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Evaluate how managing resources and controlling budgets can improve the performance of a business

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Introduction

D1 - Evaluate how managing resources and controlling budgets can improve the performance of a business Do businesses really control their resources closely? Give reasons for your answer. Businesses do control their resources closely, this is because: Human resources: this is needed in the business and is also monitored because if some stuff isn't doing their work correctly then they are likely to be replaced with someone that is better. If the business is to expand then the business needs to employ staff with certain ability that will benefit their business. Financial resources: businesses have to monitor their finance because; they need to insure that they have enough money in order to buy products and to pay their employees. They then also have to make sure that they have enough money so that they can pay off their bills as well. Physical resources: this may be necessary if the business has to have publicity for example; need to have a branch. ...read more.

Middle

A small business that has just of 2 people working will set themselves budget for example; for this financial year the business needs to spend �60k and want �80k of a turnover. Large businesses will also do the similar however as it's a large business they rather spend in millions and not in thousands or hundreds so in order for them to receive cheaper priced units and have a larger turnover. It is essential for a business to set themselves budgets so for any other investments or back up they have some additional money. By setting budgets it will let the business gain what they want in that certain amount and it is likely for some fund to be left over in order for it be spent on other investment. If small business it is important for the business to show that they have a budget if they have a big client, they would try to get as much out as possible. ...read more.

Conclusion

The business would need some computer system so that they can take notes of delivery etc, so that they do not lose count and end up paying for something that they might have not received. Financial resources: The business would generally start off with a internal finance sources and if the business does well and grows they will then think about expanding and get loans to expand their business. In my opinion breakeven analysis will not worry the business a lot because they are going to have their product stored and they know that the products are going to be sold soon, which will then make their profit for the business. Setting budgets will be essential for the restaurant because after their restaurant has been open for 1 to 2 months, they will know what product is being sold more and which one isn't. So therefore they will set themselves budgets, the less the product is being sold then they will order it less and the more a product is being sold then they will order more of it. ?? ?? ?? ?? Abdul rana ...read more.

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