Learning Journey – DAY 1
FLIPS Learning Journey started on 21.03.2022 at Proakatemia premises, in the team space. The Monday weekly meeting happened from 9 am to 10 am and it was followed by a Pre-Motorola of the LJ. Everyone shared their learning expectations regarding the trip and the work that would start the next day. The team seemed confused and at the same time open to the possibilities that would soon be materialized. After this second phase of the day, the team’s strategy began to be revised.
One of the goals, and also an obligation by now, of the current leadership group formed by Esme, Luiza and Saana, was to leave a stronger and more organized team on a better track than before, with defined objectives and follow up on everyone’s obligations. In that sense, “Successful management of resources depends on effective planning. Managers need to set the organization’s strategic direction and develop a plan to implement the strategy”. (B. Mitchell, S. Armstrong, 2019) A team that behaves more professionally, with clearer commitment and goals for itself and every member is what we are aiming for currently. In the weeks prior to the trip, there was a sequence of 4 pajas related to the new strategy that would be adopted for the following semester, both in terms of the company and the team. The group discussed future goals and values that will guide the process forward.
Divided into small groups with specific areas, the task of the revision of the strategy was to answer about vision, mission, values, strategic goals, talk about the team’s needs in order to achieve them and how to measure those goals. My group was responsible for talking about the finances and we basically decided that the most important values would be professionalism, cooperation, and accountability. Those values are expected to be seen through actions such as setting a budget and following up on it, making people really understand the company’s financial situation in a transparent way in which everyone realizes their own responsibilities.
The financial group decided the strategy’s goal is to reach a situation in which we always have money enough to pay the minimum costs of the team company, including salaries, rent, mökkipaja, etc. In order to do this, we realized that it is essential to formulate a budget as quickly as possible, given that this is the only way to really have control and follow up on the values and responsibilities that have been decided together. We concluded that if there is no personal budget or expectation of how to meet the company’s budget, for example, the development of projects, punishment will be necessary. A monetary infliction is a better and most viable option, charging interest on the monthly payment amount or even a specific value for the fine.
Coming to the final part of the task, the question was how to measure all this. It was resolved that an action plan is needed. In this action plan, all the members would plan themselves to reach a certain amount per year for the company. This plan involves an expectation of projects, how much the project aims to earn, having receipts in order and all this also includes deadlines that must be fulfilled along the way.
According to Management Study Guide, “Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”(Prachi Juneja). The importance of having a strategy for any company is that with clear goals, it is easier to see and work towards a good future. For a team like FLIP, which is not a company focused on just one service or product but several, it is not easy to align a strategy that encompasses all interests in one objective. And also not easy to come up with strategic management tactics that would make the company competitive since this seems not to be the most important for us right now.
On the other hand, certainly not going through bankruptcy is, or should be, a common goal. The strategy-setting should have been done much earlier, more specifically when the company was founded. But it is never too late, after all, we are here to learn by doing and mistakes are also part of the journey. Overall, it was very good and necessary to discuss various aspects of the team that were still considered grey areas, in the pajas related to strategy and also on the first day of the learning journey.
Written by Luiza de Oliveira Vago.
Strategy – Definition and Features, J. Prachi, Management Study Guide, Accessed on 10.4.2022, Retrieved from https://www.managementstudyguide.com/strategy-definition.htm
B. Mitchell, S. Armstrong, The Essential HR Handbook, 10th Edition, Career Press, 2019.