Developing business plans
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A business plan is a report that outlines a company's marketing strategy, operations, and financial projections. It helps business owners clarify their objectives and determine what needs to be done to achieve them. Developing an accurate business plan is essential for obtaining funding from lenders and for effectively managing the business over time. However, business plans often underestimate costs and are overly optimistic about sales forecasts and financial projections. A successful plan includes details about the business and owners, objectives, marketing, production, financial forecasts, long-term plans, and a SWOT analysis.
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Start up, scale-up and sustain-up through operational excellence
Start up, scale-up and sustain-up through operational excellence
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Human resource management
Human resource management involves managing employees to help an organization achieve its goals. Workforce planning forecasts future human resource needs and translates them into required employee numbers and skills. An effective workforce plan involves forecasting needs short, medium, and long term; reviewing forecasts regularly; and considering external factors. Ineffective planning can cause problems like recruitment issues, inadequate training, and high turnover.
Measuring the effectiveness of a workforce
This document discusses key metrics for measuring workforce effectiveness:
1. Labour productivity is a ratio of output to number of employees and can be increased through training, technology, and HRM policies.
2. Examples show how improved productivity leads to lower costs per unit and higher profits.
3. Labour turnover, absenteeism, and health and safety rates are also discussed as important metrics to monitor and strategies to improve workforce satisfaction.
Improving organisational structures
The document discusses different roles in a business workforce and how they relate to each other. As a business grows, more defined roles emerge with Directors overseeing overall leadership and delegating responsibilities to Department Managers who coordinate specific departments and supervise teams. Team Leaders then coordinate their individual teams and report to supervisors. The document also covers key concepts around communication in a business such as different channels, whether communication is one-way or two-way, and vertical vs. lateral flows of information.
Measuring and increasing profit
The document discusses key finance concepts related to managing a business, including:
- Profit is revenue minus total costs, while profitability is a business's ability to generate profit efficiently.
- Net profit margin and return on capital are two common measures of profitability, calculated by comparing profit to sales or capital invested.
- Businesses can improve profitability by increasing prices, decreasing costs, or boosting sales volumes - though these strategies also carry risks if not implemented carefully.
- While profit and cash flow are related, a profitable business may still face short-term cash shortages due to investing profits back into the business or tying up capital in inventory, assets, or by extending credit to customers.
Improving cashflow
The document discusses causes of and solutions to cash flow problems for businesses. It identifies several common causes such as seasonal demand, overtrading, and poor management. It then outlines five main ways to improve cash flow - bank overdrafts, short-term loans, factoring, selling assets, and sale and leaseback of assets. Each option is explained with benefits and drawbacks. The document also provides exercises for students to identify causes of cash flow problems and suggest solutions in case studies.
Budgets
This document discusses budgets and variance analysis for managing a business. It defines a budget as a financial plan covering income and expenses. Variance analysis is the process of comparing actual budget outcomes to planned figures to identify favorable and unfavorable variances. The document provides examples of calculating variances for income, expenses, and profit budgets and interpreting the variances to understand factors that led to differences from the planned budget.
Employing people
Businesses employ people for several reasons: entrepreneurs cannot do all tasks alone, businesses can meet increasing demand by hiring more employees, and many businesses require specialized expertise. There are different types of employees including permanent or temporary, and full-time or part-time. Temporary employees are hired for a fixed term and may leave without notice, while permanent employees have long-term contracts and rights like paid holidays. Full-time employees work over 30 hours per week while part-time employees work less than 30 hours per week. While hiring employees provides benefits, it also introduces costs and challenges for businesses related to wages, legislation compliance, effective management, and dealing with employee absence.
Locating the business
Three key factors influence business location: technology, costs, and infrastructure. Technology has advanced rapidly with mobile devices, internet, and teleworking. Costs, including land, labor, and transportation, are important to minimize for start-ups and small businesses. Infrastructure such as transportation links, utilities, and basic services are essential for companies. Other factors businesses consider are the market, qualitative factors like quality of life, and for small businesses specifically, local demographic and economic conditions.
Understanding markets
The document discusses markets and market concepts. It defines a market as a place where buyers and sellers come together, traditionally physically but now also through online means. It describes different types of market classifications including geographical markets that can be local, national, or international. It also discusses physical markets that involve in-person interaction versus non-physical electronic markets. The document then covers key market concepts like demand, factors that influence demand, market segmentation, benefits and drawbacks of segmentation, market mapping, and defines market size, growth, and share.
Market segments
Market segments are defined as groups of customers within a market that have similar needs and buying habits. Businesses segment their markets based on customer characteristics like age, gender, income, location, ethnicity, religion, and occupation to better target specific groups. The document provides examples of how a class could be segmented by attributes like birth month, location, ethnicity, language, and gaming console preference, as well as definitions of common socio-economic groups used for segmentation.
Marketing and the market
Marketing identifies and satisfies customer needs and wants in a way that benefits both the customer and organization. A market is where buyers and sellers interact, and can be measured by size, growth, and market share. Analyzing markets involves quantitative examination of statistics and qualitative consideration of reasons behind actions. Market segmentation classifies customers into groups that respond differently to products or marketing, allowing firms to discover their target consumers and why they buy. Reasons for segmentation include increasing market share and aiding new product development.
Stakeholders1
The document discusses stakeholders, which are people or groups with an interest in the success of a business. Stakeholders can be internal, such as employees and managers, or external, such as customers, suppliers, the local community, and government. The document outlines various stakeholder groups and their interests in the success or failure of the business, as well as potential conflicts that can arise between stakeholders with differing objectives.
Conducting start-up Market Researh
Market research involves the systematic collection and analysis of information to assist marketing decisions. It has four main purposes: descriptive, explanatory, predictive, and exploratory. There are two main types of market research: primary research which collects new data, and secondary research which uses existing data. Primary research methods include surveys, experiments, observation, and focus groups.
Making investment decisions
This document discusses key concepts for making investment decisions, including investment appraisal techniques like payback period, average rate of return, and net present value. It explains how to calculate and interpret each technique, along with their advantages and disadvantages. The document also covers investment criteria, risks and uncertainties, and qualitative influences that should be considered alongside quantitative factors when evaluating investments.
Selecting financial strategies
Here are the answers to the questions:
1. A financial strategy is a long term plan of action to achieve the financial objectives of a business.
2. Decisions about financial strategies should be taken carefully because they involve committing large amounts of money and resources over an extended period of time. Getting these decisions wrong could negatively impact the long term viability of the business. Careful consideration needs to be given to factors like potential costs and benefits, opportunity costs of alternatives, and how strategies align with the overall objectives of the business.
3. A chain of high street coffee shops like Costa Coffee might choose to operate each shop as a profit centre to help monitor and improve financial performance at an individual shop level. Operating shops as profit centres
Interpreting published accounts
Ratio analysis involves calculating and comparing financial ratios to assess a company's performance and financial position. There are five main types of ratios: liquidity, profitability, efficiency, gearing, and shareholders' ratios. Ratios provide a framework to compare a company's performance over time, between divisions, and against industry peers. However, ratios only show one part of a company's overall situation and financial statements can sometimes be manipulated, so ratio analysis must be considered alongside other information.
Understanding financial objectives
The document discusses key financial concepts such as balance sheets, income statements, assets, liabilities, working capital, and depreciation. It explains that a balance sheet records a business's assets and liabilities on a given date, and must always balance. It also discusses how to interpret balance sheets and income statements to analyze a business's short-term and long-term financial positions. Key metrics like working capital, depreciation, and different types of profit are defined. The document aims to explain how to analyze and use financial data for decision making and performance evaluation.
Understanding financial objectives
The document discusses how to analyze balance sheets and income statements to understand a business's financial objectives and performance, examining assets, liabilities, revenues, expenses, profits, and using financial data for comparisons over time and between businesses. It also notes some strengths and limitations of relying solely on financial statements to judge a business.
Financial objectives
Financial objectives are goals set by a company's finance department to achieve specific targets related to profitability, cash flow, costs, and returns within a set timeframe. Common financial objectives include return on capital employed targets, shareholder returns targets, cost minimization targets, and cash flow targets. Financial objectives are influenced internally by a company's corporate objectives and resources, and externally by factors like the market, competitors, and suppliers.
Intro financial objectives
The document discusses functional objectives and strategies as well as financial objectives and their influences. It defines key terms like profit, cash flow, and return on capital employed. It states that financial objectives are goals set by a business's finance department to achieve specific targets related to returns, costs, and cash flow. Financial objectives are influenced internally by corporate objectives and management priorities, and externally by competitors, financial markets, and economic conditions. The document provides examples of common financial objectives like return on capital employed targets and cash flow goals.
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永久可查学历认证【微信：A575476】【(QMUE毕业证书)英国爱丁堡玛格丽特女王大学毕业证成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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Developing business plans
- 1. Developing Business Plans Bus 1
- 2. Business Plans A Business plan is a report describing the marketing strategy, operational issues and financial implications of a business start-up.
- 4. Benefits • Helps clarify objectives • Enables owners to know exactly what needs to be done in order to meet their objectives • It is essential for persuading lenders to invest capital • It is a valuable tool to help in the running of the business, it is not just for banks/lenders
- 5. Problems • Must be accurate and realistic • Many underestimate costs • They can often be over optimistic • Sales forecasts can be unrealistic
- 6. Content Details about the business, personal information Objectives Marketing Plan Production Plan Fixed assets, financial forecasts, details of finance needed and repayment, collateral offered Long-term plans SWOT analysis
- 7. Sources of information and guidance • Traditional sources- bank managers or accountant • Business Link http://www.businesslink.gov.uk/bdotg/action/home • Local enterprise agencies and local trade associations • The Prince’s Trust http://www.princes-trust.org.uk/ In 2005 the Annual Small Business Survey suggests that 26% of new businesses had not sought advice from anybody before starting up! A further 22% only consulted friends and families