Essay: The Financial Perspective

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Essay: The Financial Perspective

Sample Essay

The company of my choice is Toyota Company which is in the industry of making motor vehicles. It has a very strong mission statement which is to “make better cars and contribute to society” (Annual Report, 2009). Although the customers should be placed first in any organization, it does not mean that the other main stakeholders should be ignored. Supplying the customers with high quality products at reasonable prices will ensure increased market share. On the other hand, this will not be the case since the employees feel de-motivated to work while the stockholders do not feel encouraged to invest in such a company anymore. Further, it may happen that the different branches of Toyota in different countries work with different agendas. A company can easily succeed with the different branches working corporately to achieve the same mission (Greenhalgh, 2004).

There have been a number of challenges which have made the management’s work a bit hard. All these problems can be attributed to unbalanced scorecard of a mission statement (Niven, n.d). For a mission statement to work as per the expectations of the firm there is need to incorporate the goals of the essential stakeholders. There is no way the interests of the employees can be ignored and then the management expects quality products. This way, the customers will not be satisfied. Further, the interests of the management team will be contradicting and this will lead to management crisis taking the business back. There will be no success. Since Toyota is the second largest motor vehicle producer after GM, it has been expected that by 2008, it would have beaten GM to take position 1. However, due to the many challenges the management has to solve especially brought about by unbalanced mission statement, the firm has not taken the anticipated position.

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