Finance Manager
Looking at the finance side of the business which is Harsimran , he thinks that the finance side of the business is going well however if he looks at more financial ways it will make a good affect to the business. However he thinks that the financial side of the business should look at the following:
Cash flow forecast
Balance sheet
Profit/loss account
Breakeven
Bank account
By looking at the above he thinks that the business will do well in the market place and will also survive in the market.
Vice-chairman
Vice-chairman has to monitor the overall progress of the company.
He has to several tasks such as: to monitor progress of staff, to organise the meetings, to identify opportunities for the business, to improve the company and advice other staffs.
The vice chairman will run some of the meetings and also assist the chairman with any doubts or problems. This will take some of the burden of my shoulder.
Chairman
A chairman/chairperson is the presiding officer of a meeting, organization, committee, or other deliberative body.
Generally, there are two types of chairpersons: non-executive and executive.
A non-executive chairperson will sit on and chair the main board of a company and be a part-time officer who usually provides support and advice to a chief executive officer (CEO). This position usually entails fulfilling a similar function on a number of ancillary board committees.
An executive chairperson is a full-time position who typically not only leads the board but will also take a hands-on role in the companies day to day running. An executive chairperson frequently sits on the management executive board of the company, though this board may still be led by the CEO.
As I am the chairman, I have to organise and run the meetings. I also have to set them tasks to do on regular basis and also monitor their progress. I also have to help them when there are in need of assistance.
There were other roles we could have looked at and gave out to each member of the group e.g. supplier, however through the first meeting we had we looked at the most important roles/departments a company should have and gave out the roles according to the five important roles that we thought the company should have.
Evaluation of the roles and responsibilities
Human resource management – Nirozen was chosen as a Human resource management because of his communication skills with the employees. One advantage of choosing Nirozen as the HRM is that he is exceptional in selecting the right employees. However, disadvantage of choosing him is that he does not necessarily have lots of experience in working as the manager of HRM. Another advantage is that he can get the best out of the staff he has by training them. Another disadvantage of choosing him is that he can be sometimes lazy or forgetful in looking at all the CVs for example when recruiting. Overall, I believe we have made a right decision in appointing Nirozen as the HRM as he as all the necessary skills to do the job. He can, for example, be more cautious when looking at the CVs.
Financial accountant – Harsmiran was elected as the financial accountant because of his exceptional maths skills and also mainly he is reliable with things. One advantage of choosing Harsimran as the finance manager is that he has had past experience in doing things like the cash flow, break-even, etc. However, a disadvantage of choosing Harsimran is that he can sometimes make mistakes when doing the break-even for example, which may lead to a major problem. Another advantage of choosing Harsimran is that he is very reliable so I can count on him to finish the task which was set. However, a disadvantage is that he can sometimes be forgetful in bringing the tasks which might be set for the meetings, so he might have done the work but he might not necessarily bring the work to meetings. Overall, I believe appointing Harsimran is a good choice because he is the most experienced in doing the financial things in our group and he is very reliable. However, he can try to make fewer mistakes because that will be a major help to our business, for example.
Marketing Director – Eugene was appointed a marketing director because of his excellent managerial skills and his organisation. One advantage of choosing Eugene is that he is very good at promoting things, which will be big help to us when we promote our business. However, a disadvantage of choosing Eugene is that he does not regularly turn up to the meetings or tell us so we would not now whether he has done the work or not. Another advantage of choosing Eugene is that he knows what he is doing and he has the most knowledge in our group to take up this role as he has past experiences. However, another disadvantage is that he is not very organised so he might loose or forget the work which is set for example. Overall, I’m not extremely pleased with the appointment of Eugene in this role because he is unreliable and this role is a key role to our success as a company. However, I do believe if he, for example, improves his punctuality and doing the work set he will be the ideal person to this role.
Vice Chairman – He was elected as vice chairman because he has the abilities to assist and manager staff. He can also attend meetings if the chairman is unable to attend. One advantage of choosing Thomas is that he has knowledge is most areas of the company so he is able anyone when they are in need, so for example, he can help them instead of me helping them. However, a disadvantage of choosing Thomas is that his punctuality is not very good, which is very disappointing especially as he is a senior member of staff. Another advantage of Thomas is that he is very good leader so if I could not make it for any meetings then he can lead the meetings instead of me. On the other hand another, a disadvantage of Thomas is that he is very reluctant to do the work set, so we have to keep on nagging him to do the work set. Overall, I am satisfied with the chose of Thomas as he has the ideal skills and knowledge for this role; however he could; for example, improve on his punctuality to be more efficient.
Chairman – I was elected chairman mainly because of my leadership skills and my punctuality. One advantage of choosing me as the chairman is that I believe I am a good leader, so I can organise how the company is run. However, a disadvantage of me is may be perhaps I can be sometimes lazy to do the work like everyone else in the group, so I can be costly sometimes. Another advantage of choosing me is that I have knowledge of all the areas of this company so I can help others, so for example help the marketing manager in ways of promoting the business. Overall, my personal view of me is that I am suited to my role; however, I do believe that I can improve on my eagerness to do extra work for example, for the company to run more efficiently.
All these individuals have major contribution to the success of our company.
We know that team-work is the key to success of the company; one of the ways to improve teamwork is to motivate our staff.
Ways of motivating our staff
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Bonuses – give everyone certain % of the profit if they continue to work hard. This helps them motivated and to work harder to achieve the bonuses. I personally believe this is a good strategy of motivating the staff as bonuses acts like an incentive for them to work harder, however, when we give bonuses we have to keep in mind the side-effects. This could be that it might de-motivate them as they may just pretend to work hard just to get the bonuses.
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Good condition at work – the staff can have flexible hours, reduced hours at work, etc. This could motivate them as they may believe that we are looking after them properly. However, we have to keep in mind that some staff might take this good condition at work as an advantage and not work properly.
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Give praise – give praises if they have done a good job. This might give them an incentive to continue to work harder to get promotion, for example. However, giving praises might also de-motivate them as they may take the praise for granted and fell they know every thing and not do the job properly.
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Give staff responsibility – we can give staff responsibility of making decisions about certain things. This might motivate them as they feel they are responsible so they work harder to keep up the pressure and responsibility. However, giving them responsibility might over pressurise them as they have extra work to do so they might not even do the original work which was set properly.
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Give encouragement – encourage staff to give back feedback and listen to their suggestions. This could motivate the staff as they feel that I trust them and value their opinion so they could work harder. However, by giving them encouragement they could for example take this for granted and not do they work as efficiently as before.
Team-work
We can use several strategies to improve our team working. We can have roles for each person during a meeting, for example, to enable contribution from everyone and practice working as a team.
For example
Compromiser (Eugene) - Tries to maintain harmony among the team members. He has to change his own views to get a group decision. Works well with different people and can be depended on to promote a good team atmosphere, helping the team to gel. Pulls people and tasks together. A tolerant individual. A good listener who will listen carefully to the views of other group members. Good judge of people. Diplomatic and sensitive to the feelings of others, not seen as a threat. Able to recognise and resolve the development of conflict and other difficulties. Enables "difficult" team-members to contribute positively.
We decided to choose Eugene as a Compromiser because he is very good at working with different people and mainly he has the respect of everyone so they are likely to listen to him.
Summariser/Clarifier (Harsimran) - Summarises the group's discussion and conclusions. Clarifies group objectives and elaborates on the ideas of others. Goes into detail about how group plans would work.
We decided to choose Harsimran as the summariser because he has good listening skills and have the ability to summarise accurate what has been said in meeting, for example.
Ideas person (Nirozen)- The ideas person suggests new ideas to solve group problem or new ways for the group to organize the task. He dislikes orthodoxy and not too concerned with practicalities. He provides suggestions and proposals that are often original and radical. He is more concerned with the big picture than with details. May get bored after the initial impetus wears off.
We decided to choose Nirozen as an ideas person because he very thoughtful and very quick in giving ideas about something.
Encourager (Thomas) - Energises groups when motivation is low through humour or being enthusiastic. They are positive individuals who support and praise other group members. They may use humour to break tensions in the group.
We decided to choose Thomas because he is the ability to motivate people by using humour, for example. Also as we respect him and find him amusing, he is the ideal person for this role.
Leader (me) - Good leaders direct the sequence of steps the group take and keeps the group "on-track." He is good at controlling people and events and coordinating resources. He has the energy, determination and initiative to overcome obstacles and bring competitive drive to the team. He gives shape to the team effort. He recognises the skills of the individuals and how they can be used. Leaders are outgoing individuals who have to be careful not to be domineering. They can sometimes steamroller the team but get results. He may become impatient with complacency and lack of progress and may sometimes overreact. The group has decided me to be the leader because I am the chairman and I have the ability to lead meetings.
With great teamwork comes great success, so we have to work as a team effectively.
If we want to work as a team we need the following: TEAMWORK
T is for Talent
It is of course quite necessary for a member of a team to be knowledgeable about the work that his team is going to do.
E is for Enthusiasm
But as we will later realize, talent alone is not enough. A knowledgeable team member must also be enthusiastic.
A is for Accountability
Every member is accountable not only to his team but to all his other work mates. We are not responsible only of ourselves.
M is for Management
Every member must know his specialization relative to what his other team-mates can do best.
W is for Work-able
When a person has all the talents and the enthusiasm in the world and yet he doesn’t have free time to work, it all turns out useless.
O is for Openness
Understanding among team members is a necessity in every team for every member to be able to work in the best of his abilities.
R is for Respect
Every team member must be able to practice respect so that he can expect to be respected in return.
K is for Keenness
Keenness is the final key in working as a part of a team. It is more than enthusiasm. Enthusiasm comes before doing the actual work.
Communication among each individual is very important if we want to be successful. So when we communicate we could exchange ideas and discuss major decisions thoroughly. We communicate to each other in the meetings, where we discuss any issues or problems we have. There are other ways we can communicate with each other, through: e-mail, face to face, letter, telephone, etc. If we communicate with each other we know how well we are doing and what to do and also we know who is doing what so that no mistakes happen. If we communicate effectively we would succeed as a business as we have great understanding among us.
