). https://doi.org/10.31838/jcr.07.13.43
Jasti, B. R., Livesey, J. C., Oppenheimer, P. R., & Boyce, E. G. (2019). Development, implementation and assessment of a comprehensive strategic plan in a school of pharmacy. American Journal of Pharmaceutical Education, 83(6). https://doi.org/10.5688/ajpe6899
Islami, X., Mustafa, N., & Topuzovska Latkovikj, M. (2020). Linking Porter’s generic strategies to firm performance. Future Business Journal, 6(1), 1-15. https://doi.org/10.1186/s43093-020-0009-1
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