Use of Budgets for Exercising Financial Control

UNIT 2 BR

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Recruitment documentation..................................................................................................1
P2. Main employability, personal and communication skills....................................................1
TASK 2............................................................................................................................................2
P3. Main physical and technological resources..........................................................................2
TASK 3............................................................................................................................................3
P4. Sources of internal and external finance..............................................................................3
P5. Contents of a trading and profit and loss..............................................................................3
P6. Use of budgets for exercising financial control....................................................................4
P7. Financial state of Tesco........................................................................................................5
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Key Resources is the building block describing the most important assets needed to make
a business model work. Every business model requires them, and it is only through them that
companies generate Value Propositions and Revenues. Key resources can be physical, financial,
intellectual, or human (Lai, Lin and Lin, 2015). This assignment contains the documents is
recruitment process and the skills required by the organization in the candidate. Further, it
includes the main physical and technological resources required by the organization. Finally, this
report will show the financial budget situation of the company and their current financial state.
TASK 1
P1. Recruitment documentation
Recruitment documentation consists of all the personal information an individual must
give in order to apply for the vacancy that is being advertised (Trainor and et.al., 2014). It
includes all the application forms, the person specification, the contract of employment and other
documentation such as equality and rehabilitation of Offenders along with the notes that were
made by the panel members during the interview regarding how aware the individual is of the
vacancy and the job role (De, Lim and Oh, 2013). A job description basically explains basically
the exact role of the job and what the appointed employee must do. It includes the hours they
must work along with if available how much overtime can be done.
It lists every one of the main points of the things that must be expected by the employer
for the employee to do. A job description is for both the manager and the applicants or the
appointed employee as it is important for the lot of them to know what the job involves. The
employee wouldn’t be able to do their job correctly if they don’t know what they have to do nor
can the manager give appraisals if they don’t have any idea of what that employees actual job
role involves (Meyer, Ruppen and Magerkurth, 2013). Also, if the manager is looking for gaps
for training then he/she must know what each employee’s job role is so he can analyse where
that employee may need training and what training they require.
P2. Main employability, personal and communication skills
Employability skills
Employability skills can be defined as a skill that a person needs to have in order to get a
job and/or be effective in the job role he or she has. Such skills allow the employee or person to
have a mutual and friendly relationship with colleagues or the manager thus if there are any
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problems that arise they will be resolved efficiently (Greene, Brush and Brown, 2015). There are
many examples of employability skills that employees or people applying for jobs should
possess which include; qualification and experience that are directly linked to the job that is
being applied for.
Personal skills
Personal skills can be defined as a skill that a person may possess but doesn’t necessarily
need when applying for a specific job role. There are many examples of such skills which would
benefit the business including; speaking different languages, trustworthy and having a sense a
humour. It is good if employees or applicants possess such sills when applying for a job as it will
make them more likely to get the job as it shows the employer other skills that the
employee/applicant have that can help the business; these skills are useful for a lot of different
jobs (Gaur, Kumar and Singh, 2014).
Communication skills
Communication skills can be defined as skills that help a person convey information to
another person efficiently and with ease. Managers or employees with good written or verbal
communication skills will benefit the business; this is because they will be able to talk and
understand each other properly.
TASK 2
P3. Main physical and technological resources
Physical resources
At Tesco the building they use is essential towards the day to day running of the business.
In order for the business to provide products and services to its customers they will need
different in-house resources to facilitate the smooth running of the business (Patton, 2014).
Another physical resource that is required for the operation of the business is insurance, some
insurances are required by law for businesses to have this includes employers’ liability insurance
which provides insurance in case anything happens to employees as a result of the business.
Security can be an issue for big companies like Tesco, this is because people find it easier
to steal from big corporations than little independent shops, most of the shops are open 24/7 so
they hire security staff that are there around the clock, Tesco also uses security cameras and
security tags (on expensive or commonly stolen items) to facilitate the work of the security
guards.
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