Business Level 3m-B5 Unit 4 Business
Unit title: BUSINESS SCM-3M-B5
▪ Option Taken: OPTION B
▪ Assessment Criteria: OPTION B
▪ Name: MARIA ROSA MARCO CABANES
▪ IoSCM Membership Number: 01684
▪ Your email address: rosa.marcO@LIVE.COM
▪ Assessment Criteria File 5/7
▪ Page 1/8
Produce a piece of work which includes the following information; 1. A description of three roles and responsibilities within an organisation you have worked in or studied.
2. An explanation of the importance of a business plan to the running of a business.
3. An explanation of how an individual could contribute to a business plan. …show more content…
A business plan is an informative document that explains the strategy and objectives of the company. Its first aim is to evaluate the viability of the project and to analyze the business prospects. This powerful tool of communication within the company will provide a clear direction of the planning strategy. It will clearly identify and focus the company objectives using appropriate information and analysis. It can also be used as a selling tool when dealing with lenders, investors and banks.
Within business planning managers also calculate a break-even analysis, profit , loss projection and a cash flow analysis designed to show if the business has enough money or has developed as expected.
When the organization is a profit organization the business plan will focus more on financial goals such as profit or value creation. On the other hand a not for profit organization will focus on the three E's namely Economy, Effectiveness and Efficiency.
There is no specific format to write a business plan and the structure can vary broadly. Therefore when writing a business plan it is imperative to organize the business ideas and supply high level of analysis. It is very important to collect a great deal of information so that will be easier to understand the company position in the market and the viability of the business plan.
Whether the business is of new creation or already well established, business implementation becomes the responsibility of all the employees. Implementation is the process of executing a plan or policy so that the concept becomes real. To implement a plan properly, managers should communicate clear goals and expectations, and supply employees with the resources needed to help the company achieve its goals.
Business planning is essentially about taking a more in depth approach to think strategically about the future of the business.
There are many specific reasons for business planning:
* Deciding objectives
* Asses market demand
* Plan resource requirements
* Assess finance requirements
* Analyse likely future changes
* Summarise likelihood of success
* Set targets
* Guide day to day activates
* Describe situation of the business
* Check against targets
* Decide changes
* The plan takes many information from many sources ideas
* Industrial market research
* Customer market research
* Financial calculations
Above I talked about the financial calculation section that would be included as part of the business planning, making financial projections and calculations are considered very important within the business planning process, this aspect significantly contributes to the survival and growth of the business. For example predicting and planning business finances can show potential investors that the business idea will be very successful.
Individual contribution to the Business Plan
The Business Plan incorporates a series of targets and objectives in order to maximise success within the company.
A useful and well-recognised method of setting objectives is to use the SMART Formula to build up properly constructed business objectives, being: Specific, Measurable, Achievable, Realistic and Time-Bounded.
Targets that are SMART focus the attention of everyone involved in any action to deliver against their own performance. This forms the basis of a performance management system for all employees.
Using a defined set of KPI’s, or Key Performance Indicators, the performance can be easily monitored. These can be:
• sales or profit figures over a certain period
• defined milestones
• comparative performance or productivity for individuals
• statistics relating to market share or change in relative indicators
A business needs to meet its targets, then the attention must be channelled individuals.
Only very few people within the company do not excel in knowing their KPI’s and what they are expected to do to help the business deliver against its objectives.
By setting clear and realistic objectives for each individual and closely monitoring their performance against the overall delivery, you motivate and inspire people. They become more effective and usually more efficient, which helps deliver the overall plan or strategy for the company.
The setting of clear targets and objectives that are realistic (and innatly SMART) forms the basis of individual management. The reviews and evaluations objectively assess the contribution for each individual within a team.
The business strategy developed needs to be implemented and reviewed. People need to be reviewed. The two need to be coordinated. A business plan needs to be implemented, using an external person to help with this process is a great way to assess the real impact.
There are costs associated with any course of action, the objective is to define the added value from having written the strategy and business planning documents and implement them to realise that value. It then becomes an …show more content…
investment.
Let’s apply the process of decision making on the objectives at Sainsbury’s:
The first step to take is to look at the mission statement and see what it is Sainsbury’s is trying to achieve as a company. This way they can set the objectives correctly and look towards fulfilling the mission statement. The mission statement for Sainsbury’s is: “Our responsibility is about providing our customers with the widest choice of quality food, at fair prices. But also about paying our suppliers a fair price and providing the reassurance of knowing that they have a buyer for their products on reasonable terms”. From this statement it is easier to clarify its objectives.
The second step now is to set objectives with the mission statement in mind.
Looking at the mission statement we can quite easily draw out some objectives for Sainsbury’s. Using its responsibility or mission statement we can set some objectives for Sainsbury’s:
* To become the Uk's leading supermarket, in Sainsbury’s' mission statement it states that they want to be the consumers widest choice of quality food at fair prices, therefore a wise objective would be to become the Uk's leading supermarket against its competitors Tesco who are currently the top supermarket.
* Increase sales and market share, if Sainsbury’s is to become the Uk's leading supermarket then will need to increase sales and dominate the market. Sainsbury’s and Tesco are aware of the importance of market share and will both fight against each other to gain supremacy.
* Gain excellent quality and service, this way customers will want to come back and then become loyal customers helping Sainsbury’s to increase
sales.
* Developing staff skills, by doing this Sainsbury’s can avoid having to recruit new staff thus saving money and benefiting the company over a period of time
The next step in setting the objectives is for Sainsbury’s to be clear in what it wants each department to achieve. The objectives set above is for the organisation of Sainsbury’s as a whole. Each department set objectives which combine together to achieve the overall objectives. The objectives set must be reached within a time limit.
The next step to bring information on whether each department was able to reach targets set and whether Sainsbury’s as a whole was able to reach the objectives. All the objectives here will be reviewed to see the progress of each.
Functional Areas within the Business
Every Business has different needs and many different tasks to do to succeed. Each task is well defined into a different functional areas within the company. Some of these functional areas at Sainsbury’s are:
Human Resources: ensures the business has the best staff for the job and that they are able to work effectively in a safe environment. They are concerned with the following:
1. Planning: HR look at the labour needs of Sainsbury’s and ensure whether or not they have the right number of staff with the right skills. If no they need to recruit new staff. 2. Recruitment and Selection: here Sainsbury’s must ensure that when recruiting they select the best person for the job with the right skills 3. Training: this can be training existing staff as technology is changing 4. Performance Management: employees are set tasks to reach and then monitored on their performance.
The human resource department is beneficial to Sainsbury’s and it is through this department that Sainsbury’s can ensure reaching the objective having the right workforce with quality customer service
Finance: keeps a record of all money coming in and going out of the business. They have responsibility for securing finances for future expansion and paying staff and suppliers. Functions involved in the finance department are:
1. Financial accounting function: here a record of all financial events that have taken place when they happened is kept (e.g. a balance sheet)
2. Management accounting function: provides managers with figures to help make decisions (e.g. relating to costing and pricing decisions)
3. Along with these there is cashiers department and wages department.
The finance department helps the business foresee the cash flow and make adjustments. It can also help with providing budgets over a year not to be exceeded in order to accomplish a future goal of expanding supermarkets.
Administration: ensure the smooth running of the business on a day-to-day basis. They have responsibility for clerical duties, cleaning, computer and software support, security and health and safety. It is mainly responsible for Sainsbury’s paperwork
The administration department is not one of the biggest departments however they also contribute to the success of Sainsbury’s. If they did not exist then important documents could easily be lost between other departments due to the responsibilities they have. The administration departments helps to keep Sainsbury’s organised as a company.
Production: have the task of producing the goods or service in the most efficient way. This is done by making best use of the business's staff, machinery, building and raw materials. In production at Sainsbury’s it can be broken down to five main sub functions:
1. Production and planning department 2. Purchasing department 3. Stores department 4. Design and technical support department 5. Works department
All of these functions helps Sainsbury’s to reduce costs in production because technology is advancing and machines can do the job quicker with a higher output. Also they bring out new products which are of great quality benefiting Sainsbury’s and helping Sainsbury’s reach their objective of providing quality products
Marketing and sales: will try and maximize the level of sales by carrying out market research and promoting the goods or service through a motivated sales team. They are concerned and responsible for identifying, anticipating and satisfying consumer requirements profitably. It is primarily concerned with investigating consumer needs and wants. This involves market research. It is believed that if Sainsbury’s does not look after customers someone else will.
Without this department Sainsbury’s would not be able to sell the products and make such a profit because the marketing department promotes products to the public which they know they want and need. Thus they help in the objective of profit maximisation.
Customer Service: helps the customer before and after a sale has been made by providing information, giving advice, providing credit facilities, delivering goods and providing after-sales support.
This section can tend to come under marketing in the sense of looking after customers. However at head office there is a department devoted to customer service to deal with customer complaints. This helps providing a quality service.
Research and development: will help the business remain competitive by developing new goods and services and updating the existing ones
Use of ICT: ICT will be used in each of these functional areas and it should assist the business in achieving its aims and objectives.
All of these departments at Sainsbury’s contribute to achieving the overall objectives. Each one is as beneficial as the other and without them Sainsbury’s would not survive.
▪ Option Taken: OPTION B
▪ Assessment Criteria: OPTION B
▪ Name: MARIA ROSA MARCO CABANES
▪ IoSCM Membership Number: 01684
▪ Your email address: rosa.marcO@LIVE.COM
▪ Assessment Criteria File 5/7
▪ Page 1/8
Produce a piece of work which includes the following information; 1. A description of three roles and responsibilities within an organisation you have worked in or studied.
2. An explanation of the importance of a business plan to the running of a business.
3. An explanation of how an individual could contribute to a business plan. …show more content…
A business plan is an informative document that explains the strategy and objectives of the company. Its first aim is to evaluate the viability of the project and to analyze the business prospects. This powerful tool of communication within the company will provide a clear direction of the planning strategy. It will clearly identify and focus the company objectives using appropriate information and analysis. It can also be used as a selling tool when dealing with lenders, investors and banks.
Within business planning managers also calculate a break-even analysis, profit , loss projection and a cash flow analysis designed to show if the business has enough money or has developed as expected.
When the organization is a profit organization the business plan will focus more on financial goals such as profit or value creation. On the other hand a not for profit organization will focus on the three E's namely Economy, Effectiveness and Efficiency.
There is no specific format to write a business plan and the structure can vary broadly. Therefore when writing a business plan it is imperative to organize the business ideas and supply high level of analysis. It is very important to collect a great deal of information so that will be easier to understand the company position in the market and the viability of the business plan.
Whether the business is of new creation or already well established, business implementation becomes the responsibility of all the employees. Implementation is the process of executing a plan or policy so that the concept becomes real. To implement a plan properly, managers should communicate clear goals and expectations, and supply employees with the resources needed to help the company achieve its goals.
Business planning is essentially about taking a more in depth approach to think strategically about the future of the business.
There are many specific reasons for business planning:
* Deciding objectives
* Asses market demand
* Plan resource requirements
* Assess finance requirements
* Analyse likely future changes
* Summarise likelihood of success
* Set targets
* Guide day to day activates
* Describe situation of the business
* Check against targets
* Decide changes
* The plan takes many information from many sources ideas
* Industrial market research
* Customer market research
* Financial calculations
Above I talked about the financial calculation section that would be included as part of the business planning, making financial projections and calculations are considered very important within the business planning process, this aspect significantly contributes to the survival and growth of the business. For example predicting and planning business finances can show potential investors that the business idea will be very successful.
Individual contribution to the Business Plan
The Business Plan incorporates a series of targets and objectives in order to maximise success within the company.
A useful and well-recognised method of setting objectives is to use the SMART Formula to build up properly constructed business objectives, being: Specific, Measurable, Achievable, Realistic and Time-Bounded.
Targets that are SMART focus the attention of everyone involved in any action to deliver against their own performance. This forms the basis of a performance management system for all employees.
Using a defined set of KPI’s, or Key Performance Indicators, the performance can be easily monitored. These can be:
• sales or profit figures over a certain period
• defined milestones
• comparative performance or productivity for individuals
• statistics relating to market share or change in relative indicators
A business needs to meet its targets, then the attention must be channelled individuals.
Only very few people within the company do not excel in knowing their KPI’s and what they are expected to do to help the business deliver against its objectives.
By setting clear and realistic objectives for each individual and closely monitoring their performance against the overall delivery, you motivate and inspire people. They become more effective and usually more efficient, which helps deliver the overall plan or strategy for the company.
The setting of clear targets and objectives that are realistic (and innatly SMART) forms the basis of individual management. The reviews and evaluations objectively assess the contribution for each individual within a team.
The business strategy developed needs to be implemented and reviewed. People need to be reviewed. The two need to be coordinated. A business plan needs to be implemented, using an external person to help with this process is a great way to assess the real impact.
There are costs associated with any course of action, the objective is to define the added value from having written the strategy and business planning documents and implement them to realise that value. It then becomes an …show more content…
investment.
Let’s apply the process of decision making on the objectives at Sainsbury’s:
The first step to take is to look at the mission statement and see what it is Sainsbury’s is trying to achieve as a company. This way they can set the objectives correctly and look towards fulfilling the mission statement. The mission statement for Sainsbury’s is: “Our responsibility is about providing our customers with the widest choice of quality food, at fair prices. But also about paying our suppliers a fair price and providing the reassurance of knowing that they have a buyer for their products on reasonable terms”. From this statement it is easier to clarify its objectives.
The second step now is to set objectives with the mission statement in mind.
Looking at the mission statement we can quite easily draw out some objectives for Sainsbury’s. Using its responsibility or mission statement we can set some objectives for Sainsbury’s:
* To become the Uk's leading supermarket, in Sainsbury’s' mission statement it states that they want to be the consumers widest choice of quality food at fair prices, therefore a wise objective would be to become the Uk's leading supermarket against its competitors Tesco who are currently the top supermarket.
* Increase sales and market share, if Sainsbury’s is to become the Uk's leading supermarket then will need to increase sales and dominate the market. Sainsbury’s and Tesco are aware of the importance of market share and will both fight against each other to gain supremacy.
* Gain excellent quality and service, this way customers will want to come back and then become loyal customers helping Sainsbury’s to increase
sales.
* Developing staff skills, by doing this Sainsbury’s can avoid having to recruit new staff thus saving money and benefiting the company over a period of time
The next step in setting the objectives is for Sainsbury’s to be clear in what it wants each department to achieve. The objectives set above is for the organisation of Sainsbury’s as a whole. Each department set objectives which combine together to achieve the overall objectives. The objectives set must be reached within a time limit.
The next step to bring information on whether each department was able to reach targets set and whether Sainsbury’s as a whole was able to reach the objectives. All the objectives here will be reviewed to see the progress of each.
Functional Areas within the Business
Every Business has different needs and many different tasks to do to succeed. Each task is well defined into a different functional areas within the company. Some of these functional areas at Sainsbury’s are:
Human Resources: ensures the business has the best staff for the job and that they are able to work effectively in a safe environment. They are concerned with the following:
1. Planning: HR look at the labour needs of Sainsbury’s and ensure whether or not they have the right number of staff with the right skills. If no they need to recruit new staff. 2. Recruitment and Selection: here Sainsbury’s must ensure that when recruiting they select the best person for the job with the right skills 3. Training: this can be training existing staff as technology is changing 4. Performance Management: employees are set tasks to reach and then monitored on their performance.
The human resource department is beneficial to Sainsbury’s and it is through this department that Sainsbury’s can ensure reaching the objective having the right workforce with quality customer service
Finance: keeps a record of all money coming in and going out of the business. They have responsibility for securing finances for future expansion and paying staff and suppliers. Functions involved in the finance department are:
1. Financial accounting function: here a record of all financial events that have taken place when they happened is kept (e.g. a balance sheet)
2. Management accounting function: provides managers with figures to help make decisions (e.g. relating to costing and pricing decisions)
3. Along with these there is cashiers department and wages department.
The finance department helps the business foresee the cash flow and make adjustments. It can also help with providing budgets over a year not to be exceeded in order to accomplish a future goal of expanding supermarkets.
Administration: ensure the smooth running of the business on a day-to-day basis. They have responsibility for clerical duties, cleaning, computer and software support, security and health and safety. It is mainly responsible for Sainsbury’s paperwork
The administration department is not one of the biggest departments however they also contribute to the success of Sainsbury’s. If they did not exist then important documents could easily be lost between other departments due to the responsibilities they have. The administration departments helps to keep Sainsbury’s organised as a company.
Production: have the task of producing the goods or service in the most efficient way. This is done by making best use of the business's staff, machinery, building and raw materials. In production at Sainsbury’s it can be broken down to five main sub functions:
1. Production and planning department 2. Purchasing department 3. Stores department 4. Design and technical support department 5. Works department
All of these functions helps Sainsbury’s to reduce costs in production because technology is advancing and machines can do the job quicker with a higher output. Also they bring out new products which are of great quality benefiting Sainsbury’s and helping Sainsbury’s reach their objective of providing quality products
Marketing and sales: will try and maximize the level of sales by carrying out market research and promoting the goods or service through a motivated sales team. They are concerned and responsible for identifying, anticipating and satisfying consumer requirements profitably. It is primarily concerned with investigating consumer needs and wants. This involves market research. It is believed that if Sainsbury’s does not look after customers someone else will.
Without this department Sainsbury’s would not be able to sell the products and make such a profit because the marketing department promotes products to the public which they know they want and need. Thus they help in the objective of profit maximisation.
Customer Service: helps the customer before and after a sale has been made by providing information, giving advice, providing credit facilities, delivering goods and providing after-sales support.
This section can tend to come under marketing in the sense of looking after customers. However at head office there is a department devoted to customer service to deal with customer complaints. This helps providing a quality service.
Research and development: will help the business remain competitive by developing new goods and services and updating the existing ones
Use of ICT: ICT will be used in each of these functional areas and it should assist the business in achieving its aims and objectives.
All of these departments at Sainsbury’s contribute to achieving the overall objectives. Each one is as beneficial as the other and without them Sainsbury’s would not survive.