MGT 400 STRATEGIC MANAGEMENT – FINAL ASSESSMENT

1. Katlego Caiphus 202108823

2. Euphemia One Kealeboga 202002054
3. Millicent Letoto 202104027
4. Onalenna Nunga 202108548
5. Mphoyamodimo Miguel Moeti 202101390
6. Tlhalefang Mabifi 202108609
7. Farayi Thebe 201103145
8. Basetsana Desiree Gokonwang 202109196
9. Wangu Chepete 201600799
10. Alice Mataela 202103250

Table of Contents
ABSTRACT.............................................................................................................. 3

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 VISION................................................................................................................ 4
MISSION.............................................................................................................. 4
LITERATURE REVIEW.............................................................................................. 4
Possible Challenges Faced in Strategy Implementation..................................7
Vision and Mission Alignment.......................................................................10
SWOT ANALYSIS................................................................................................... 11
Strengths.......................................................................................................... 11
Weaknesses...................................................................................................... 11
CHALLENGES IN STRATEGY FORMULATION..........................................................12
RESOURCE ALLOCATION AND STRATEGY EXECUTION.........................................13
CONCLUSION....................................................................................................... 14

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ABSTRACT
This term paper focuses on analyzing Forvis Mazars' strategic plan within the context of strategic
management. Forvis Mazars is a globally recognized professional services network aiming to provide
a wide range of services such as corporate reporting, tax, advisory, consulting, training, and financial
audit services. The paper examines the organization's vision, mission, SWOT analysis, challenges in
strategy formulation, and strategy implementation. Through a comprehensive review of literature,
strategic formulation, and the implementation process, the paper aims to assess the alignment of
Forvis Mazars' objectives and resource allocation and identify potential implementation challenges.
By understanding these key aspects, this paper provides valuable insights into the strategic
management practices of Forvis Mazars and offers recommendations for enhancing the organization's
strategic effectiveness.

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1.0 INTRODUCTION

Forvis Mazars is a well-known worldwide professional services network that places a high
value on creativity, moral behavior, and extensive service offerings. The organization wants
to establish itself as a major supplier of corporate reporting, tax, advisory, consulting,
training, and financial audit and assurance services in the United States and abroad. In
addition to promoting customer pleasure and professional competence, the company's goal
and vision are intended to steer it toward sustained growth.

The strengths, weaknesses, opportunities, and threats (SWOT) of Forvis Mazars' strategic
plan are examined in this assessment, along with the degree to which its objectives and
resource allocation line up, as well as any potential difficulties that may arise during strategy
implementation.

VISION
“Our forward vision is to be known for creating engaging opportunities, delivering innovative
solutions and building unrivalled relationships.”

MISSION
“To build remarkable careers and provide an unmatched client experience through an
uncommon commitment to excellence.”

LITERATURE REVIEW
2.0 STRATEGIC FORMULATION

Strategic formulation includes developing a vision and mission, identifying an organization’s

external opportunities and threats, determining internal strengths and weaknesses,
establishing long-term objectives, generating alternative strategies, and choosing particular
strategies to pursue (Fred R David, Forest R David,2015). In the formulation of an effective
vision, it should be brief, clear, abstract, future-oriented, stable, challenging, and desirable
(Forest R. David, 2020) while a mission should consist of one of the 9 components which are.
The vision will promote stability (Ashkenas & Moore, 2022) and long-lasting impressions,
(Jurevicius, 2024). A business should further perform a SWOT analysis which is a valuable

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tool for strategic planning and helps managers formulate competitive strategies (Sammut‐
Bonnici, T., & Galea, D., 2015)

According to David A. Aaker (Strategic Market Management), SWOT analysis is valuable

for highlighting the firm's current internal capabilities and identifying opportunities for
improvement. It serves as a foundational tool for determining how the company can leverage
its strengths, mitigate weaknesses, exploit opportunities, and protect against threats (Aaker,
2014).

Strategy formulation is also a critical process for organizations, but it is fraught with
challenges that can hinder the creation of a successful strategy for example, predicting future
trends can be difficult, and organizations may find it hard to make strategic decisions based
on uncertain data. Organizational culture can resist change, especially when new strategic
directions conflict with existing norms and values. Employees at all levels may be reluctant
to accept new strategies, especially if they are not involved in the process. There is often
tension between addressing short-term operational concerns and long-term strategic goals,
and balancing these priorities can be challenging. Organizations must align the interests of
various stakeholders each of whom may have different expectations for the company’s
strategy. This can be particularly difficult when stakeholders have conflicting priorities or
when managing diverse stakeholder needs.

2.1 STRATEGY IMPLEMENTATION

Strategic implementation refers to the process of executing a strategy within an organization

to achieve specific goals and objectives. This involves translating strategic plans into
actionable tasks, ensuring that resources are allocated effectively, and aligning the
organization's structure and culture with the strategic vision. Key components of strategy
implementation include action plans, resource allocation and communication.

Importance of Strategy Implementation

 Alignment: It aligns organizational activities with strategic goals, ensuring that

everyone is working towards the same objectives.

 Efficiency: Proper implementation can lead to more efficient use of resources and

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 better operational performance.

 Adaptability: A well-structured implementation process allows organizations to

adapt to changes in the market or environment quickly.

Recent studies emphasize the critical role of aligning organizational structure with strategic
goals. Effective communication is essential for ensuring that all employees understand their
roles in the implementation process. Research shows that organizations with clear
communication strategies tend to have higher success rates in executing their strategies
(Kaplan & Norton, 2016).

Leadership commitment is a recurring theme in strategy implementation literature. Leaders

are crucial in fostering a culture that supports strategic initiatives. They must not only
endorse the strategy but also actively engage with teams to motivate and guide them through
the implementation process (Hrebiniak, 2018).

Effective resource allocation remains a significant factor in successful strategy

implementation. Organizations must ensure that the necessary financial, human, and
technological resources are available and properly aligned with strategic priorities. Study by
Maritan (2017) indicate that inadequate resources often lead to failure in achieving strategic
objectives. Resource based View suggest that organizational performance is primarily
determined by internal resources that can be grounded into three all encompassing categories:
physical, human and organizational resources. They help firms exploit opportunities and
neutralize threats. A resource is valuable when it is either rare, hard to imitate, or not easily
substitutable which enable a firm to implement its strategies that improve efficiency and
effectiveness and lead to sustainable competitive advantage (Fred R David et al,2015). The
physical resources o involves plant, Equipment, location, technology, raw materials, machines,
human Resources involves employees, training, intelligence, knowledge skills, abilities
Organizational resources involves firm structure, planning process, information systems,
patents, trademarks, copyrights , databases.. Forviz Mazars has physical resources like C-
suite barometer which conduct research to understand priorities and issues of heart of client

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business by gathering views of executives all over the world. This resource is rare hence it is
valuable in attaining sustainable competitive advantage as Forviz can come up with unique
strategies. It further distributes its resources to growing globally by operating under two main
entities which is Forviz Mazars LLP in the united states and Forviz Mazars group, an
internationally integrated partnership which is a strategic approach to globalization for market
development hence they are able to neutralize threats. Forviz Mazars also allocate its
resources to diversity and talent development which cultivate talented, diversified staff,
promoting creativity and teamwork.

Human capital is typically the most critical resource for a consulting firm, as service delivery
revolves around the skills and expertise of employees, (Kenton , 2024). Proper allocation of
human resources includes assigning individuals based on their specific expertise, such as tax
advisory, audit, or financial consulting, ensures that clients receive specialized, high-quality
services, (Forvis Mazars, 2024). The firm must continuously assess the skill sets of
employees to ensure alignment with client needs. For each client engagement, appropriate
staffing must be allocated based on project requirements. Managing consultants’ time
effectively is also a key aspect of resource allocation.

Financial resources must be allocated to ensure the smooth operation of the firm and the
execution of client projects. Proper budgeting and forecasting play key roles here. Each
engagement will have a set budget based on the estimated hours and complexity of the tasks,
(Forvis Mazars, n.d.). Resource allocation must ensure that projects stay within budget,
balancing cost efficiency with the necessary expertise required. Financial resources also need
to be allocated to the firm’s internal operations—marketing, IT, HR, and administrative
functions. Ensuring that these departments are adequately funded is critical to maintaining
overall firm operations.

Resource allocation in a large consulting firm like Forvis Mazars is a complex process that
requires careful planning, strategic decision-making, and continuous evaluation. Whether it’s
human resources, financial investment, technological infrastructure, or client service, each
area must be aligned with the firm’s goals and client expectations. Proper allocation ensures
that the firm maintains its competitive edge, delivers high-quality service, and operates
efficiently across all its engagements.

Possible Challenges Faced in Strategy Implementation

The implementation of strategies in organizations often encounters a variety of challenges.

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One of the most significant obstacles to strategy implementation is resistance to
change among employees. This resistance can stem from fear of the unknown, lack of trust in
leadership, or perceived threats to job security. Research indicates that effective
communication and involvement of employees in the change process can mitigate resistance.
For instance, a study by Kotter( 2014) emphasizes the importance of engaging stakeholders
early in the implementation process to foster a sense of ownership and reduce pushback
against new strategies.

Another critical challenge is the insufficient allocation of resources, including financial,

human, and technological resources. Organizations often underestimate the resources
required for successful strategy execution. A recent analysis by Smith et al. (2024) reveals
that organizations that allocate adequate resources tend to experience higher rates of
successful strategy implementation. The authors argue that strategic planning should include
a thorough assessment of resource availability and needs.

Effective leadership is crucial for navigating the complexities of strategy implementation.

Poor leadership can lead to confusion, misalignment, and lack of direction. Research by
Tawse. A, et al. ( 2024) highlights that leaders who actively support and champion strategic
initiatives significantly enhance their success rates. The study suggests that leaders must not
only communicate the vision but also model behaviours that align with strategic goals.

Organizational culture also plays a pivotal role in strategy implementation. A culture that is
misaligned with strategic objectives can hinder progress. Recent findings by Sieber (2022)
indicate that organizations with a strong alignment between their culture and strategy are
more likely to achieve their goals. The study recommends conducting cultural assessments
prior to implementation to identify potential misalignments.

2.3 STRATEGY EVALUATION

Strategy evaluation is a crucial aspect of the strategic management process, where the
effectiveness and efficiency of an organization’s strategy are assessed, (Kenton, 2024). It
involves comparing actual outcomes with desired goals, measuring performance, and
adjusting if necessary. The literature on strategy evaluation spans across various frameworks,
methods, and techniques, reflecting its significance in guiding organizational decisions

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toward achieving long-term goals, (Sheldon et al., 2024).

According to Admin (2024), strategy evaluation serves several purposes:

a. Feedback Mechanism: It provides organizations with feedback on the success of

their strategic initiatives and helps them identify areas for improvement.
b. Resource Allocation: By evaluating strategies, organizations can redirect
resources toward the most promising initiatives.
c. Strategic Alignment: Evaluation ensures that the strategy remains aligned with
both internal capabilities and external market conditions.

It is crucial for organizations to adapt, thrive, and sustain competitive advantage in a dynamic
environment. Strategy evaluation involves a continual process of monitoring, learning, and
adapting to both external and internal changes. This process ensures that organizations can
respond proactively to emerging challenges and opportunities, (Rozman et al., 2023).

There are several frameworks that guide how organizations assess their strategies have been
developed, (Asana, 2024), and these frameworks differ in their approaches to performance
measurement, analysis, and decision-making. Some of these models are

a. SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats): Introduced by

Weihrich (1982), SWOT analysis is a tool used for evaluating an organization’s
internal capabilities and external environment, (Bigelow et al., n.d.). In the context of
strategy evaluation, SWOT helps assess whether the strategy leverages the
organization’s strengths while mitigating weaknesses and responding to opportunities
and threats in the external environment.
b. Balanced Scorecard: Developed by Kaplan and Norton (1992), the Balanced
Scorecard is a comprehensive framework that evaluates strategy from four
perspectives: financial, customer, internal processes, and learning and growth,
(Tarver, 2024). This multidimensional approach provides a holistic view of strategic
performance, beyond financial metrics, emphasizing non-financial factors that drive
long-term success.
c. Benchmarking: Comparing performance against industry standards or competitors to
identify areas for improvement, (Lister-Barker, n.d.).
d. PESTLE Analysis (Political, Economic, Social, Technological, Legal, and
Environmental Factors): PESTLE is a strategic tool used to evaluate the external

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 macro-environment in which an organization operates. This framework helps identify
external factors that may influence the success or failure of a strategy.

Strategy evaluation can be challenging for organizations due to several factors. According to
Le (2021) some common challenges include:

Data and Measurement Limitations: Reliable data and consistent metrics are often difficult to
gather, especially for non-financial aspects of strategy.

Dynamic Business Environments: Rapid changes in the business environment, such as

technological advancements or shifts in consumer preferences, can make it challenging to
evaluate strategies effectively.

Bias and Subjectivity: Organizational biases, such as overconfidence in leadership or

resistance to change, can distort evaluations and delay the adoption of necessary strategic
adjustments.

Alignment and Consistency: Ensuring that the evaluation process aligns with overall business
goals and that the criteria for success are clear is crucial but often complex.

In summary, strategy evaluation is not a one-time event but an ongoing process that involves
a variety of methods and tools. Organizations need to adopt a multidimensional approach that
combines financial, non-financial, and strategic considerations to evaluate their performance.
Additionally, as businesses face increasingly complex and dynamic environments, strategy
evaluation must be agile and responsive, with an emphasis on continuous learning and
adaptation.

3.0 EVALUATION

Vision and Mission Alignment

Although Forvis Mazars' vision and mission are generally in line, they may use a clearer
mention of the company's strategic goals. The company's dedication to innovation, client-
centricity, and long-term sustainability is reflected in the vision, which aims to establish
intriguing prospects and enduring partnerships. It is forward-looking, transparent, and

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abstract, meeting the demands of a changing global marketplace.

Although the mission statement emphasizes the experience of employees and clients, it might
be improved by specifically addressing more general strategic objectives like market
expansion, technological integration, and sustainability. These elements are suggested but not
stated directly and adding them would broaden the mission's scope.

SWOT ANALYSIS
Strengths
-Strong Ethical Framework: Forvis Mazars' commitment to integrity and corporate
responsibility positions it as a trustworthy partner for clients. This commitment is particularly
important in financial services, where trust is paramount.

- Diverse Service Offerings: By offering a broad range of services, Forvis Mazars can meet
the diverse needs of clients, making it a one-stop solution for financial, tax, and advisory
services.

- International Expertise: The company’s global network provides access to best practices,
technological resources, and knowledge that strengthen service delivery and ensure
consistency across markets.

Weaknesses
- Market Perception: As a newly formed entity from the merger of Forvis and Mazars, there
are potential concerns about its stability and reputation in the local markets. This uncertainty
can affect client trust, especially in regions where the firm is still building its presence.

- Integration Challenges: Merging different organizational cultures and practices may lead to
operational inefficiencies or misalignments, potentially delaying the full realization of
synergies.

- Compensation Issues: Employee satisfaction may be impacted by salary structures that are
perceived as below industry standards, which could lead to higher turnover and challenges in

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talent retention.

CHALLENGES IN STRATEGY FORMULATION

Regulatory and Compliance Issues

Botswana’s evolving regulatory environment presents a significant challenge for Forvis

Mazars. Frequent changes to tax laws, licensing requirements, and accounting standards
necessitate continuous adaptation to ensure compliance. Forvis Mazars must develop robust
internal systems to stay ahead of regulatory shifts and avoid potential penalties.

Competition in the Professional Services Sector

Forvis Mazars faces intense competition from established firms, particularly the Big Four
accounting firms (Deloitte, PwC, EY, KPMG), which dominate the market. To differentiate
itself, Forvis Mazars must leverage its unique selling propositions—such as its global
expertise, diverse services, and ethical commitment—while ensuring competitive pricing and
service quality.

Talent Acquisition and Retention

The shortage of skilled professionals in Botswana and other emerging markets poses a
significant challenge for Forvis Mazars. The company must invest heavily in training and
development programs to build local talent and ensure its workforce is capable of meeting
client needs. Additionally, offering competitive compensation packages and career
advancement opportunities will be essential for talent retention.

Cultural and Operational Differences

As an international firm, Forvis Mazars must navigate cultural differences in business

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practices, client expectations, and service delivery across regions. Understanding local norms
and fostering relationships built on trust will be crucial in maintaining client loyalty and
ensuring smooth operations.

Economic Vulnerabilities

Botswana’s dependence on the global diamond market makes its economy susceptible to
fluctuations, which can indirectly affect demand for professional services. Forvis Mazars
must diversify its client base to mitigate risks associated with economic downturns tied to
diamond price volatility.

Digital Transformation

Digital technologies present both opportunities and challenges. While they enhance
operational efficiency and audit quality, they also require significant investment in
infrastructure and ongoing employee training. Forvis Mazars must ensure that its digital
transformation efforts align with local market capabilities, especially in regions where digital
infrastructure is still developing.

RESOURCE ALLOCATION AND STRATEGY

EXECUTION
Effective resource allocation is crucial for the successful execution of Forvis Mazars’
strategic objectives. The company must ensure that its resources—financial, human,
technological, and physical—are aligned with its strategic priorities. For example:

- Financial Resources: Properly distributing funds to strategic initiatives like global

expansion, technology investments, and talent development is essential for achieving long-
term goals.

- Human Resources: Forvis Mazars must allocate sufficient resources to recruit, train, and

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retain talent. This includes enhancing diversity and creating a work environment that fosters
innovation and teamwork.

- Technological Resources: Investment in advanced technologies like AI, cybersecurity, and

data analytics is necessary to stay competitive and meet client expectations.

- Physical Resources: Ensuring that offices and facilities are equipped with the necessary
tools and infrastructure to support operations in different markets will contribute to efficiency
and service quality.

CONCLUSION
Forvis Mazars is strategically positioned to become a leading player in the global financial
services market. Its long-term objectives, such as global expansion, sustainability,
technological integration, and talent development, are well-aligned with the evolving
demands of the market. However, the company must address several challenges, including
market perception, talent retention, regulatory compliance, and competition from larger
firms. A solid foundation is provided by the company's vision and purpose statements, but its
strategic position would be strengthened if they were clarified to more specifically target
objectives like profitability, growth, and market expansion. Through efficient resource
allocation and solutions of implementation issues, Forvis Mazars may fulfill its goal of
developing into a reliable, inventive, and socially conscious financial services provider.

RECOMMENDATIONS

1. Regulatory and Compliance Issues

 Invest in Technology for Compliance Management: Implement advanced

regulatory technology (RegTech) to automate and streamline compliance workflows,
manage documentation, and monitor changes in local and international regulations.
Tools like tax compliance software, document management systems, and audit

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 automation can reduce the risk of human error and improve the accuracy of reporting.
 Regular Training and Knowledge Sharing: Establish a continuous training
program for all employees to stay up to date with the latest changes in Botswana’s
tax, financial reporting, and compliance regulations. Incorporate regular compliance
workshops and collaborate with local regulators (like BURS and BICA) for real-time
updates on changes in the law.

2. Competition in the Professional Services Sector

 Differentiate Through Specialized Services: To stand out in a crowded market,

Mazars Botswana should develop niche expertise in emerging sectors or specialized
services such as ESG consulting, forensic accounting, or digital transformation
advisory. By offering specialized services, the firm can cater to growing client
demand in these areas and position itself as a leader in these niches.

3. Talent Acquisition and Retention

 Offer Competitive Compensation Packages: In a competitive labour market,

Mazars should ensure its salaries and benefits packages are in line with or above
industry standards. In addition to competitive salaries, offering benefits such as
healthcare, retirement plans, professional development stipends, and performance
bonuses will help attract top talent.
 Create a Clear Career Path and Employee Development Programs: Implement
structured career development plans for employees, with clear milestones and growth
opportunities. Provide opportunities for employees to develop new skills, attend
industry conferences, or pursue further qualifications (e.g., ACCA, CPA). This would
help retain high performers and reduce turnover.

4. Cultural and Operational Differences

 Customize Global Practices to Local Context: While maintaining global standards,

adapt operational processes to fit local business practices. For example, Mazars
Botswana should allow greater autonomy in client management and decision-making
at the local level, allowing employees to incorporate more local nuances in service

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 delivery. This can help improve responsiveness and client satisfaction.
 Cross-Cultural Training for Staff: To improve coordination between international
and local teams, Mazars should implement regular cross-cultural communication
training to help employees understand and respect cultural differences. This would
help bridge any gaps in communication, expectations, and working styles between
local staff and international colleagues.

5. Economic Vulnerabilities

 Diversify Client Base Across Sectors: To mitigate the risks of over-dependence on

the mining sector, Mazars Botswana should actively pursue clients in other growing
sectors like agriculture, tourism, manufacturing, and financial services. By
diversifying, the firm reduces its vulnerability to fluctuations in the commodity
market and can capitalize on emerging industries.

6. Digital Transformation

 Invest in Advanced Technology: Mazars Botswana should accelerate its digital

transformation by investing in tools for cloud-based accounting, AI-driven analytics,
automated auditing, and blockchain for secure financial transactions. This will not
only improve operational efficiency but also position the firm as a leader in tech-
enabled services.

Enhance Data Security and Cybersecurity: Given the increasing threat of cyberattacks,
Mazars must prioritize cybersecurity by adopting robust security measures to protect
sensitive financial data. Partnering with specialized cybersecurity firms or hiring dedicated
in-house experts will ensure that the firm complies with data privacy laws and safeguards
client information

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