Assignment Sample on M25291 Financial Management
Introduction
Strategy implementation is crucial for any company in its entirety. Each successful company reviews its business strategy on a regular basis to ensure it continues to satisfy its needs. It is important to regularly develop research performance and determine the most probable growth strategies. Having reviewed your performance and define the main growth areas to be targeted, it is necessary to revisit and develop your business strategy into a framework for your company in the next steps.Before considering financing your company, most prospective investors may want to see a business plan (Mian, A. and Sufi, A., 2018). While many companies are inclined to use their business plans only for this reason, a good plan could determine how a company will live. A marketing strategy is an important part of a company allocation. This is a tool that can assist in attracting new funds or can be used as a strategic plan. A good business strategy shows how you can spend your bank credit or investment. (Ioannou, N. and Zagarelou, D., 2019)
This particular research was assessed using a simulation platform to evaluate and understand industry constraints from an outsider’s view. The business strategy and management in this context will be based on increasing pains using corporate simulations. A year ago, Mr. Rich founded the firm. The feasible marketing plan and social position needed to be assessed in accordance with the time-based limitations. The requirements were not assessed in accordance with facets of company turnover. The aim is to raise the monthly turnover to EUR 10,000 and to raise profit by EUR 3,000 every month for a period of 12 months.
Business Plan
Each company had a proper marketing strategy aspect for investors to manage and attract them. It was previously essential to manage and retain customers and investors in the company. There are different facets of the length of the business scheme here. Common key components for this particular company have been examined here. Financial management is the application of financial estimates that affect a company’s business stance. Financial administration helps companies to plan, execute and recover future capital, ownership and financial assets in order to maximize investment returns. (Schmidtova, J. and Formanek, I., 2019)
The first step in money planning is financial planning to handle the total cash flow required for the funding, to predict the inflow and outflow of funds, and not just financial control, events. The aim of institutional financial planning is to anticipate future financial outcomes and to identify how financial resources of a corporation can be used in short and long-term objectives. Financial planning in an organization, which sets out the path to achieve the strategic organisational objectives.Organizations often devise a vision and financial plan to be achieved through action. Financial planning evaluates which raw materials are being bought, which goods are manufactured and how the market is best sold. Financial planning has an impact on the human and natural wealth available to businesses. Financial planning is an important factor in determining whether a corporation can operate profitably. (Prihartono, M.R.D. and Asandimitra, N., 2018)
Products and services related to the business are summarised in this section and that cover aspects of product life, price and consumer benefits. Manufacturing and production facets may also be other factors assessed in this process. The network process focuses on the market analysis with the corresponding process. This is linked to corporate strengths and weaknesses. This explains elements of current market demands and challenges. The most important step in the development of a market strategy was to add individuals to the business process.
This assesses a clear distribution channel and aims for customer-based studies. Financial plan for evaluating the future projection elements was used to be important here. This includes balances, financial statements and other information of relevance. In this case, it used to be crucial to attract prospective investors to enter into the company. The investment strategy is another idea. This covers fees for the management of company expenditures in the area of staffing, manufacture, construction, etc.A variety of financial information, audits, reviews and assumptions concerning the present financial plan of the company and where it needs to be in the near future are included. This information helps to calculate the amount of money required to serve the project and the direction of these funds – whether credit or investment, and the reasonable use of the resources available. In evaluating its three prospects – solvency, financial performance – the financial plan represents the institution’s financial stability. It evaluates solvency, net value changes, monitors productivity, cash flow liquidity and debt repayment ability.There are three major components of the financial plan: 10 statement of income and expense, balance sheet, statement of cash-flow. Revenues and expenditures of the group are summarised in the income statement. The sales of goods or services and other sources of income constitute the sales results. Fees include costs for manufacture, wages, donations and interest. The revenue and expenses demonstrate the company’s profit or loss in one year.
Financial markets generally cover every market where securities trading takes place, including the stock market, the bond market, the forex market and the derivatives market. For the smooth functioning of capitalist economies, financial markets are essential. (Budiasih, Y. and Utami, Y., 2020)
Reporting Package
This module assesses a stronger aspect of decision-making and approaches to business issues and reliable business situations using decision-making and assessment methods. Here other considerations such as market and client study, marketing and publicity, pricing, logistic, promotion of sales, budget financial accounts, cash flow and profit and loss are involved. There are also various aspects involved in simulation here. Management, management, recruiting and training processes of resources and facilities are reviewed here. These factors are linked to the procedure that combines important proposals to assess and manage business-related issues. (De Villiers, C. and Sharma, U., 2017)
Marketing
The platform provided real business practises in the “Sales and Marketing” section. In this particular section, three distinct kinds of gateway for the process are evaluated: marketing research, client research and competition research. From this particular area, the business plan must first be assessed that covers local and global market research and analytical elements, considering suggestions for management of marketing-related issues.This is the key backbone of any business and the tool structurally addresses these facets of specifications. This also assesses the scope of financial missions and determines the company’s applicable objectives. A large amount of investment in forecasting sales was introduced in accordance with the requirements. Precise forecasts that were necessary for the assessment and changes related to the enterprise could be assessed on a regular basis using forecasts.
Marketing is a company’s activities which facilitate the purchase and sale of a product, service or commodity. In 2017, The New York Times called the way people lose track of their carriages as “the art of stories being so thrilling.” It is one of the main industries and trade components. (Fathoni, M.A. and Rodoni, A., 2018)
Finance planning
Her particular choices are made available to prepare reviews and prepare for performance assessment by spending money. Monthly performance monitoring can be analysed using the platform choice and associating general awareness elements. During the development process, business specifications are accessed for the analysis of market and business competitors. In this respect, funding was regarded as an influential method for the organisation. This is used to keep track of organization-related costs and sales. Financial segments are linked to four aspects: sales, budget, profit, loss and cash flow.
Operation
In any enterprise, departments of finance and operations play a pivotal role. In order to continue business activities, the Financial institutions provide the required information. On the other hand, the operations department monitors the performance of daily assignments. Some companies decide to merge financial and business functions.
This process includes also operational components for the development of industry standards such as manufacturing, quality control and business process localisation. Several facets of technology are assessed here in real time. Methods are used here to calculate the output quality of operating supplies, lead time control and quality management as well as assurances. In these operational decisions, topics such as running supplies, quality assurance, assurance, and management skills are included. In order to manage various things properly, general business issues were considered here. (Rabrenović, M.D., Mitrović, R. and Kovačević, B., 2020)
Human Resource
Well-organized HR management was a key part of implementing programmes and managing skills, and HRM limitations are seen as the main element. It deals with the appraisal and business needs of administrative considerations approaches. It aims to provide the organisation with specific job integrity and the process-related HR factors require adequate assessment constraints.In order to manage the range of contributions, professionals associated with HR were investigated and supplied. There may be employees, contractors, freelancers, etc., here particular business people. A number of considerations such as development programmes, training, compliance with the law, etc. must be taken into account here. With the expert teams and management, HRM elements are analysed. Risk factors for the different divisions are often reviewed within the framework of the corporate process and procedures.
Human resources are being used to characterise the individuals working for a corporation or an association and the department that manages all employee affairs, which together constitute one of the most precious resources of any corporation or organisation (Michael, A., 2019). In the 1960s, when work started to gain importance, and when ideas such as motivation, organisational behaviour and selection evaluations took shape in all sorts of working environments were coined.
Business planning is not a practise to bring money to your business. In all phases of business planning, it plays an important role. For a busy contractor, finding time to plan can be tricky. The development of a business plan never becomes more urgent. But planning is crucial if you start a new company, look for new opportunities for an existing company or update your strategy. There are substantial advantages to periodically check your business plan and update them even though you need no external funding. Create a business plan that enables the opportunities and threats your company faces to be identified and evaluated.
It allows you to understand your industry, competition, and wider business climate more thoroughly. A plan needs to be created. Which chances are you going to benefit from? How do you change contradictory choices, such as continuous investment in the growth of new products during cost control? The planning process allows you to think about events and potential actions. It plans to meet every challenge, overcome all your company’s weaknesses and capitalise on your strengths.You should find out about potential falls and understand how to prevent them without penalties, for example financial overload. You should also concentrate on assumptions and areas of uncertainty by developing a strategy. You should take action to minimise uncertainty and manage the risk, or you can decide to avoid too risky options. You will predict how well or badly you will respond by predicting what might happen. Minimizes the likelihood of abrupt decisions being forced to respond.The whole planning process serves as a checklist, ensuring that you think about anything significant and ignore nothing. The best alternatives are available. You determine where your efforts are to be focused and what you have to do to ensure that you have the best chance. Without a strategy, he manages his company by testing and error.
Conclusion
The most vital and challenging part of the new age has been thought of as entrepreneurship. The research should lay the foundations for economic sustainability, as the world of business faces substantial challenges to bridging global development and social inequality. Creating, solving problems and evaluating all lead to higher entrepreneurship. The available technology helps strengthen the entire phase of a business case through the use of terms like finance, communications, human resources and business management.Although the accounting/finance divide several similarities, they are two different disciplines. The major difference is that the people working in finance usually concentrate on planning and managing a company’s financial transactions, while those working in accounting concentrate on recording and reporting these transactions. Otherwise, accounting is financial data structure and management, and finance is managing money.
References
Mian, A. and Sufi, A., 2018. Finance and business cycles: the credit-driven household demand channel. Journal of Economic Perspectives, 32(3), pp.31-58.
Papageorgiou, G., Petrakis, C., Ioannou, N. and Zagarelou, D., 2019, September. Effective business planning for sustainable urban development: the case of active mobility. In ECIE 2019 14th European Conference on Innovation and Entrepreneurship (2 vols) (p. 759). Academic Conferences and publishing limited.
Schmidtova, J. and Formanek, I., 2019. Transformations in strategic business planning in the context of sustainability and business goals setting. Transformations in Business & Economics, 18(2), p.47.
Fathoni, M.A. and Rodoni, A., 2018. The impact of corporate culture on marketing performance. Iqtishadia, 11(1), pp.129-154.
Michael, A., 2019. A handbook of human resource management practice.
Rabrenović, M.D., Mitrović, R. and Kovačević, B., 2020. The relationship between strategic management and public relations and their implications for financial operations. International Review, (1-2), pp.89-93.
De Villiers, C. and Sharma, U., 2017. A critical reflection on the future of financial, intellectual capital, sustainability and integrated reporting. Critical Perspectives on Accounting, p.101999.
Prihartono, M.R.D. and Asandimitra, N., 2018. Analysis factors influencing financial management behaviour. International Journal of Academic Research in Business and Social Sciences, 8(8), pp.308-326.
