Overview of Mount Olympus Limited
Mount Olympus Limited is a corporation that has been operating for the last 17 years. His registered office is in Gray, Athens. The company wants to grow and is finding financing for its business. This is an overview of the company's planned business financing.
Partnership Formation
Faisal Hattab, Ghanim Al-Kubaisi, Tina Zheng and Jesse Huang formed a partnership. Partnerships are firms operated by one or more persons who invested in the company (Murray, 2017, n.p). Partners share the partnership's gains and losses in accordance with the negotiated benefit and loss share ratio. A partnership agreement sets the operation rules within a partnership as it determines the duties to be played by each partner, the kind of relationship that exists between the co-owners and the profit and loss sharing ratio.
Conversion to Private Limited Company
After eight years, the company was converted to a private limited company. The company has four principal shareholders who are not allowed to sell their shares to the public. The four shareholders have limited liabilities. Their assets are differentiated from the company’s assets and cannot be sold or transferred in favor of the company’s liabilities (LegalRaasta, 2017, n.p).
Business Model: Business to Consumer (B2C)
The company sells its watches to its clients directly. This form of business is called Business to Consumer (B2C). It aims to increase its market share and revenue in the next three years. This will translate to an increase in the number of employees hired and the amount of capital that is employed. This is expected to lead to a 20% expansion of the business.
Organizational Structure: Functional and Product Forms
To achieve this, Mount Olympus Limited uses the functional and product forms of organizational structure. Faisal Hattab is the president of the company and is in charge of Ghanim Al-Kubaisi, Tina Zheng, and Jesse Huang who are vice-presidents in the Sales, Marketing, and Production sections of the business respectively. The vice presidents are superior to the department heads. The company has six departments with each head leading several employees.
Benefits of Organizational Structure
The company’s organizational structure allows the employees to use their skills in the departments that they are well qualified to work in (Usmani, 2012, n.p). This enhances their level of performance and therefore increases the company’s productivity. The workers perform the same type of tasks on a regular basis thus improving accountability and increasing efficiency through learning. The organization structure also makes communication easy as the workers know that they should report to the department head, who later communicates to the vice presidents (Usmani, 2012, n.p). The vice president then presents the information to the president. Through effective communication, the company has increased the efficiency of the management as they can make better decisions and plans by considering the opinions of the employees. It also increases the chances of attaining the company's set targets as the managers can communicate well with their employees (Business Communication Coach, 2015, n.p).
Product Departmentalization
In product departmentalization, the company allocates its workers to specific products or services. One manager is assigned several workers to work on a particular product or service. For instance, Jennifer Bloom is in charge of the design department. The workers in the design department are tasked with creating different designs for the products. This increases the level of efficiency as the employees gain more skills in the production of the assigned products and services (Akrani, 2012, n.p). Increase in efficiency increases the overall productivity of the company.
Employee Selection and Training
The six departments have a total of 1600 employees. The company has ensured that it only selects the best employees in the market. The employee selection process is very rigorous. The company aims at recruiting employees who can fit well in the competitive and creative environment set by the company. Once the workers are hired, they are trained through several inductions organized by the company. The company also offers them on-the-job and off-the-job training. Training provided by the company ensures that the employees sharpen their skills and are in turn able to increase productivity to meet the employer’s expectations (Frost, 2017, n.p).
Employee Performance and Recognition
The performance of the employees is measured using two types of appraisals including the Performance Appraisal and 360 Degree Feedback. The 360 Degree Feedback means that the worker will get feedback on their performance based on the opinions of the supervisor, the colleagues, and the clients (Heathfield, 2017, n.p). The company offers competitive remuneration packages to its employees. They get vacation pays, gym memberships, company cars, and education assistance as benefits of employment. Also, those in the manufacturing department get bonuses.
Employee Motivation and Self-Fulfillment
To keep the employees motivated, a company is supposed to provide for the basic needs, psychological needs, and self-fulfillment needs of its workers (McLeod, 2017, n.p). Mount Olympus Limited offers competitive remunerations to its employees. This helps them to obtain their basic needs. The company also provides a clean and secure environment to its workers. The employees can be confident that the structures of the company are safe to use. It also encourages teamwork which promotes friendship that creates a family relationship in the organization.
Every employee wants to feel accepted, loved, and be part of the organization (McLeod, 2017, n.p). The sense of belonging promotes the employees self-esteem. A friendly environment fosters respect for one another in the organization. The company also recognizes the achievements of the workers and rewards them accordingly. Self-actualization needs are the employees’ desire to be the best versions of themselves (McLeod, 2017, n.p). The employees are presented with challenging situations to help them grow to their full potential. The employees are also encouraged to participate in decision making.
Conclusion
In conclusion, Mount Olympus Limited is a private limited company. The company uses both functional and product departmentalization. It has 1600 employees to whom it offers competitive remuneration packages. To increase the productivity of the employees, the company provides for the employees basic, physical, and self-fulfillment needs. Mount Olympus Limited seeks to be funded to expand its business.
References
- Akrani, G., 2012. Bases or methods or types of departmentalization. [Accessed on 12th December 2017]
- Business Communication Coach, 2015. The importance of communication in business. [Accessed on 12th December 2017]
- Frost, S., 2017. The Importance of Training & Development in the Workplace. [Accessed on 12th December 2017]
- Heathfield, S. M., 2017. 360 degree feedback: The good, the bad and the ugly. [Accessed on 12th December 2017]
- LegalRaasta, 2017. Private Limited Company. [Accessed on 12th December 2017]
- McLeod, S., 2017. Maslow’s hierarchy of needs. [Accessed on 12th December 2017]
- Murray, J., 2017. What is a partnership? How does it work? [Accessed on 12th December 2017]
- Usmani, F., 2012. What is a functional organization structure? [Accessed on 12th December 2017]
