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Exploring business purposes

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Introduction

Exploring business purposes Task one I am now going to select one out of each group and answer the following questions: * A) the size of the organisation (small, medium, large) * B) the types of business ownership (sole trader, partnerships, LTD, PLC, charity and franchise) * C) the scale of the business (local, regional, European and global organisation) * D) The purpose of the business (goods and services at a profit, free, costs etc.) I intend to investigate and produce a report for each of the business organisations. But I am going to address to the criteria above. In group one; I have decided to research St. Bartholomew's medical centre. I intend to follow up on my research using the B-Tec book and internet to answers the questions above. St. Bartholomew's medical centre I have research that: St.Bartholomew is a practice which consists of six partners which combines to make up a partnership company. They have two Salaried GPs, a GP Registrar and a GP Retainer. They offer over 60 doctor surgeries per week. They currently look after approximately 17000 patients. The size of the business is a medium organisation. In addition, they have many other practitioners working from the surgery: Practice Nurses, District Nurses, Health Visitors, Health Care Assistants, Midwives, Physiotherapist, Psychologist, Psychiatrist, Drugs and Alcohol nurse, and a Citizens Advice Bureau advisor who can help with queries on benefits. Their practice area covers the eastern part of the city and surrounding area and includes Cowley, Headington, Littlemore, Rose Hill and Blackbird Leys. (But it is just in oxford which makes it a local business). A wide range of social and ethnic groups are represented. Translators can be booked for most languages. Approximately half their patients are students at Oxford Brookes University and largely consult with them at the Oxford Brookes Medical Centre on the Gipsy Lane campus. All businesses exist for a purpose. ...read more.

Middle

They are simple to accomplish if they are broken down into smaller steps. The purpose of setting aims and objectives is to gain a profit or to achieve goals. Aims are set to provide a focus for the organisation. The aims and objectives will always link to the main purpose of the organisation. The most important objective is to make a profit in order to survive. If a business does not make a profit it will go bankrupt and have to close down. I am now going to distinguish between the aims and objectives in public and private sector organisation. Aims and objectives are intended to assist an organisation to accomplish its vital purpose and provide a focus for staff. They vary between organisations in dissimilar sectors because these businesses have diverse purposes. * Private sector businesses offer goods and services and must make a profit in order to survive. They can only break even (or make a loss) for a very short period of time or the business would have to close. * Public sector businesses are possessed by the state and provide many vital services free of charge and others at or below cost price. Some businesses will not try to make a profit at all. This is either because they are a charity or they are in the public sector. Charities and public sector businesses need to earn enough income to cover their costs. In this case their objective is to achieve a surplus. This is put back into the business. I am going to compare and contrast ST. Bartholomew's and BMW aims and objectives. Aims are the long term visions or goals of a business. Objectives are specific, measurable targets to help to achieve an aim. Aims for BMW: * To increase profit * To increase market share * To survive * To be more environmentally friendly * To support charities Aims for ST.Bartholomew: * Operate within budget (To break even) ...read more.

Conclusion

In many immense businesses, dissimilar types of financial experts are employed: * Management accountants' observe department's budgets and present income from sales, prepare cash flow forecasts and concentrate in analysing day-to-day financial information and keeping senior managers knowledgeable. * Financial accountants are concerned with the preparation of the statutory accounts. All companies must provide a balance sheet and profit and loss account each year, and most construct a cash flow statement as well. * Credit controllers observe overdue payments and take action to recover dreadful debts. Finance staff supports the accountants by keeping financial records, chasing up belatedly payments and paying for items purchased. Today, virtually all businesses use computer accounting packages to record financial transactions and arrange their accounts as well as spreadsheets to examine financial data. Some finance departments arrange the payroll and pay staff salaries, but others outsource this to a specialist bureau. Finally, businesses will often need income to fulfil specific aims and objectives linked to growth, expansion or simply updating their equipment or machinery. These items may be bought from money held back (reserved) from past profits, but usually additional money will be needed. If the business needs to borrow money it will want the cheapest interest rates possible and also want good repayment terms. Deciding where to obtain these funds is a specialist job and normally the task of the senior financial manager. A well-organized finance function is critical for businesses to accomplish aims and objectives linked to convalescing profits and lowering costs. A summary of the range of tasks finance's carry out is given below: * Producing invoices, checking payments are received and chasing up overdue payments * Recoding money received * Checking and paying invoices received * Preparing the payroll and paying staff salaries * Monitoring departmental budgets to check managers are not overspending * Issuing regular budget reports to all departmental managers * Producing cash flow forecasts and regular financial reports for senior managers * Advising senior managers on sources of finance for capital expenditure * Producing the statutory accounts each year ...read more.

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