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Investigating Business resources

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Introduction

Now continuing on from P4 im going to be lookin in at the different aspects as i did then with more detail to see why budgets need to be controlled. Its important for budgets to be controlled against the actual costs so the company doesn't make any losses. Before a company starts up they have a budget and set targets now in any companies things are bound to go wrong so the best thing to do is to always keep an eye out to make sure things are always in check and this is done by always checking the actual costs this is to make sure that if the business is going over the budget it can be resolved very quickly. The department manager is the main person who checks the budget as they are the one that have the budget given directly to them, now this will vary in different business but most department managers will check the budget as many times as ...read more.

Middle

take a few risks such as increasing a few prices especially if they have very low costs to pay which would result in high profits however companies that have high costs and are not quite sure that they can generate enough income to keep in touch with the costs they have fixed/variable would use the break-even point chart to analyse what they should be spending and making it a high priority to keep within the budget. For a company that is struggling to meet the budget a number of options must be taken so that they meet it, a mobile phone company for example rely on sales to meet the budget! The thing about a sales company is sometimes it varys on what kind of season it is for successful sales, one month could be good and another month could be bad. For the bad months things have to change so a sudden twist of prices would be seen as they would shoot high to ...read more.

Conclusion

them to do is to keep the profits always keeping in mind for when the market might fall or when sales generally don't go too well. A lot of problems may arise if budgets are not controlled and monitored such as loss of staff, this can be done to balance things out, another thing that can be done is the staff could stop valuing valuable items and an increase off waste would occur which would result in heavy losses for the company, Prices would have to be increased so the damaged goods are essentially covered for in the sales but this could also result in a loss of customers due to prices they are not too happy with. In other cases if the budget is not monitored it could result in the company ultimately closing down as they cant keep up with the costs (fixed/variable) or they can end up getting bought out by a different company. ?? ?? ?? ?? Investigating Business resources M2 ...read more.

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