BP also known as Beyond Petroleum started in 1908 as an Anglo-Persian oil company. The oil company has survived a drastic revolution that has made it one of the biggest and respected oil companies, in the whole world. BP has gone through many transformations. After the upheaval of the oil industry in 1973, the company changed and acquired a US/UK culture and focused on oil fields from Europe and North America. The company now operates in twenty-six countries with an employee base of about one hundred thousand people (Rainey, 2006, p 345).
BP can best balance the need for some top down control but also let the benefits of bottom up chaos flow into fresh ideas and innovation. The future success of a company is remarkably essential. In the same manner, the history of the success and failures of a company are also essential. A company defines itself from its past and uses information about its past to develop the present and future. BP has achieved success and faced hardships in the past. The company has stability currently and has a plan for its success.
BP has to concentrate on wise, decisive and visionary leadership. BP has had three leadership styles that achieved successes and failures. For Bp to ensure top down control, it should ensure that the leadership it has a vision to steer the company in difficult times. This requires that the leadership must provide room for innovation. They should find new ways of business dealings and market maintenance. At this point, the benefits of bottom up chaos will help in the innovation. The company will look at its past and avoid measures that were detrimental, to the company. This will include leadership styles and mode of business operations. The past information will benefit the firm because it will help them improve on past mistakes by developing new business strategies (Rainey, 2006, p 347).
Secondly, BP has to ensure that it has an enabling environment and innovative and qualified employees who can predict future trends with past information about the company, and use that information to create a better future, for the company. An enabling environment entails an environment that has sufficient resources and can allow for expansion of innovation and new ideologies. Combining these two aspects together with a history rich in information, the company can balance top down control and the benefits of bottom up chaos into fresh ideas and innovation, for the success of the company.
A strategist can balance the stakeholder and financial challenges of building and sustaining a viable BP. A strategist must, first understand the needs of the stakeholders and the existing financial conditions of BP. This information will help in showing him the way forward, with regard to the way he should strategize the goals of BP. Secondly, the strategist must plan for the existing resources and finances with respect to the past records of the company and its future objectives. The strategist has to use innovation to...