Analyzing Financial Discrepancies in a Business
Added on 2020-02-24
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MANAGING OPERATIONAL PLAN
Table of ContentsINTRODUCTION.....................................................................................................................................1ASSESSMENT TASK 1..............................................................................................................................1Self directed business........................................................................................................................1Sell shares to raise capital.................................................................................................................1Identify skills, experiences and resources..........................................................................................1Ethical business practices..................................................................................................................1Business opportunity.........................................................................................................................2Break even analysis...........................................................................................................................2Develop a product or service.............................................................................................................3Plan quality production process and sourcing of raw materials........................................................3Sustainability principles for business.................................................................................................3Marketing plan..................................................................................................................................3Develop budget.................................................................................................................................4Monitoring and controlling of plan....................................................................................................4Produce financial statements............................................................................................................4Provide return to shareholders.........................................................................................................5ASSESSMENT TASK 2..............................................................................................................................6Executive summary............................................................................................................................9Identification of aim of operational plan...........................................................................................9Ineffective areas of operational plan.................................................................................................9Improvement suggestion.................................................................................................................10Cost cutting opportunities without affecting quality or customer service.......................................10Identify risk in plan and solution to resolve the problem................................................................10Recommendation............................................................................................................................11ASSESSMENT TASK 3............................................................................................................................11List of personnel..............................................................................................................................11Prepare one year budget and projected financial statements.........................................................12ASSESSMENT TASK 4............................................................................................................................12Prepare variance report...................................................................................................................12Discrepancy in the report................................................................................................................13Effectiveness of cost budgeting technique......................................................................................14Recommendation............................................................................................................................14
CONCLUSION.......................................................................................................................................14references............................................................................................................................................153
INTRODUCTIONBusiness opportunity creates unique businesses establish by an enterprise owner toresolve all the issues. This report is all about selecting food and beverage business ofrestaurant in the Sydney Australia. The operational plan is managed by focuses on thefinancial as well as qualitative aspects of the operational plan. Business plan develops by anentity by focusing on several factors that are considered in an operational plan.ASSESSMENT TASK 1Self directed businessXYZ is a restaurant located in George Street in the Sydney, Australia to cater variousneeds and expectations of all the users in the external market. George Street is a central placein New South Wales comes under high streets in Sydney (Crane and Matten, 2016). Theuniqueness of this restaurant is that customer with no money can enter the restaurant and paymoney whenever they have. It attracts all kinds of users whether poor or rich people.Important credentials of the customers held with the owner as a security.Sell shares to raise capitalSelling shares is a proven way to raise capital for an entity as in this way the fundingrequirement of the business gets fulfilled. Shares of the existing company can sell their shareto the investor. Equity can rise through an initial public offer in which news advertisement isgiven in local newspapers of Sydney.Identify skills, experiences and resourcesThis business requires creativity and innovation as the basic traits in attracting morecustomers towards the restaurant. Interaction with the consumers is essential in explaining allthe benefits of the firm to them.Ethical business practicesThe restaurant owner is requiring in focusing on various factors as a code of conductin meeting all their needs is given as below:Employee compensation-salary and wage are decided by the user after analyzing theability of all the employees as workforce plays an integral role in catering variousservices to the users.Food safety-Preparations of food include following various hygienic measures toprovide quality oriented and tasty food to the consumers. Allergy of the buyer isconsidered as the important parameter while preparing food.4
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