BSBFIM501 Manage budgets & Financial Plans Research 2022

Running Head: BSBFIM501 Manage budgets & Financial Plans 1
BSBFIM501 Manage budgets & Financial Plans
Name
Institution
Date

BSBFIM501 Manage budgets & Financial Plans 2
Part 1: Team Budget or Financial Plans
a)
Big Red Bicycle Pty. Ltd is the organization that I work for. It is located in Bendigo, Victoria.
Manufacturing of bicycles is the main activity that the company conducts. Other activities
include; distributing and selling the bicycles through its retail agents that are based in Australia
that happens to be its main consumer and market segment.
b)
Senior management team is the company’s team that I manage. Chief Executive Officer,
Managing Director, Operation General Manager, Senior Accountant, Sales General Manager,
Production Manager and Human Resource Manager are the members of the team that I manage.
Every member of the team plays a key role in ensuring that objectives and goals of Big Red
Bicycle Pty. Ltd are achieved over a period of time as discussed below; Chief Executive Officer
plays a role of managing all the resources and operations of the company. He also acts as a
linkage between the company team and Board of Directors. On the other hand, Managing
Director is responsible for developing and implementing all the policies of Big Red Bicycle Pty.
Ltd. Also, Operation General Manager plays a role of motivating and monitoring the company's
staff whilst coordinating all the entity's operations. Also, Senior Accountant plays a role of
ensuring that all accounting activities in the company are effectively executed to avoid wastage
of financial resources. In addition, Sales General Manager is responsible for developing new
sales approaches to ensure that the revenues and profits of the company are improved. Also,
Production Manager is responsible for ensuring that all processes of manufacturing the bicycles
are conducted efficiently and reliably to avoid scarcity or wastage of resources. Furthermore, the

BSBFIM501 Manage budgets & Financial Plans 3
Human Resource Manager is responsible for planning, directing and coordinating all
administrative duties of Big Red Bicycle Pty. Ltd (Michael, 2012).
c)
Operational plans and long term plans are the financial plans that I am responsible for
implementing and monitoring. Operational plans provide an overview on contributions that every
team member at Big Red Bicycle Pty. Ltd will offer towards achievement of set objectives and
goals in the short and long runs. I implement and monitor operational plans by clearly defining
and allocating roles and responsibilities of every member to ensure effective execution of
projects to achieve desirable goals. On the other hand, long term plans are aimed at ensuring
survival of the company over a long period of time through boosting its competitiveness in the
market. I will implement and monitor long term plans by conducting further research about
opportunities that can be utilized to achieve all the set long term goals and objectives of Big Red
Bicycle Pty. Ltd (Mills, 2017).
Part 2: Making Changes to Team Budgets or Financial Plans
a) Master Budget with profit projection for FY 2016/2017 was selected as the team budget. The
purpose of the above budget is to depict the current financial position of Big Red Bicycle Pty.
Ltd. This is because the budget is showing the company’s revenues, expenses as well as the
associated net profits which make it easy for making financial decisions (Mills, 2017).
b)
i) Master Budget with profit projection for FY 2016/2017 is achievable. The above claim is
attributed to the fact that Big Red Bicycle Pty. Ltd that total revenues depicted in form of gross