Business Resources

I just need :P1,P2,P3,P4,P5,P6,P7.

BUSINESS RESOURCES

Table of content
 Introduction
 Main body
 Conclusion
 References

Introduction
 A business can be defined as a commercial activity of buying and selling of goods and
services for the purpose of earning profits.
 For undertaking such commercial activity, a business concern requires various resources
such as man, material, machines and money.

Financial state of organization
 The financial state of the Crawford Healthcare was not convincing in the year 2017.
 It made gross profit of 15594 millions pounds which was higher than 2016 but it still
made loss because of significant administrative costs.

Management of resources
 Proper management of business resources can help the company in utilising the optimum
power of each resource.
 For example, advancement in technology in Crawford would help it in increasing its
research capacity which would lead to identification of new business opportunities around
the world.
 This would help in staying a step ahead of its rivals in market.

Importance of budget in improving
financial performance
 Budgets helps in improving financial performance as it act as guide according to which
expenditure has to be incurred.
 Better decision making is facilitated with the help of budgets.
 Reasons could be known by identifying the variances between actual and standard costs.
 This leads to better formulation of policy and strategies for achieving organisation
objectives.

Recommendations
 Crawford needs to focus on its operational and administrative costs.
 Improvement of its profitability can be done through cost control by budgetary control
methods.
 It needs to manage its different resources very optimally for reaping the required results
from these resources that are man, machine and money.

Conclusion
It can be summarised that company have to focus its energy on managing its business
resources optimally for improving its financial performance. Crawford has to cut down its
administrative costs for brining itself out from loss making phase.

References
 Osotimehin, S., 2019. Aggregate productivity and the allocation of resources over the
business cycle. Review of Economic Dynamics.
 Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.