Foundation of Business Management

Learn about the foundation of business management and its importance in running a successful business. Explore the concept of managing resources, reducing costs, and achieving corporate goals. Get insights into a case study of AZTech IT Solutions attending a trade show for warehouse management. Discover the benefits of exhibiting at trade shows and the key findings for managing an event. Gain knowledge on project planning, budgeting, and milestones. Reflect on the skills required for project management and collaboration.

Foundation of Business
Management

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1 ...........................................................................................................................................1
Business Case Company.............................................................................................................1
Rationale for Exhibiting..............................................................................................................2
Key findings................................................................................................................................2
Project Plan Milestones...............................................................................................................3
Potential Return on investment...................................................................................................3
Project Plan and Budget..............................................................................................................4
WBS Structure............................................................................................................................5
Conclusion.......................................................................................................................................6
REFERENCES................................................................................................................................6
PART 2............................................................................................................................................8
Reflection....................................................................................................................................8
.......................................................................................................................................................10

INTRODUCTION
Managing a business is considered as most important concept, that helps firms in
optimum utilisation of resources, reducing additional costs, achievement of corporate goals etc.
It arranges the operational and production factors, integrate resources and direct efforts of team
members for running business successfully (Abd Ghani and et. al., 2019). In this regard, a report
is prepared on the concept of foundation of management, where a firm AZTech IT Solutions is
going to attend the London Technology and AI Trade Show in last month of Aug.2020, to
demonstrate its technical innovation for warehouse management. For this purpose, all aspects
which are required to launch an event in respective trade show, is described in detail in present
project, which includes resources, staffing requirements, capital and materials. Further, reflection
on overall management of project including skills that will be developed by working on report, is
also given.
PART 1
Business Case Company
AZTech IT Solutions is one of the technological firm of UK, which is established by four
brothers in 2006. This firm is highly committed to provide excellent IT Services, in terms of
digital transformation, management of services and cyber security (Rafika and et. al., 2020).
Excellence of services provided by this firm can be measured in terms of client satisfaction and
solutions provide for upgrading their business. One of the example is W H Barley which deals in
logistics sector and face problems in running organisation with limited internal technology
resources (Pearlson, Saunders and Galletta, 2019) . For this purpose, within a period of two
weeks, AZTech has upgrade system of this firm to Microsoft Office 2013 ® and Microsoft
Windows 7 ®. Currently, focusing on growing needs of management of warehousing operations,
this firm will now offer new solutions which is based on HighJump software. This application
will provide cloud-based automation and organisational tools, that helps organisations in driving
down their costs with labour management features and role-based task orientation (Wang and
Wang, 2019). There are a number of benefits and key advantages of using this new software for
larger organisations, like maintenance of customer trust by improved accuracy; building a short-
term solution for better flexibility; easy integration of resources; dealing with supply chain issues
and leveraging the cloud.
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Key features of new innovative software -
 Warehouse management – HighJump Software will help in automating the raw material
flow regardless of product type, throughout warehouse, which allows business clients to
make informed decisions by gaining vital visibility into warehousing operations (O'brien,
2019).
 Labour Management – This software provide a number of tools to clients for planning,
reporting and measuring labour tasks, that leads to minimise unproductive time for labour
management
 Omnichannel Management – As warehousing operations are needed proper tools with
growing business to keep up, so, omnichannel features of HighJump Software will help
to deal with the same (Davis and Comeau, 2020).
Rationale for Exhibiting
Since, a number of organisations are already run business in IT field in UK market,
therefore, to gain competitive advantage over them, successfully close sales and generating high
leads, it becomes essential for management of AZTech IT to exhibit at trade shows (Abd Ghani
and et. al., 2019). As London Technology and AI Trade Show is one of the biggest event in UK,
so, launching en event over here to describe latest innovative solutions for warehousing
management i.e. HighJump WMS Software, will help present firm in strengthening its brand
loyalty and meeting with potential customers personally (Rafika and et. al., 2020). Attending this
event show, will also give advantage to management of AZTech IT to determine strengths of
competitors and make business well-acquainted with market trends and in respective industry.
Key findings
For managing an event in London Trade Show, management of AZTech IT firm needs to
pay attention on following main points –
 Purchasing space at trade show by choosing the best exhibit space to solidify the
presence, by organising prior meeting with event organisers (Pearlson, Saunders and
Galletta, 2019).
 Hiring skilled and knowledgeable event people, for managing entire event in trade show
 Make attendee lists, in advance for show and set up extra seats or a lounge nearby booth
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 Arrange materials required at booth like Supplies Box, Business Cards, Promotional
items to feature the benefits of new IT solutions, Refreshments and more.
Project Plan Milestones
Milestones represents a clear sequence of entire activities which incrementally build up
till completion of a project (Wang and Wang, 2019). In context with present project, to launch an
event in London Trade show, some milestones are described as below –
Step 1: Identify the Project
Step 2: Set-up Project Deadline and dates for each phase
Step 3: Establishment of proper communication for stakeholder approvals
Step 4: Instruct team members and track their progress for key deliveries
Step 5: Exhibit Leadership and Management for important meetings
Step 6: Spotlight Important Dates
Step 7: Identify Potential project bottlenecks
Potential Return on investment
Launching an event in London Trade Show, will provide a number of benefits to AZTech
IT firm, with high return on investment. It includes –
 Showcase innovation of new products or services – Through exhibition in trade shows,
present firm will get benefit to promote new features of IT solutions, especially for
warehousing management (O'brien, 2019).
 Advantage of Face-To-Face marketing – This would also help in promoting business,
by making personal interaction with potential customers and bring their attention towards
innovative services.
 Sales Lead opportunities – Promoting services further results to gain sales lead and
generate high revenue, which boosts the brand visibility also.
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Project Plan and Budget
Budget
Year 2017 Jan Feb Mar April May Jun
Opening cash balance 0 -30852 -22015 -14108 36042 66856
Sales amount 0 42563 43526 43568 44124 44325
Sales 0 12451 15000 13452 14528 15574
GROSS SALES (Total) 0 55014 58526 57020 58652 59899
Cost of Goods Sold
Raw material purchase 0 25000 28000 26000 25000 30000
Equipments purchase 0 3500 5000 3363 3632 5000
Total cost of goods sold 0 28500 33000 29363 28632 35000
Gross profit 0 26514 25526 27657 30020 24899
Cash Flow After Financing 10000 10000 10000 10000 10000 10000
Total cash inflow (A) 10000 5662 13511 23549 76062 101755
General and Administrative
Workers Salaries 15476 13754 13996 14255 14663 175
Management Salaries 3400 3400 3400 3400 3400 3200
Advertisement 800 800 800 800 800 300
Decorating 150 150 150 150 150 200
Lightening 250 250 250 250 250 150
Legal and Professional Fees 100 100 100 100 100 200
Misc. Other 250 250 250 250 250 1200
Total Gen. and Admin. (Fixed) 20426 18704 18946 19205 19613 5425
NET PROFIT OR LOSS -20426 7810 6580 8452 10407 19474
Drawings 2000 3000 1600 2500 3500 3000
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Total cash out flow (B) 42852 13894 13966 13253 12706 -11049
Net Cash Flow (A-B) -32852 -5232 1145 12796 66856 115804
WBS Structure
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Illustration 1: WBS Structure for Launching Event in
Trade Show

Conclusion
It has been concluded from this report that for business management, it becomes essential
for a company to handle its project systematically. For this purpose, concerning on necessary
steps like setting project deliverables, duration for completing each task, arrangement of
resources and more, lead to meet every objectives more easily.
REFERENCES
Books and Journals
Davis, C. H. and Comeau, J., 2020. Enterprise integration in business education: Design and
outcomes of a capstone ERP-based undergraduate e-business management
course. Journal of Information Systems Education. 15(3). p.8.
O'brien, J., 2019. Category management in purchasing: a strategic approach to maximize
business profitability. Kogan Page Publishers.
Wang, S. and Wang, H., 2019. Design and Delivery of a New Course of Information
Technology for Small Busines. Journal of Information Systems Education. 26(1). p.4.
Pearlson, K. E., Saunders, C. S. and Galletta, D. F., 2019. Managing and using information
systems: A strategic approach. John Wiley & Sons.
Rafika, A. S. and et. al., 2020. Strategic Planning of Education Information Systems on Bonavita
Foundation as a Decision Support in Facing Industrial Revolution 4.0. International
Journal for Educational and Vocational Studies. 1(8).
Abd Ghani, A. and et. al., 2019. Proposing an Enhanced Youth Training Module for Fostering
Spiritual Foundation. Journal of Computational and Theoretical Nanoscience.16(12).
pp.5014-5019.
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PART 2
Reflection
Working on the given project, it has been analysed by me that for managing any project,
it is essential for every associated person to possess proper skills and abilities. It includes
different ways of communications like verbal and non-verbal way, that effectively create a
pathway for achievement of project objectives. As organisational project mostly a group of
people works, therefore, lack of communications or ineffective ways of interaction, leads in
transforming less information among team-members. This may further arise conflicts among
them, which directly impact on outcomes of project or either team-workers may fail to meet
project deadlines. Considering these factors, when working on present project, I have major
focused on establishment of both mode of verbal and non-verbal communication, like telephone,
voice messages, presentations, e-mails and more. Due to lack of sufficient time, I have utilised
MS-Office, like Excel, Power-point and others. Microsoft PowerPoint helps in providing entire
description visually to all team-member, about how the work will be conducted and provide
guidance to each the manner, in which outcomes can be achieved. Along with this, after
completion of project, Power-point presentation also helps in describing entire details to chosen
organisation, about how their event will be launched and what benefits will they gain, after
launching event successfully in trade show. Apart from communications, another skill that are
essential for a learner to handle a project, includes Numeracy, ICT, Problem Solving and
Collaboration or sharing abilities.
Numeracy skills are essential for budget planning, so that available resources can be
utilised in optimum manner. This would also help in applying statistical and mathematical
models for analysing and interpreting data. Similarly, ICT i.e. Information and Communication
Technology knowledge is essential to develop by each learner or team-member, for using
internet and Microsoft Programs for completion of their parts of activities. ICT skills are also
considered as the most demanding skills by organisations where having such abilities, aid
employers to run their business successfully and more competitively. Other skills, like Problem
Solving, Collaboration, Leadership and Management abilities, are required for working in a
group project. Through these skills, a person who attains leadership position in a team, can
handle and resolve conflicts among workers, as well as gain their positive contribution to meet
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deadline of project and achieve desired outcomes. Along with this, management and leadership
skills also help in developing an effective team where every member works in collaboration with
others and give support for completion of activities, on set period of time.
In context with present project, which is based on launching an event in a trade show for
IT company, has assigned to me in a group, where each member possess different-different
knowledge and skills in their part of field. This would prove both beneficial and disadvantage for
me, for doing project in team. It includes analysing way to cooperate with others and match own
skills with them, to achieve project outcomes. This would have provided me a great experience,
where to describe the same, Belbin team role model consider as perfect tool. This model
describes each team role in systematic manner, as described beneath – Implementer – This role is mainly played by a practical organiser or task oriented person,
whose main role is to plan activities and set time-period of each for completing the
project before deadline. Under my team, the person who has played the role of
implementer has put ideas like using WBS chart to check progress and responsibilities of
each worker. Resources investigator – Person having adventurous, enthusiastic as well as open-
minded,for bringing new ideas to optimise the resources, played this role in a team. In
context with present project of event launching, member who has played role of resource
investigator helps me and other members in using resources for completion of activities
in efficient manner. Plant – This role is played by most creative thinker for planning entire activities and
setting project deliverables. In my team, member who has played this role, helps in
setting milestones for measuring progress at each specific point. Monitor – The person who has played this role helps out team in identifying the
situations which may arise barriers in meeting deadline and obtaining desired outcomes.
After analysing such risks like conflicts among team because of lack of communication
and more, this person has taken participation of all team-members and made decisions to
overcome from same. Shaper – Having passion and take challenging role, member who has worked as a shaper,
mainly works on developing necessary skills like collaboration among team, for reducing
chance of conflicts and completing project on time.
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 Coordinator – In my team, I have taken the responsibilities of maintaining coordination
among team members, by taking feedback of each and every member for meeting their
needs. Completer Finisher – Main role performed by completer finisher within present project
is to monitor and maintain quality of deliverables via taking a number of action plans. Team worker – The most delicate member who accommodates essential resources and
identify further needs that are essential for completing a project, is known as team-
member. In present project, team-worker helps me and my team to work in enjoyable
manner, by providing an effective and positive working environment.
 Specialist – Role of specialist is to govern areas where any mistake can take the project
towards failure and further take expert ideas to reduce chance of same. In my team,
specialist helps in meeting milestones of project, by timely checking feasibility of ideas
of each team role, for performing their activities.
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