1.● Your time frame represents how far out into the future you want to plan for your business. You want your business to grow successfully for years and years into the future, but that goal doesn’t mean your current business plan goes all the way to forever. Each business plan covers a unique planning period.
● Human, financial, physical, and knowledge factors that provide a firm the means to perform its business processes. See also factors of production.
Financial resources concern the ability of the business to "finance" its chosen strategy. For example, a strategy that requires significant investment in new products, distribution channels, production capacity and working capital will place great strain on the business finances. Such a strategy needs to be very carefully managed from a finance point-of-view.
Human Resources
The heart of the issue with Human Resources is the skills-base of the business. What skills does the business already possess? Are they sufficient to meet the needs of the chosen strategy? Could the skills-base be flexed / stretched to meet the new requirements?
● budget is a financial plan for the future concerning the revenues and costs of a business. However, a budget is about much more than just financial numbers.
Budgetary control is the process by which financial control is exercised within an organisation.
Budgets for income/revenue and expenditure are prepared in advance and then compared with actual performance to establish any variances.
Managers are responsible for controllable costs within their budgets and are required to take remedial action if the adverse variances arise and they are considered excessive.
1.● Your time frame represents how far out into the future you want to plan for your business. You want your business to grow successfully for years and years into the future, but that goal doesn’t mean your current business plan goes all the way to forever. Each business plan covers a unique planning period.
● Human, financial, physical, and knowledge factors that provide a firm the means to perform its business processes. See also factors of production.
Financial resources concern the ability of the business to "finance" its chosen strategy. For example, a strategy that requires significant investment in new products, distribution channels, production capacity and working capital will place great strain on the business finances. Such a strategy needs to be very carefully managed from a finance point-of-view.
Human Resources
The heart of the issue with Human Resources is the skills-base of the business. What skills does the business already possess? Are they sufficient to meet the needs of the chosen strategy? Could the skills-base be flexed / stretched to meet the new requirements?
● budget is a financial plan for the future concerning the revenues and costs of a business. However, a budget is about much more than just financial numbers.
Budgetary control is the process by which financial control is exercised within an organisation.
Budgets for income/revenue and expenditure are prepared in advance and then compared with actual performance to establish any variances.
Managers are responsible for controllable costs within their budgets and are required to take remedial action if the adverse variances arise and they are considered excessive.
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