Preview

Northwest Security Services Case Report

Good Essays
Open Document
Open Document
918 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Northwest Security Services Case Report
* Evaluate Bob’s process for establishing the NSS advisory board. What could be improved? Basically, Bob did well in establishing advisory board, including CEO, COO, and financial expertise and Marketing expertise, who have the family-owned background or service industry background. Also, there was one female member who would be able to help the company better understand the female customers or help the female family member to involve in the family business. With the development of company, Bob added new members to the board according to the business needs. This is another good point. But it seems not a systematized situation. Perhaps several things could be improved. One is that Bob should add an attorney to the board to deal with legal issues to avoid potential risks if there was no law department (From the case, we don’t know whether there was or not).Second thing is that there wasn’t criterion or rules to select or change members of board. Also, there weren’t specific document of rules, terms or duties. It may be work in short –term. However, in long-term run, criterion and rules should be needed. * Who should set dividends in order to avoid conflicts of interest? Create a specific policy and method of making dividend decisions. Should non-employee family members be represented in this process? The company’s board of directors is responsible for determining a dividend policy and declaring dividends. In this case, Bob and Rex should decide dividends, but they should get advice from financial planner and advisory board and communicate well with family members. Method of making dividend decisions may include following key points: * One mission statement makes family members know clear about mission. Business, core value, objective, rules of governance and family involvement should be known to all family members. * One specific strategic plan helps family members understand what’s company’s long-term goal and short-term goal; how company

You May Also Find These Documents Helpful

  • Better Essays

    Mission statement: The mission statement is an overarching, timeless expression of your purpose and aspiration, addressing both what you seek to accomplish and the manner in which the organization seeks to accomplish it. It’s a declaration of why you exist as an organization.…

    • 1550 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Study Guide Accounting

    • 3188 Words
    • 13 Pages

    C. Stockholders have authority to decide by majority vote the amount of dividends to be paid.…

    • 3188 Words
    • 13 Pages
    Good Essays
  • Satisfactory Essays

    The mission of an organization usually has a mission statement that is a broad description of the organization’s mission and values. The statement tells about the target population, it tells in detail how it plans to succeed, and how sets boundaries on what and how things need to be done.…

    • 348 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Mission statements labels the company’s over-all purpose (Lou, A., 2014). It concentrates on how a company should operate, and serves as a plan for employees to follow. Mission statements considers products and services offered, the company’s appearance, worth and main concern.…

    • 537 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Mission statements are used to symbolize the goals that an organization is trying to reach or obtain. The mission statement will help guide the way on how the organization should practice and also provide a complete structure of their practice. The Entrepreneur website defines a mission statement as “A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies”. Most organizations mission statements will be different in some context, but the overall goal is to make sure the organization is successful and works at its fullest potential.…

    • 964 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Case Study RJR Nabisco

    • 348 Words
    • 2 Pages

    This is a fictious case based on real world situations. Although the primary focus is the dividend policy decision the situation of the company has been influenced by its corporate strategy and this case offers the opportunity to also consider the behavioural, management, and general business issues.…

    • 348 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    CMI LEVEL 5

    • 3651 Words
    • 12 Pages

    An organisation’s mission is its basic purpose: e.g., what is it for? Why does it exist? A mission statement formalises the organization’s mission by writing it down.…

    • 3651 Words
    • 12 Pages
    Better Essays
  • Powerful Essays

    A mission statement should be inspiring (Bailey, 1996). The reader should want to be a part of an organization after reading its mission statement. It should be enduring, though not cast in stone. The statement should project a sense of worth, intent, and shared expectations and should state intrinsic value of the firm's products/services (David and David, 2003).…

    • 1130 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Stock and Cherry

    • 880 Words
    • 4 Pages

    The board of directors is responsible for directing all of the significant activities of the entity including the approval of operating budgets, marketing and sales plans, capital requirements, and distribution channels. Each partner has an equal vote on all matters involving the venture and equal representation on the board of directors. The board of directors has four positions; Banana designates two, while…

    • 880 Words
    • 4 Pages
    Satisfactory Essays
  • Good Essays

    The Mission Statement is a crucial element in the strategic planning of a business. Creating a mission is a building block for an overall strategy and development of more specific functional strategies. By defining a mission an organization is making a statement of organizational purpose. There are some basic elements that should be incorporated into a mission statement. First, the target audience is important. It needs to be established whom the mission statement will be directed to. Some groups that may be considered are employees, stockholders, customers, and the community.…

    • 698 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    | The mission identifies "what we want to become," or the raison d'être. Mission statements identify the scope of the organization in terms of its product or service.…

    • 7811 Words
    • 32 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Simply Steam

    • 429 Words
    • 2 Pages

    The board members are the managers, so there is no independence in decision making. However they are very knowledgeable about the industry and are aware of the day to day issues of the business.…

    • 429 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Reducing Concussions

    • 1462 Words
    • 6 Pages

    The mission of an organization “is its purpose or reason for being”. It will state “who we are, here is what the organization do, and how we differ from our competitors”. Based on the mission statement the company will develop their goals and objectives. They will focus on every single aspect that will help to strive and reach the mission of the organization. The mission statement will influence on the everyday actions of the company, it will affect the ways the employees, managers and other supervisors communicate, supervise, and engage relationships between each other. The mission statement should be known by everyone in the organization so each person can achieve it and its goals. On an important aspect, all the stakeholders should know…

    • 1462 Words
    • 6 Pages
    Good Essays
  • Better Essays

    Issues Impacting Dividend Policies and Constraints on Dividend PaymentsA firm must examine all financing and investment issues before determining the proper payout of dividends for their organization. Some organizations' opt to pay out smaller cash dividends to reserve earnings for future expansion. It is ideal for an organization to start with smaller payouts, and continue with conservative dividends per share. This payout decision is a result of the organization's capital budgeting decision.…

    • 1548 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Article Reflection

    • 3620 Words
    • 15 Pages

    If a company is likened to a small democratic nation, then its directors are its government. Once elected and in control, the directors have almost total power over the operation of the company until they are removed. Therefore, duties must be given to directors, to ensure they act in the proper manner.…

    • 3620 Words
    • 15 Pages
    Powerful Essays