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I will be researching and managing a variety of resources. The three main types are human, physical and financial resources. In this section of my coursework I will explain where I will find these resources and how they will be managed to create a profita

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Introduction

Introduction Throughout this task I will be researching and managing a variety of resources. The three main types are human, physical and financial resources. In this section of my coursework I will explain where I will find these resources and how they will be managed to create a profitable and successful business. Human resources include my staff and their needs. Physical resources include location, fixtures and fittings, raw materials and equipment. Financial resources include profit, sources of money and liquidity. Human Resources Businesses employ people, these are known as human resources. In a small business, the owner may be the only human resource. In larger businesses where many people work, everyone has a specific job relating to their qualifications such as manual workers or administration staff. If a business wants to succeed it is vital for them to have an organised human resource manager. Human resource is vital in forecasting how many employees they need and what qualifications they should have. A big business which is growing will need to find out how many new employees they need and how they will recruit them over the following year. The human resources are a part of the human resources management and is mostly the responsibility for the personnel or human resources department. Legislation has laid down laws to protect people in the workplace. These include: * Health and safety * Employment protection for example, dismissal, leave of absence and redundancy. * Training * Wage Protection * Recruitment These laws that have been put in place are to ensure that a business makes the right decisions and protects its employees correctly. If employees are happy within the workplace they are more likely to achieve goals. Health and Safety For 100 years now health and safety laws have been around which are updated every now and then as work conditions change. The Health and Safety Act 1974 is aimed to raise the standard for all the employees and to protect those whose safety could be at risk outside the business. ...read more.

Middle

The national minimum wage has risen around two percent in each age category. The government has extended the adult minimum wage rate to 21 year olds from October 2010. Previously the qualifying age for the National minimum wage was 22. The National Minimum Wage threshold applies to the following: * �5.93 an hour for workers aged 21 and over * �4.92 an hour for workers aged 18 to 20 * �3.64 an hour for workers aged 16 to 17 Once my business has expanded and I feel that I can start employing new staff, it is vitally important that I acknowledge and apply the national minimum wage rates to all my employees so that I am not breaking the law. To ensure staff are kept happy we will always pay them an amount over the national minimum wage to each age category, this is because I want to gain respect and trust from my staff. I will make sure my staff receive a Christmas bonus and in times where my business is making a lot of profit I may offer them bonuses. National Insurance Business owners will also be responsible for ensuring that all of the employees hold a national insurance number otherwise we could be breaking the law. If I did end up employing staff they would have to pay into the National Insurance contribution to HMRC. NICs are calculated and deducted within an employer's payroll system. Due to my business being small this would have to be paid on a regular basis. Physical Resources Physical resources are the resources that are available to a business. This could be the things that are needed to run the business each day for example machinery. Physical resources include machinery, equipment, premises and materials. If a business does not have premises they may not be able to establish and customers will not know about them, this is why it is important for a business to have premises. ...read more.

Conclusion

What is a Bank Business Loan? A Business loan is a fixed medium-term loan, typically for between 3 & 10 years, it only covers the purchase of the capital items such as machinery and initial start-up stock, as well as any vehicles needed to run and provide the business. Interest is charged on any bank loan and the rate depends on UK base rate. For my business I will be taking out a Bank Business Loan of �12,000. The loan has 4 year term paying �250 a month. I decided on a four year loan as I did not want my business to go into a negative cash flow. As I would then not have enough money to restock and could lead to my business failing also making a less amount of repayments each month allows me to keep on track of my finances. I believe that taking out a business bank loan is the best option for me because I can pay the money back monthly instalments and to keep track of my financial resources I have created a cash flow forecast along with a table to show the money coming in and going out each month. To ensure that I am managing my resources properly at the end of each month I would analysis the table and make a summary of the situation I am in at that time (whether or not I am 'financially healthy'). I will also be able to determine what I can do with the business in order to improve and progress it. I can do this using my cash flow forecast which has an estimated recording of my income and expenditure and can be changed at any time for instance if I realised my stock was costing me less than I thought I am able to justify it with the correct amount. It is vital for me to monitor my finance due it enabling me to make more sensible choices when investing my money back into the business. ...read more.

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