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Furniture Manufacturing Business Plan

   

Added on  2020-02-24

6 Pages1081 Words62 Views
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Accounting 350
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TABLE OF CONTENTSManufacturing company and value chain..................................................................................3Type of budget and essential budget review steps.....................................................................4Benchmarks and associated benefits..........................................................................................4Cost system................................................................................................................................4References..................................................................................................................................5
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MANUFACTURING COMPANY AND VALUE CHAINBy considering market conditions of United States, I am planning to start a companyengaged in manufacturing of furniture. In accordance with the model of Porter’s Genericvalue chain, primary activities of the company will deal with physical manufacturing, sale,storage and maintenance of furniture and support activities will be associated with additionalactivities. Descriptive value chain of food manufacturing company will be as followsPrimary activitiesSupport activitiesInboundLogisticsThis will include receiving,storing and distribution ofinputs (wood and other rawmaterial) as per requirement ofinternal business (Mudambi &Puck, 2016).ProcurementThis will include findingvendors and negotiating forbest prices.OperationsInput will be processed incompleted furniture to makethem in sellable conditions.HumanresourcemanagementDevelopment of efficientteam with appropriate HRpractices.OutboundlogisticsThis will include distributionsystem developed to deliverfinal products to customers.TechnologicaldevelopmentTo employ updatedtechnologies to minimisecost and attain technicalexcellence in operationalactivities (Hazır, 2015).Marketingand salesPromotion of products toenhance sales.InfrastructureThis will include legal,accounting and other dailyoperational activities.ServiceSupport services to customersafter the purchase has beenmade.TYPE OF BUDGET AND ESSENTIAL BUDGET REVIEW STEPSFor effective financial management and planning, the master budget will be preparedby considering operational activities of furniture manufacturing company. Considered budgetis an aggregate of individual budgets of the company and will present the complete picturefor their financial health by considering all activities (Kamensky, 2014). This budget willcombine factors such as sales, assets, operating expenses and associated income streams. Bymaking use of this budget, the company will be able to create financial goals and monitortheir overall performance. This approach will align all departments and their respectivemanagers for better coordination and communication.
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