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Business Problem

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  • Level: Diploma
  • Pages: 6 / Words 1437
  • Paper Type: Assignment
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  • Downloads: 4501

Introduction

Task 1

1.1 Identification of a problem which exists within a business

When a company expand its business then it needs to introduce the necessary resources to meet the demand or requirements of the marketplace. It includes an adequate number of staff, machinery, training and development programs, replacement of old technologies with advanced ones and more. To meet all these requirements, the main thing which organisations need to be concerned with is finance. If there is a shortage of funds within a firm, then it will seem to be a major problem which impacts on whole working operations and also managers feel unable to complete a project on time. In addition to this, the company will also fail to hire a proper number of staff members and give proper training to them. It will also seem to be unable to meet the demand of the marketplace on time in the desired manner. Henceforth, the major problem which generates so many issues in a firm is the shortage of funds. Therefore, it is necessary for managers of a company to concern it more, in order to complete a project within a set period of time.   

1.2 An analysis of the present business problem

In a company, the major problem is an inadequate amount of finance, which generates many problems in completing a project. For example: Due to a shortage of funds, project makers cannot conduct any kind of activity in a set period of time. This would impact the whole working process of completion of a project. Therefore, to overcome such an issue, managers set some objectives. It includes-

  • To ascertain a regular and adequate supply of funds within the organisation.
  • To ensure optimum utilization of funds.
  • To take loans from commercial banks and public funds.

Scope: The decision taken by the finance manager of the company to meet the requirement of a sufficient amount of funds has a large scope. Ensuring that there is a regular supply of amount helps reduce the problems which may occur due to a shortage of funds. Furthermore, developing the proper budget plan will also aid in the utilization of limited funds and other resources as well. Along with this, if they take a loan from any financial institution, will help in resolving such an issue also. Get Dissertation Help From Experts in the UK.

Time: To accomplish the mentioned objectives, about 3 to 4 weeks will be taken by the finance managers of a company.

The main purpose behind setting some objectives by managers is to meet the requirement of funds within the company. With this assistance, they can hire eligible employees at the workplace, give proper training to them and gain their support towards business expansion. Furthermore, in order to get some more suggestions to reduce financial problems, managers have organised conference meetings with all stakeholders or contributors. Through discussion, they have got some possible solutions like mutual funds, financial control, investment of funds and more. To test viability, the research team can use primary research techniques to get feedback from customers and other stakeholders. Through this test, they have analysed that allocation of funds into the most profitable ventures will give assurance that there is safety on such investment as well as regular return may also be possible.  

1.3 Causes of the problem

Not having sufficient working capital between investment in growth and realisation of profitability in critical time, seems to be a major cause for those companies who are experiencing rapid expansion in business. It may ruin the entire objectives of a project which is done for business growth. Therefore, to deal with such a shortage of funds, finance managers of a firm can formulate various strategies and techniques. It includes investment in profitable ventures that hold a strong position in the marketplace, take loans from public funds, utilise given resources and more. This would help in resolving issues which may arise due to insufficient availability of funds.  

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Task 2

2.1  A plan to solve the problem

As it has been analysed in a company, all major problems arise due to a shortage of funds. Due to this, managers and other team members seem to be unable to complete a project on time or fail to meet the requirements of the business. Therefore, to solve this problem, they have made a plan which is based on the Key Performance Indicator (KPI). Through this technique, they can analyse past performance of businesses where the company has success in meeting its every requirement. By this process, they can analyse, which techniques and strategies were used in past that helps in completing a task with a limited amount of funds. Therefore, by using such a technique in present operations, managers may gain the opportunity to utilise a limited stock of resources and finance. Along with this, through the record of past performance, they can develop some more effective strategies also for optimum utilization of funds. But under this process, the main possible constraints which may be faced by managers of such organisations are- Inadequate information of past records; Lack of expertise; High level of management approval; Bureaucracy and more. All such problems will create issues in analysing past performance records and further processing as well. At present, approval of management to take and implement previous approaches is a major constraint in front of managers.  &n

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