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Business Resources

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  • Level: High school
  • Pages: 13 / Words 3222
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INTRODUCTION

Every startup as well as existing business has to recruit excellent and talented personnel and gather sufficient financial resources for the successful functionality of the enterprise. The present project report aims at identifying the technological as well as human resources requirements for Future Solution. Moreover, lastly, the report will make a financial performance evaluation of scrumptious cupcakes Ltd.

ASSIGNMENT - 1

TASK 1 

1. Brief description of the business

Future Solutions is the fastest-growing company and provides consultancy services to its customers. The products which they sell to their customers and the services which they provide are very specified in their workforces. Because management of these companies is very good and they provide better facilities to their employees they work with full confidence and enjoy their work.

2. Managing human resources and its relationship with the business performance

Basically, the work of human resources in their organisation is that they manage their employees and know the pros and cons of their organization. They manage their workers and provide the best environment in their workplace so that each employee of the organization works efficiently so business performance grows better and better (Lai, Lin and Lin, 2015). Human resources are directly related to the performance of their organisation and also they divide working hours among their employees part-time and full-time. For the better performance of the organisation, human resources are also required to interact with their employees so they give better performance in their work.

TASK 2

1. Describe the recruitment documentation 

Mainly human resource management looks for the best candidate for hiring in their organization because every organization want to grow better and better in the current market trends and with every change in the current market, management should have the potential to sustain in the current market trend. So the recruitment process of that particular organization is according to their management and their workforces like what type of quality they want in their employees. The recruitment process of their organization is totally controlled by the HR management.

2. Main employability skills

The human resource manager of the future solution organization, Justine Morris looks for the best employees who have the best employment skills, for their organization. Main employability skills including communication skills, personal behaviour, interpersonal skills and more and personal skills include hard-working capability, negotiation, and the ability to interact with the higher authority in the proper way. With the help of this, they will be able to resolve the conflicts between any group member or management also (de Guzman and Choi, 2013).

3 Criteria to meet job objectives 

The basic criteria to meet the job objectives is the performance of the employees as well as the performance of the whole organisation in their work. To achieve the job objectives employees and the organization should have proper employability skills and the main thing is that the objective should be very clear (Lai, Lin and Lin, 2015). Connect the employee goals to the large company goals and this goal is also related to the individual goal and company goals so the impact of the organization in the current market trend is far better.

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4 Importance of personal skills in the recruitment process

In the recruiting process of the company, the management looks for better communication skills in their employees and the impact of the recruitment process that could on the performance of the production of the firm and also looks for the betterment of their organization and if there is lack of communication skill it would be a direct impact on the client as well as firm (Devambatla and Nalla, 2015).

ASSIGNMENT - 2

TASK 1

1. Describing the main physical resources 

The main physical resources of the future solution organization would include the manufacturing of the building like materials and more, facilities they provide and machinery. Providing a good facility for the server and computer and their security is most important. This would also include the quality of the equipment which they provide to their employees. Security is the main factor that would be included in physical resources like securing the data, personal information about the clients and also the organization itself so security is the major sector that exists in the physical resources.

TASK 2

2. How to improve the performance of the organisation

Improving the performance of the organisation's physical resources plays a major role in the betterment of the organization. Monitoring the performance of the employees and how they work in their organization. Management helps their employees to improve the performance of the organisation like they treat their employees in the proper way of communication or respecting each of the individual members of the group also providing a better environment in the organisation so the employees can work freely and enjoy their workforces.

TASK 3

3. Describe the main technological resources used by an organisation

Future solutions use various types of technological resources like energy, people, tools and machines, materials, time, information and more. In technological resources, energy is used by the management that changes the energy into the material. People are also the major resource of technology because without people no product will exist in the market and without products no market even exist. This technological resource, also includes hardware and software virus protection and licences, the organisation would majorly use the technological resources for the betterment of the company's use experience and intellectual property.

TASK 4

4.  How these technological resources improve the performance of the organisation

These various types of technological resources are very helpful to improve the performance of the organisation like by using these resources management easily interacts with their clients and provides better products and services so because of that company will grow better and better day by day. Proper hardware facility provided by the management as well as software and also protect the software from virus. So the employees can work easily with the betterment of their own performance.

TASK 5

1. How managing resources can improve the performance of business

Ms Morris has shown the work to the board of directors who are impressed by your work of yours and now they give the further task to improve the performance of the function solution. Managing resources helps to improve the business performance and growth of the future solution. All the hardware and software tools help to improve the productivity of the company and the managing resources are a mixture of both hardware and software tools, The board of directors may know the performance of the organisation and where the organization will stand in recent market trends.

TASK 6

1. Evaluation of the impact of managing resources

 Management of the future solution should have the idea about how to control the budget of cost in their company because of the recent market trend all the ups and downs are there so budget is the major issue in every organisation. Impact of the managing resources on the budget cost allows the company to not fall into financial trouble the company has been running for many decades so it knows how to sustain itself in the recent market trend because it knows the basic pros and cons of the budget.

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ASSIGNMENT - 3

TASK 1

1 Explain internal and external sources of scrumptious 

Scrumptious is a small but reasonable company that exists in the current market of London and supplies cakes close to London and also across the country. There are various internal and external sources that exist like internal sources of savings and profits of the company and external sources include loans, overdrafts, commercial mortgages, selling shares, venture capital, leasing and factoring (Abor, 2017). These factors are related to the scrumptious cupcake Ltd. savings and profit including the whole budget of the company how much profit was gained by the company and also how much savings are there.

TASK 2

2 (a) Calculate the current breakeven point of scrumptious

The first meaning of the break-even point is that it refers to the revenues which are needed to be covered by the company's total amount of fixed and variable expenses during a specific period of time (Badoer and James, 2016).

Break-even point (BEP): Total fixed cost(TFC)/Contribution per unit (CPU)

CPU = Selling price - variable cost

CPU = £1.75 - £0.60

= £1.15

TFC: Monthly fixed cost * Number of month

TFC: £4300*12 = £51,600

BEP (Number of cup cakes)= £51,600 / £1.15

= 44869.56

BEP (£) = 44869.56*£1.75= 78521.73

Scrumptious now realises how they use their break-even point so that they gain profit from their production. Now calculating the new break-even point because the company reduced their fixed cost.

2(C) Re-calculation of BEP

Break-even point(BEP): Total fixed cost(TFC)/ Contribution per unit(CPU)

CPU=Selling price - variable cost

CPU= £1.75-£0.55

=£1.2

TFC: Monthly fixed cost * Number of month

TFC: £4100*12 = £49200

BEP (Number of cup cakes)= £ 49200/ £1.2

=41000

BEP (£) = 41000*£1.75= 71750

Now in the comparison of both the break-even points of Scrumptious Cupcake Ltd., the company should gain profit from reducing the fixed cost and selling more cupcakes in London and across the country they sell 3000 cakes per month so according to this break-even point result after reducing the fixed rate more gain company achieved  (Sources of finance, 2017).

TASK 3

2(a) Explaining to the sister what is the budget and why it is essential

Heather and Annabel have to know about the basic idea of the budget like how to control the budget in the company. First, they have to control the fixed cost and variable cost of the product so the productivity increases accordingly now in case of emergencies you have to take a loan so you are required to manage the budget so that the company sustain the market trend.

2(b) Using the budget information identify the problems and suggest a remedy

According to the given information about the budget, these two sister targeted a sales revenue cost is 22000 and an actual sales revenue is 20000 so the loss of the cost is 2000 in this sector they have to recover their sales revenue. Now in the part of the rent so this is equal to no profit and no loss and in other FCs they gain profit. In ingredients and other materials, they gain profit so maybe they use good quality ingredients and have fresh production.

3(c) Analyse why their cost needed to be controlled and what are the possible consequences

 

Budgeted 

Actual 

variance

Type of variance

Sales Revenue

22000

20000

-2000

Negative

 

 

 

 

 

Rent

1200

1200

0

Positive

Other FC

800

1050

-250

Negative

Ingredients and other materials

6000

7000

-1000

Negative

Utility bills

300

350

-50

Negative

Wages

1200

1200

0

 

Salaries

2000

2000

0

 

Other costs

500

700

-200

Negative

A mainly poorly controlled budget is a loss of financial reward so if the product is being produced and there is a lack of quantity of quality and also planning of the productivity there will be a great chance that production is not in a proper way and customers will not be satisfied to the product. In future they can increase the quality of the product and also the quantity

ASSIGNMENT - 4

TASK 1

1 (a) Explain the meaning and purpose of income statement

The meaning and purpose of basic statements of the income mainly include the sales revenue and expenditure income sta are also called the profit and loss statements or also include the company's financial performance or it includes the current profit and loss company goes through.

1(b) Explain the meaning and purpose of balance sheet

The balance sheet is the basic idea of the company's financial growth along with the company that owns and owes to the company. Balance sheet reveals the financial status of the business at of specific point in time. Judgement of the financial growth of the company is also done by judging the balance sheet of the company. The basic key statements included by Scrumptious are assets, inventory, liabilities, and equity these are the basics of balance sheet assets state that having separate accounts and other assets include accounts receivables (Bellavitis and et.al., 2017).

Now the basic purpose of the balance sheet is that know the financial growth of the company and it would be include the net worth establishment and business valuation. One main purpose is to include the key parts just to know the financial position of the company and where it stands in new market trends.

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1(C) Ratio analysis to examine financial performance

Ratio analysis is the best technique to evaluate and examine the financial performance of a company through quantifying the financial resu1(C) Ratio analysis to examine financial performance

Ratio analysis is the best technique to evaluate and examine the financial performance of a company by quantifying the financial results by computing different ratios. With regards to Scrumptious Cupcakes (SC), its financial performance has been evaluated below:

Profitability ratios: SC's gross profit and net profit ratio have been computed to 54.55% and 19.50% demonstrating that the company is receiving better return on their total turnover. Better pricing decisions at good markup and effective control and curtailment of expenditures may be the reasons for good profitability performance (MATTHEW, FADA and UKONU, 2016).

Liquidity ratios: CR and QR have been found to be 0.78:1 and 0.61:1 lower than the targeted ratio of 2:1 and 1:1. It reflects that the firm has to improve their resources under the current assets such as stock, receivables and cash and reduce their current obligations to pay suppliers on right time.

Gearing ratios:  Debt to the to-equity ratio of Scrumptious Cupcakes is a little bit higher than the target ratio of 0.50:1 to 0.65:1, therefore, it can be said that there is a high investment risk that can be reduced by repaying some long-term borrowings and increasing shareholders equity.

Activity/efficiency/performance ratios: Assets and inventory turnover ratios are 3.19 and 40 times is a clear indication that stock is utilized exceptionally by the managers (Lakshmi, Martin and Venkatesan, 2016). However, debtors' and creditors' days are 6.64 and 54.75 days demonstrating that Scrumptious Cupcakes is getting receipts promptly from the receivables while creditors are paying delayed.

(D)M3 Suggestions to Scrumptious

  • In order to improve liquidity, Scrumptious Cupcakes's managers need to increase their short-term assets and repay some deferral payments to the existing suppliers. Moreover, effective cash management strategies to maintain adequate working capital are necessary for repaying creditors timely (Anwar and et.al., 2016).
  • The solvency ratio must be reduced through repayment of long-term borrowings to the lenders and raise additional capital through equity share capital. With the help of this, Scrumptious Cupcakes can maximize their solvency position to meet their long-term obligations as per the repayment schedule it by computing different ratios.

2(1) Evaluation the use of ratio and monitor how the business is doing

On the basis of the above ratio analysis, it has been assessed that the profitability and efficiency performance of Scrumptious because of a higher GP & NP ratio of 54.55% & 19.50% and a high assets turnover ratio of 40 times. However, Scrumptious Cupcakes needs to improve its liquidity position by increasing the availability of short-term assets and minimizing the use of fixed cost of capital, and borrowings to manage the solvency position effectively.

CONCLUSION

From the report, it can be concluded that we discussed the business resources of the future solution and also discussed the technological resources as well as human resources and further for the Scrumptious Cupcakes Ltd. and comparison of the break-even point for these companies.

REFERENCES

  • Abor, J.Y., 2017. New Venture Development and Sources of Financing. InEntrepreneurial Finance for MSMEs. Springer International Publishing. 3(1). pp. 21-50
  • Anwar, S.M., Rahmawati, R., Rismawati, R. and Rukmini, R., 2016. FINANCIAL RATIO ANALYSIS USING ADDED VALUE, INCOME STATEMENT. Qualitative and Quantitative Research Review. 1(3). pp.29-39.
  • Badoer, D.C. and James, C.M., 2016. The Determinants of LongTerm Corporate Debt Issuances. The Journal of Finance. 71(1). pp.457-492.
  • Bellavitis, C. and et.al., 2017. Entrepreneurial finance: new frontiers of research and practice: Editorial for the special issue Embracing entrepreneurial funding innovations. 14(2). pp.25-45.
  • de Guzman, A.B. and Choi, K.O., 2013. The relations of employability skills to career adaptability among technical school students. Journal of Vocational Behavior. 82(3). pp.199-207.
  • Devambatla, L. and Nalla, D., 2015. An Approach to Improve Employability Skills: eBridge. Journal of Engineering Education Transformations. 28(2&3). pp.131-138.
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