Leadership in Business: Team Budget, Financial Plan, and Contingency Plan

This document discusses the team budget and financial plan for Big Red Cycle, a bicycle manufacturer based in Bendigo, Victoria. It covers the responsibilities of the financial department, preparation of the financial budget, making changes to the team budget and financial plans, contingency plan, and financial management approaches to monitor and control finance. The document also includes a table of contents and a task-wise breakdown of the content.

Running head: LEADERSHIP IN BUSINESS
LEADERSHIP IN BUSINESS
Name of the student:
Name of the university:
Author Note:

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Table of Contents
Task – 1......................................................................................................................................2
1. Team budget or financial plan.........................................................................................2
2. Making Changes to team budget and Financial plans.....................................................3
A.............................................................................................................................................3
3. Contingency Plan............................................................................................................5
4. Financial Management Approaches................................................................................5
Task - 2.......................................................................................................................................7
1. Monitor and Control Finance..........................................................................................7
2. Review variance..............................................................................................................9
3. Review and Evaluate Process........................................................................................10
Task – 3....................................................................................................................................14

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Task – 1
1. Team budget or financial plan
A.
The chosen assignment is based on the Big Red Cycle (BRB) is a bicycle
manufacturer based in Bendigo, Victoria. The company produces bicycles which are sold to
the retailers in the Australian market. As a managing director of the company, there are
certain activities related to the performance of the company and further it is needed to report
the CEO of the organization. The managing director of the company is wholly responsible for
the financial performance of the company and needed to provide report to the CEO based on
the performance. There are also responsibility including the maintenance of the effective
team, monitoring all the necessary actions, ongoing plans and many more. The other
responsibility includes implementing Target or KPI for production, productivity, wastage,
sales, income and expenditure. The accountability towards the long term plan on the budget
of the company. As per the adjustment of the budget it is required to meet the target of 1
Million sale before tax (Burns, 2016).
B.
The team which is taken in to account is the financial department which includes the
preparation of the financial reports of the company from the day to day activities of the
business. The responsibilities of the team is to gather and record the day to day operation or
transaction in the business and accordingly it is the responsibility of the employees to
perform their duties based on the provided norms and strategies. Then it is needed to collect
the relevant information of the business and the responsibilities of the upper level
management is to prepare the financial report or statement of the company. After the

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preparation of the financial statement, the overall financial performance of the company is
then analyzed.
C.
The budget of the company helps to allocate the resources of the company to different
departments and further manage the cash flow of the business in an effective manner. The
preparation of the financial budget includes the balance sheet, cash flow budget and income
statement of the business. The evaluation of the income is further based on the quarterly,
monthly and half yearly basis which further depends on the sustainability of the organization.
The financial budget of the firm is a powerful tool to accomplish the long term objective of
the organization.
After preparing the budget of the financial plan it is significant for the business to
implement and monitor the performance of the budget. The key tools which must be
implemented by the company are the cash flow projection, long term budget plan, operational
plan and many more. The various sections which are included in the preparation of the budget
are the cash budget, budgeted balance sheet and capital expenditure. In the preparation of the
budget, the company must concentrate to enhance the sales which will automatically increase
the production of the company. At the same time it is the responsibility of the company to
take care of the cost of goods sold. The significant role of the firm is to manipulate the cost
and sales of the business so that the company show profit.
2. Making Changes to team budget and Financial plans
FY Q1 Q2 Q3 Q4
REVENUE
Commissions(2% sales) 60000 15000 15000 15000 15000
Direct wages Fixed 2000000 50000 50000 50000 50000
Sales 3000000 750000 750000 750000 750000
Cost of goods sold 400000 100000 100000 100000 100000
Gross profit 2340000 585000 585000 585000 585000

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Expenses
General & Administrative
Expenses
Accounting fees 20000 5000 5000 5000 5000
Legal fees 5000 1250 1250 1250 1250
Bank charges 600 150 150 150 150
Office suppliers 5000 1250 1250 1250 1250
Postage and printing 400 100 100 100 100
Dues and subscription 500 125 125 125 125
Telephone [phone] 2500 2500
Repairs and maintenance 50000 12500 12500 12500 12500
Payroll tax 25000 6250 6250 6250 6250
Marketing Expenses
Advertising 2000000 50000 50000 50000 50000
Employment Expenses
Superannuation 45000 11250 11250 11250 11250
Wages and salaries
Staff amenities 20000 5000 5000 5000 5000
Occupancy Costs
Electricity 40000 10000 10000 10000 10000
Insurance 100000 25000 25000 25000 25000
Rates 100000 25000 25000 25000 25000
Rent
Water 30000 7500 7500 7500 7500
Waste removal 50000 12500 12500 12500 12500
Total Expenses 1401500 350375 350375 350375 350375
Net profit(before interest &
tax)
TO BE
CONTIN
UE
Income tax expense(25%
Net)
Net profit after tax
A.
The main purpose of the entire team is to meet the goal of 1 Million dollar profit
before tax. In this case it is needed change the rent of the organization. The objective can be
accomplished as sudden changes in various things while executing which will further help to
accomplish the targets. It is also accurate as the figures are changed accordingly based on the

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consideration of the required goals. All the team members are included where the adjustments
in the rent is needed in order to enhance the team budget. This adjustments need to make to
meet the target of 1 Million dollar profit. Detailed conversation in this case are required to
reduce the necessary cost at the time renting system.
B.
The team budget or the financial plan of the company is only achievable if the
estimation which is made is perfect based on the current and past performance of the
company. It also depends on the mission and vision of the company and accordingly the
upper level management takes decision by considering the internal and external. The
sustainability of the environment must be checked in order to certain the competition in the
market. The comprehensive and accuracy in preparation of the budget is based on the certain
parameters which may cause impact in the business in the coming future.
C.
The areas where there are certain improvements needed in order to enhance the
prospect of the business such as the variable expenses of the company. The effective tools
and strategies must be adopted in order to manipulate the variable expenses of the firm while
estimating the budget of the company based on the budget (Burns & Dewhurst, 2016).
D.
In case of any loopholes in the budget it is needed to make the required clarification to
encounter such kind of loopholes in the system. The clarification is made by the key
authorities of the business such as the CEO, Senior Accountant, Head of the Human
Resource, Managing Director and Production Manager. The head of the all the departments
residing in the upper level management of the company takes care of the all the clarification

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and loopholes existed in the company. The main activities of the company is depended on the
individual performance of the departments and based on that it creates impact on the firm.
3. Contingency Plan
Planning plays significant role for each and every business in order to accomplish the
goals of the organization as per the mission and vision of the company. The managers of the
company develops business and marketing plan in order to accelerate the performance of the
business. Planning is one of the fundamental management of the business and is also
regarded as one of the primary function of the management.
A.
The contingency plan of the company plays significant role in order to save the
situation of the company at the time of the critical moment of the company. There is a pipe
flooded at the new renting place and now we are unable to move to the new place. Suppose
there’s an example of contingency plan, where it is needed settle a contact on Current Real
state about the situation and ask them to stay here for one more quarter and if possible can
they reduce the rent to half for this quarter. Then it is needed to make a deal with real state to
reduce the rent to half and it will help me to manage my budgets. Then in such a case it is
required to decrease the wages of the employees which is going to help me to achieve the
original goal of 1 Million dollars. If the contingency plan is in place, it will still help me to
take to the target of 1 million dollar profit before tax.
4. Financial Management Approaches
A.
The relevant details of the agreed plan in the organizational process will enhance the
overall financial performance of the company. It is need to arrange meetings or send emails

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to team members based on the relevant details of the agreed plan. It is also possible on the
basis of one to one conversation. Accordingly there will be discussion regarding the agreed
plan with the employees which can further be done by arranging meetings or sending mails to
the employees. There are different methods different methods to communicate and gain
agreements on the details of plans. Firstly, it must be based on the written agreement and
written documents accordingly. After the meeting it is needed to take feedback from
everyone and further it is needed to ask that they are going to meet the new target. Necessary
training in that case are needed for the staffs in order to accomplish the targets.
B.
The information’s will be disseminated from the upper and the lower level
management in a chronological order. The whole process of the system is conducted by
sending mails and message through the system. Significant meeting may also take place
during the process.
C.
In case of any critical situation effective communication of the process must take
place in order to make clarification regarding the criticality of the situation. The details of the
plan are kept within the higher level authority of the company.
D.
There must be certain norms and responsibilities which the employees of the
organization based on the hierarchy of the organization. Before implementation of the budget
or financial plan each and every employees of the organization must follow their own
responsibilities to develop the budget or financial plan for the next five years of operation
(Laudon & Traver, 2016). In case of preparation of the budget most of the work is rest upon

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the lower level management of the company in preparation of the budget and rest of the upper
level management takes decision regarding the implementation of the ultimate budget.
E.
The feedback process plays a significant role where each members of the company
gives comment regarding the current performance and the budgeted variance of the company
in that case. The objective of the financial plan or budget is to accomplish the projected target
of the budget and at the end of the year it is the responsibility of the upper level management
of the company to find the reason behind such of budgeted variance.
F.
The financial management roles which must be allocated to the team members must
be audited that the company in a proper manner to understand the members of the financial
management can perform the respective duties allocated to them. The individual performance
of the employees must be audited by the help of which management of the company will
understand the employee’s performance at the same time. Based on that the company will
take decision to further enhance the skills of the employees so that they can perform
accordingly based on the roles and responsibilities of the company.
G.
The resources of the company must be allocated and utilizing the resource of the
company in an effective manner. The internal and external operation of the company must be

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analyzed by the company and further the work team will be responsible to set the efficiency
of the system based on the roles and responsibilities of the management.
Task - 2
1. Monitor and Control Finance
A.
Constant monitoring and check regular process from bottom to up is required. It is
needed to meet the 1 million dollars target based on certain accomplishment. The staff
training is needed to upgrade the new technologies. It is needed to continuously check and
review the process in order to ensure that modification is done as per the requirement. It is
needed to monitor the accuracy in the budget by the process of constantly monitoring in an
internal basis (Pilbeam, 2018).
B.
The company will not be able to manipulate the fixed cost which is incurred by the
firm but will definitely able to manipulate the variable cost of the firm (Peng, 2016). The
variable cost of the company must be kept into record and significant changes or sudden
increase in the expenses of the company can be taken into consideration by the management.
Later on the management in that case must further adopt rules and cost control strategies
must be adopted by the company in order to lower the overall budgeted cost of the firm. The
cost control strategies are managed by the head of the cost department and on the basis of it
the manipulation of cost must be taken accordingly. The financial performance of the
company will fluctuate accordingly as per the movement of the cost in that case.

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C.
After monitoring each and every aspect of the firm it is required to prepare the
contingency plan for the company. The contingency plan of the company will further be able
to assist the company at the time of significant downfall of the company. When the
management level of the company is facing pressure in the business it is the responsibility of
the management to understand the implication of such budget and further adopt the strategies
to change the outcomes accordingly. After analyzing the downfall, adjustment in that case are
made based on the transaction of the company with the perspective to accomplish the overall
business objective (Bloom et al., 2018).
D.
The members of the team provides feedback in order to manipulate the expenses or
the cost which are associated in the business. On the other hand, cost incurred in performance
of the financial function is needed to be minimized by the company. The tools and techniques
in that case must be adopted by the company in order to further lower the potential expenses
in that case (Scholes, 2015). Every business objective of the company must be analyzed by
the firm in order to utilize the business prospects.
E.
The evaluation in order to calculate the variance is by using the excel spreadsheet and
in that the difference between the actual and budgeted is shown in the spreadsheet evaluation.
By utilizing the respective formulas, it will be possible for the firm to find out the respective
variance of the company (Kaplan & Atkinson, 2015).

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2. Review variance
Actual exp – bud ex*100 = va TO BE CONTINUE
A.
The main areas of the accounts variance are the revenue, cost and profit of the firm.
The original outcome of the company must be evaluated based on the certain parameters of
the company (Horst, 2018). The main objective of the company is to minimize the variance
and for that the required steps are needed to be adopted by the company.
B.
The eight accounts where the significant variance of the company is identified are the
sales, cost of goods sold, bank charges, repair and maintenance, electricity, insurance, rates
and waste removal. This are the eight accounts where the significant variance of the company
will take place accordingly.

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C.
It is significant to achieve the main mission or the financial objective of the company
and in order to achieve that it is necessary to have contingency plan of the company (Fisher,
2018). The contingency plan of the company acts as the backup plan in order to save the
company from the worst situation. In such a situation the management must draw an
extraordinary plan to facilitate such backup plan in the organization.
D.
In the budget monitoring process of the company includes the examination of the
performance measurement along with the linkage to the financial outcome of the firm
(Goldratt, 2017). Further the analysis includes the goals or objectives of the company in case
of the adoption of budget and inclusion of the new initiative which must be included in the
budget of the firm. It is important to ascertain the future expenditure of the company so that it
can be manipulated by the firm.
E.
There may exist budgetary variance after the evaluation of the budget and the
variance must be analyzed which is the difference between the actual and budgeted. The
management of the firm in that case tries to adopt some of the significant strategies in order
to reduce the variance of the firm. In such a situation the contingency plan of the company
must be adopted in order to lower the variance of the budget (Duska, Duska & Kury, 2018).
3. Review and Evaluate Process
A.
There are various ways to monitor the effectiveness in the financial statement of the
work team by the help of the preparation of the financial statement of the company. The

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preparation of the financial statement is significant for the company in order to understand
the financial position of the business (Kranacher & Riley, 2019). The inventory records also
must be analyzed and the shortage of inventory must be taken care of by the upper level
management of the company. The inventory records of the company must be monitored in
such a manner that the inventory level of the company can be optimized accordingly.
After the preparation of the financial statement then it is needed by the upper level
management of the company to analyze the financial ratios and working capital statement of
the company. This are the important financial tools which must be utilized by the company in
order to analyze the current financial performance and further to monitor the fluctuations of
the firm. The directors or the upper level management of the company must find the reason
behind the key fluctuation in the analysis of the company and accordingly the decision in that
case is taken by the upper level management of the company (Cochrane, 2017).
B.
In case of planning and forecasting the key financial information’s of the company
must be obtained in such a manner so that it becomes easy to forecast the revenues, expenses
and net profit of the business (Quinlan et al., 2019). KPI is one of the most significant
processes that is used to monitor the effectiveness and further making adjustment
accordingly. The information’s are needed to be kept on track in order to accomplish the
desired objectives. The effectiveness in the communication will further required a proper
team and it also ensures budget plan. It is needed to set KPI to accomplish the new target and
in order to meet the 1 million dollar before tax and further provide training to all the members
(Eriksson & Kovalainen, 2015).
C.

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The analysis of the data which are collected by the company are of two types which
are the qualitative and quantitative data analysis. The qualitative data analysis is basically the
theoretical approach of analysis deals with the identifications and developing the framework
of the business. The pattern and connection of data must be collected accordingly of the
purpose of detailed analysis of the business (Gitman, Juchau & Flanagan, 2015).
The qualitative analysis of the firm includes the ratio analysis, financial statement
analysis of the company in a detailed manner. The marketing expenses of the company must
also be analyzed accordingly and any significant changes must be made by the upper level
management of the firm (Härdle, Chen & Overbeck, 2017). The opportunities in the financial
statement of the company must be analyzed and on the basis of it the significant decision in
that case must be made. The opportunities are related to the investment opportunities of the
business which the company.
D.
The areas of the financial management process which may be improved are checking
the accounts, loans, and small business. The financial planning process and clarification in
that case must be analyzed by the high level management of the company and accordingly the
decisions must be taken in order to manipulate the financial statement of the company. The
leadership qualities of the upper level management of the company must be evaluated in such
a manner that the company can fix the potential glitches within the system (Bell, Bryman &
Harley, 2018).
E.
If there lies any potential changes in the business management process then the 360
degree review system of the company must be made in the work team on the changes in the

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financial management process. The reviews must be gained from the work team and
accordingly after analyzing and interpreting the same, ultimate decisions must be made by the
upper level management of the firm (Bernstein, 2015).
F.
The organizational process required to monitor and implement the agreed movement
are providing management support to change the internal management system of the
company. The involvement of the employees in the core operation of the business must be
engaged and further it is required to monitor the changes in the system (Hair et al., 2015). It
is needed to communicate the change along with the removing the key barriers in the system
accordingly. However the management must make the potential changes in the system and
accordingly the decisions in that case must be made by the upper level management of the
organization.
G.
The improved financial process of the business are much more linked with the
financial objective of the work team and the organization as a whole. Each and every
organization tries to accomplish the key objective of the organizational and on the basis of
that the decision are taken by the high level authority of the business (Storey, 2016). The
management prepares the budgeted statement and on the basis of that the operations of the
business are conducted accordingly with the purpose to accomplish the key financial
objective of the firm. This reason for which it can be said that the financial statement of the
company is directly linked with the core objectives of the business.

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Task – 3
1.
Budget is the process of preparing an investment plan for the business and
accordingly determining the cash required to run the operations of the business. It also
includes the planned sales volume and revenues of the business, cost, expenses, asset and
liabilities of the business. The high level authorities prepares the budget based on the certain
financial parameters and based on the certain strategic plans of the activities which is quite
measurable in nature (Fracassi, 2016). The sum of money which is allocated for the particular
purpose is known as the budget. The budget in that case may result in the surplus and deficit
which is referred to as the variance. In case of variance from the actual facts and figures of
the firm, the management decision of the firm plays significant role in that case (Neubauer &
Lank, 2016).
2.
The benefits which the budget can provide are to give effective control over the
money or the liquid cash of the business. The budget helps the firm to keep focus on the goals
or the activities of the business. By preparing the budget it will be possible for the firm to
adjust the investing opportunities and to further lower the debt of the organization in that
case. This further helps the organization to keep the note of the expenses and savings of the
business (Hoyle, Schaefer & Doupnik, 2015). This also helps the organization to solve the
potential problem which takes place within the internal management of the organization.

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Budget further helps the management to take decision regarding the debt management control
of the company.
3.
The contingency plan is referred to as the plan designed by the business where the
possible future events which takes place within the management system of the company.
Each and every business maintains various contingency plan in order to encounter the
criticality and the downfall in the business (Arcand, Berkes & Panizza, 2015).
4.
Before developing the cost control measures the business needs to ensure some of the
important tips which are consolidate purchase, review on the vendors, train the employees or
the staffs. The internal business prospect of the firm must be entertained in order to measure
manipulation in the cost of the business. The cost control techniques of the company must be
adopted by the firm so that the business can perform effectively.
5.
The business needs to ensure streamlined business feedback in order to further
enhance the internal management of the company along with the potential changes which
must be adopted in the system. The feedback are received from the potential customers in the
business and accordingly after analyzing the prospects, the ultimate decisions in that case are
taken. The feedback must be evaluated and changes in the system must be improvised by the
company.

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6.
The financial management of the company deals with the potential requirement of the
company which includes the financial plan, source of fund and capital structure of the firm.
The main objective of the financial plan is to execute the plan accordingly along with that it
is required to ensure that there are enough fund to facilitate such changes in the system. The
whole process which is discussed in that case are involved in the financial management.
7.
The financial document which are needed in the budget cycle are the budget circulars,
annual development plans, budget review, division of revenue bill, budget policy statement,
country fiscal strategy papers, finance bills, appropriation act and budget implementation
report. These are the above financial documents which must be produced by the company
during the preparation of financial budget cycle (Sekaran & Bougie, 2016).
8.
The approved budget must be further managed by the department of the financial
management. The changes in the system must be adopted by the company in order to manage
the approved budget. The various cost control and forecast techniques are utilized in order to
effectively manage the approved budget of the company.
9.
Effective monitoring of budget performance requires the updated tools and technique.
The technology in recent year is constantly flourishing and in that case it is the responsibility

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of the upper level management to ensure that the company uses the updated tools and
techniques.
10.
The ratio groups of the company can be classified in to the liquidity ratio, activity
ratio, profitability ratio and solvency ratio of the firm. The business evaluates the financial
ratios in order to understand the financial prospect of the firm.
11.
The budget compliances are controlled by the upper level management or the higher
level authorities which further includes the government and key stakeholders of the business.
The budget of the company reflects the sources of funds and financial aspects of the business.
12.
Each and every organization follows the accounting principles in order to ensure that
the accounting entries of the firm are correct. Most of the business actually follows the going
concern concept of the accounting principle. Apart from that the other principles are the
accrual, conservatism, consistency, cost and many more. Every firm must follow the
accounting principle which will reduce the errors and changes in the system. Following the
principles actually provides the transparency and clarity in the business.
13.
The goods and services tax or known as (GST) in Australia is a value added tax of
10% on most goods and services sales. There are certain consideration with some exemptions

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such as for certain food, healthcare and housing items, concessions which includes qualifying
long term accommodation where the effective rate of tax 5.5%. GST is levied on most
transactions which takes place during the production process (Shoup, 2017). The refund is
made to various parties in the chain of production other than the final consumer.
14.
The key requirement of the financial record keeping and auditing are the documents
of the primary entry, receipts, invoices, promissory notes, working papers and other
documents. The overall financial statement of the company is audited and the requirements in
that case works as evidence in the business.
15.
a. The principle techniques of budgeting includes the conservative not optimistic, team work,
allow plenty of time, excellence in documentation and provide training. The team work while
preparation of budget plays significant role for the company (Smith, 2017).
b. The principles which is involved in the preparation of the cash flow statement of the
company. The separation principle is to bring out the projected cash flow of the particular
project.
c. Electronic spreadsheet includes various formulas in order to analyze the financial statement
of the firm. The tools and techniques used in the spreadsheet to analyze the financial
performance of the business.
d. The GST is referred to as the goods and service which is levied on the products or services
provided by the firm.
e. The financial statement uses principles or financial concepts used in the business.

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f. The profit and loss statement of the company involves of the significant principle utilized
by the management in order to maintain the accuracy in the business.
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