Structural Competition and Financial Stability †MyAssignmenthelp

Question: Discuss about the Structural Competition and Financial Stability. Answer: Introduction: All across the globe, many kinds of changes are taking place in the operations of the firms as many types of challenges are faced by the firms. It is crucial for the management to take care of the risks that are posed to the firm in their future operations. Companies have a defined structure that helps them in bringing smoothness to their work (Durocher, Bujaki Brouard, 2016). There are several internal and external environmental forces that are influencing the business of the organisations. In order to face the issues that are present in front of the company management is taking many kinds of decisions so as to improve the organisational performance. It is also essential that firm makes strategies for achieving their strategies. BDO Australia is an international network of public accounting, consulting, tax and business advisory firm that performs professional services under the same name. This company has around 74000 workers working in 1500 offices in around 162 nations of the wo rld. It makes this company, fifth largest in the overall industry throughout the world. This essay highlights the structure of BDO as well as the environmental forces that are affecting the business of BDO. It also showcases the risks that are present in front of their business as well as the decisions they are taking for enhancing the organisational performance. Various functions that help in achieving the strategy are also illustrated in the report. Every firm has their own structure (Jones, 2011). This structure is made according to the type of work they are doing so as to bring efficiency in their work process. They have a hierarchal structure from top to down while they have parallel structure between different units. Every unit has a predefined role but are interdependent on each other. This helps them in achieving their task in the given time frame. At the top most of the organisation there is director and chairman of the board. Under them there are various executives and managers in different cities. In these cities there are unit named natural resources, automotive, corporate finance, cyber security, forensic services etc. Apart from this it is to be understood that presently it is having 1340 workers working in around 10 offices. It is also having 168 business partners. It is crucial for any company to understand the environment it is facing both internal and external. This helps the company making their strategies for operation. For BDO there are many forces that are impacting their business. Internal and External environmental forces that is impacting their business There are many political decisions that are changing in various parts of the world. This had forced the accounting firms like BDO to rethink about their ways of doing business. The rules and regulations related to the tax have changed especially after the formation of new governments in a past decade (Horngren, Harrison, Oliver, Best, Fraser Tan, 2012). To manage their operation and of their clients is a difficult task. Even after the fact that Australia is a developed nation and having higher GDP, it is affected by economic crisis that is going on in various parts of the world (AFR?SINEI GEORGESCU, 2015). Since BDO is totally having business based on the finance and hence any changes in the economic condition has a direct impact on the operations of the firm. A more customised planning is required for both company and their clients. There are huge amount of changes that are taking place in the society and hence it has become crucial for the firms to fulfil the demands of their clients (Azim, 2013). More people are coming under the tax range and larger numbers of smaller firms are demanding for consultancy regarding their financial status. This has provided higher growth opportunities for BDO. Technologies related to accounting and finance has changed. It has become crucial for the firms to make sure that they have installed best of accounting software. This will help them in providing better experience to their customers and clients. Company needs to adopt these technologies and upgrade it continuously so as to remain in the competition. The competition in the industry has risen at very fast speed this has made it difficult for the firms to ensure their long term growth (Nwogugu, 2011). In order to make sure that they tackle competition easily they need to have effective strategies for their different operations. The demands of the workers have increased especially in Australia (Xu, et al., 2013). This has made it difficult for the companies to maintain healthy employee relations by fulfilling their demands in the increasing competition. Recruitment of overseas employees in Australia has become difficult. This has also created the diversity problem at BDO. It is a serious issue as fulfilling personalised demands of each and every employee is difficult for every company. Without giving importance to these factors a higher level of growth cannot be expected. The most important demand that they need to fulfil is regarding the increasing salary demand of the workers within Australia (Xu, et al., 2011). It is also necessary that company prepares their staffs for their future endeavours. Providing them training as per the individuals requirement is a difficult task and hence company has to implement performance analysis system so as to understand the requirements of the each and every employee (Handley-Schachler, Al-Abiyad Al-Hadad, 2012). Company is thinking about reducing the cost of overall operations. This can be a difficult task as making cost cuts always results in some or the other type of dissatisfaction. It can be costly affair for this consulting firm as the employees are their biggest assets. Since this firm is highly associated with the financial affairs and hence it has become very essential for the firm to make sure that they have a good ethical laws. This will help in safeguarding the interests of the stakeholders. Corporate governance has been a critical issue for BDO Australia. Risks that currently confronts the business There are several types of risk that are directly or indirectly affecting the business of the firms (Azim, 2013). They need to understand all the risk and their impact on their business. One of the biggest risks that this firm is facing is of the cyber-attack. It has been seen that there are cyber-attacks happening in many parts of the world (Brierley Gwilliam, 2017). This has raised concern for the accounting firm such as BDO as they have many kinds of data related to the financial accounts of many clients. Hackers are in search of these data for their personal benefit. There is a severe fluctuation in the economic condition of the world (Sikka, 2015). This has created tension for the firm and their clients because of any decisions regarding the investments or transaction goes wrong there can be huge losses to the company. With the increasing tension in many parts of the globe it has become difficult for the global firm like BDO Australia to have smoothness in their operations. Cited firm has to change their global strategy as per the changing global political scenarios. Decisions that are taken by the firm to enhance their performance They have introduced a whole new training program that will help in training their employees based on the requirements they have (BDO Australia, 2017). This will also help in increasing the skill set of the employees especially for working on the new technologies (Hurtt, et al., 2013). This will assist the firm in improving its performance. Company has decided to add new financial partners in the business venture. This will help the firm in the reducing the risk due to financial instability in various parts of the world. This will help the firm in improving their strategic performance in the market. This is an important decision that will help the company in meeting the demands of various types of clients (BDO Australia, 2017). Since different clients wants different business solution hence having large number of services in their portfolio which will help them in meeting their demands. Functions within the business organisation that will assist in achieving its strategy There are many functions within the business organisation that will help them in achieving their strategy.HRM has a very crucial role in achieving the strategy of BDO since they have a critical responsibility of training the employees as well as rewarding them for their performance. They have a crucial role in implementation of strategy and hence achieving it (Lander, Koene Linssen, 2013). Training regarding the use of advanced technologies that are used in auditing and finance needs to be provided to the workers of BDO. Finance unit has the role of providing funds for achieving different strategies (Hasseldine, Holland van der Rijt, 2011). Without the help of financial unit success is hard to be achieved. They have a crucial role in deciding the ROI which is an essential metric in finding strategic success. This departments role becomes significant in the case of BDO as they have to manage the internal and their clients financial problems at the same time. Marketing department has a very essential role in achieving the strategy because they help in increasing the product sale which is necessary for the growth of the company. Marketing is always done as per the strategies made by the cited firm (Devos, 2012). Marketing will help BDO in attracting more number of clients towards their business which will further help the firm in reaching to the top. Research department plays a very essential role in the achieving of the strategy. This functional unit helps the company in doing the market research and understanding the demands of the consumers based on which they can develop their strategy or make changes in them. Since the financial up and downs can be noticed in their clients all across the globe hence BDO also need to do research so as to find innovative solutions for their clients. Conclusion On concluding this essay it can be said that BDO Australia is one of the biggest financial consultancy firm that helps their consumers in various types of business solutions. A hierarchal structure is followed by the company. Apart from this there are many internal and external forces that are impacting the business of the firm. Along with this there are many types of risks that are confronting their business. They are making several decisions for improving the performance of the organisation. Apart from this there are several functional units that help the company in achieving their strategy. References AFR?SINEI, M. B., GEORGESCU, I. E. (2015). Analysis of the Presence in Tax Havens of the Largest Accounting Firms.Audit Financiar,13(126). Azim, M. I. (2013). Independent Auditors Report: Australian Trends From 1996 to 2010.Journal of Modern Accounting and Auditing,9(3), 356. Azim, M. I. (2013). 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