Leading and Managing Business Project: Financial Plan & Staffing

This report analyzes the key elements of leading and managing a business project, using the example of RED & BLUE Restaurants expanding with a new outlet. It examines how a financial plan supports strategic objectives, including improving employee efficiency and hiring skilled staff, with a detailed budget breakdown. The report critically reflects on the management and leadership roles required when increasing staff for project implementation, emphasizing motivation, skill identification, and decision-making. It explores methods for ongoing project performance improvement, such as effective communication, using technology, and setting common goals. Furthermore, the report evaluates the importance of information sharing with stakeholders for successful project completion. Finally, it considers personal development, highlighting areas for improvement through a personal development plan, covering skills, knowledge, and experience to enhance leadership capabilities. The report provides a comprehensive overview of project management strategies, from financial planning to stakeholder engagement, and the importance of leadership in driving project success.

Leading and
Managing the
Business Project

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
1. Critically evaluate that how financial plan supports the strategic objectives of the project....1
2. Critically reflect the management or leadership of the project where they required to
increase staff for the implementation of project..........................................................................3
3. Critically explore the methods which used to support on-going project performance
improvement................................................................................................................................4
4. Evaluate that how information sharing with stakeholders will support the successful project
completion...................................................................................................................................6
5. Consider own development and identify the area which required to enhance with the help of
personal development plan (PDP)...............................................................................................7
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Leading and Managing the Business Project is the essential part of the organization
where project manager have to play vital role. A manager of the company follows various
management or leadership practice in order enhances employee’s performance as well as
productivity. It further helps the managers to successfully complete their projects or achieve
business goals & objectives. Leaders and managers should have required skills which help them
to perform effectively and able to complete their project for successful outcomes (Ahern, Leavy
and Byrne, 2014). In the organization, project manager have to develop a project which help the
business to grow and maximise production as well as profitability through expanding their
business. For the better understating, this report selects the medium size UK based restaurant that
is RED & BLUE Restaurants. Company established in 2010 where business co-owned by the
Jonathan Poole & Patrick Smith. RED & BLUE restaurant develop a new project where they
open a new outlet of Bacaro in Manchester in the end of 2019 (RED & BLUE Restaurant, 2019).
This restaurant is the group of three which include Bacaro, Salt House and hangover Street
Social brands. RED & BLUE expand their business, so in order to make this project successful
they have to adopt management or leadership skills. This report covers the various topics such as
management or leadership of the project where business required increasing staff in order to
implement their project phase. Explore the methods which used to support performance of team
at the time of ongoing project. In addition, it includes that how information sharing with
stakeholders support the project completion and strategic decision making. Along with this,
identify the area which required enhancing with the help of personal development plan.
MAIN BODY
1. Critically evaluate that how financial plan supports the strategic objectives of the project
Financial plan is a report which describing an company' present monetary position and long
term business objectives in terms of finance, as well as build plans for achieving those objectives
(Pollard, 2019). A financial strategy may be drawn up separately or with the assistance of a
certified financial consultant. Financial plan include the budget which categorise the expenses
that required fulfilling strategic objectives of the RED & BLUE restaurant.
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Strategic objectives: At the time of conducting any project in the organization, it is very
essential for managers to set strategic objectives. Some of them are discussed below in context of
RED & BLUE restaurant and which are as follow:
 Improve employee’s efficiency: Hiring employees in not sufficient to achieve business
goals & objectives. Managers of the company should provide additional training which
improving individual performance as well as efficacy.
 Hire skilled workforce: In order to increase their operational efficiency as well as
effectiveness, RED & BLUE restaurant have to hire skilled people by following effective
recruitment and selection process.
 Improve technical and analytical skill among the staff members: In a growing
business environment, it very essential for the employees to have such technical or
analytical skills. At the time of performing any task, these capabilities help the staff
members of RED & BLUE restaurant to response the critical situations accordingly.
In context of RED & BLUE restaurant, financial manager develop a plan in order to achieve
strategic objectives of any project (Keers and van Fenema, 2018). Financial plan helps in
evaluating company‘s performance and how well company able to achieve their goals. RED &
BLUE restaurant require increasing their staff members in the phase of project implementation.
Budget:
Items Amount (£)
Workshop Charges 1,000
Cost of Training Session 1,500
Fees of Experts 5,000
Refreshment 500
Total 8000
Above mention budget shows that total £ 8000 expenses have to bear the RED & BLUE
restaurant in order to increase their staff member’s efficiency. Restaurant wanted to increase
their staff for the implementation of project where manager have to spend such amount for
conducting training session, workshops etc. to improve employees efficiency. Managers want to
make their staff skilled that have analytical or technical skills to perform any project easily. In
order to achieve strategic objectives, management should spend this cost which included into
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financial plan and it further supports the organization to achieve their goals & objectives. Here,
managers or leaders play essential role to implement such theoretical aspects into reality by using
several methods such as effective communication, use of technology, share common goals,
motivate through offering monetary rewards etc.
2. Critically reflect the management or leadership of the project where they required to increase
staff for the implementation of project
In order to complete the project successful, project manager should have some specific
management and leadership skills which required at the time of implementing projects. In order
to increases the number of staff during the implementation of project phase. Project manager of
RED & BLUE restaurant have to expand their business so they required human resources to
manage new outlet of restaurant in Manchester (Basu, 2014). Managers or leaders should have to
play important role by using some specific skills. Leaders and managers required to play
effective role and make sure that it further beneficial in implementing their project to expand
their business and particularly increase staff members which can manage the internal activities.
Some of the roles of managers & leaders are mentioned below:
Role of Managers:
 Employees need to be motivated in order to take part in the training programs and other
development activities. Managers have to develop some activities and measure that how
it is beneficial for the employees to enhance their performance. Along with this, they
have to develop strategies that how motivation provide long term benefit to the
restaurant. Project manager of RED & BLUE have to provide motivate staff those are
selected for project implementation phase.
 Managers have to identify the area where employees lacking and what skills they
required to improve their weak area. With the help of some specific skills, manager
increases their productivity as well as performance. Provide necessary training will
increases the staff member efficiency which required at the time of implementing project
of extending business.
 Managers have to identify the job of individual and what skills or competencies they
required in order to complete that task (Davis, 2014). As per the requirement, project
manager hire new employees or provide necessary education to the existing employees
through enrolling them for online course and distance learnings.
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Role of Leaders:
 Project leader of a company is responsible for what they do or plan for the organization in
order to complete their project. Main role of leaders or leadership is to develop plan
which include the planning regarding business activity such as product or service cost,
process, schedule and other actions which taken by the leaders in order to motivate
employees. Motivation play bigger role to enhance individual performance as well as
productivity.
 Leaders have to take effectuate decisions regarding every project and they have to
implement activities which maximise productivity as well as profitability. Project leader
of RED & BLUE restaurant have to make decision where they ask for their employees to
give their valuable suggestion with the help of open discussion (Du, Leten and
Vanhaverbeke, 2014). Basically decision making process help to increase staff at the time
of implementing project phase.
 Management of project is the most important role of project leader where they have to
follow business operations and make sure that every individual perform their task in
order to achieve business goals & objectives.
Managers or leaders have to perform their roles and identify the requirement of staff for the
implementation of project. It further makes them able to fulfil their strategic objectives or
achieve business goals.
3. Critically explore the methods which used to support on-going project performance
improvement
Effective communication: In order to enhance the performance of overall project,
project manager should have effective communication which helps the person to communicate
with other and make sure to share correct information among the employees so they further
perform in well manner. In order to expand their business, project manager of RED & BLUE
restaurant should have effective communication skills which further support the ongoing
performance to complete their project and make it successful.
Measure strength and weakness of their skills: Project manager have to identify the
strength as well as weakness of their individual staff. Because it further helps in analysing the
area which managers have to improve through providing effective training and other
development program. RED & BLUE restaurant expand their business through opening a new
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outlet in the Manchester, so they required skilled or experienced senior employees who can
handle the restaurant and other staff who work under their supervision.
Use of technology: At the time of expanding their business or executing any project they
have to know about the latest technology which is in trend. Use of latest or trending technology
will help the organization to improve on going performance (Jeston, 2014). In context of RED &
BLUE restaurant open new outlet, so in the kitchen area they have to fix latest or new
equipments which reduce the time of cooking and in order to make their project popular in the
customers they have to done marketing by using technology such as internet. With the help of
technology, project manager able to increase ongoing performance of the company and achieve
business goals & objectives through maximising productivity as well as profitability.
Rewards & bonus: It is the most important factor of motivation which increase the
individual performance which further automatically improve the organizational productivity.
Those employees perform well in their task, company provide them rewards and bonuses which
motivate them to increase their performance. Project manager of RED & BLUE restaurant also
provide various kind of monetary or non monetary rewards for those employees which perform
well and contribute in the organization to achieve business goal & objectives.
Common goals: In the organization, every employee should have common goals
otherwise business enables to achieve their goals & objectives. So before executing any project,
project manager have to provide clear guidelines to their team members regarding project goals
& objectives. Project managers of RED & BLUE restaurant also set some goals at the time of
expanding their business (Lewis, Andriopoulos and Smith, 2014). Managers set the 10% profit
margin in the initial two years and after that they wanted to increase it. So it is project manager's
responsibility to make employees aware about common goal and have to motivate them to
achieve it, in well manner.
Above mention method support the ongoing performance of team members which further
helps in improving productivity as well as profitability. Along with this, successfully complete
the project or achieve their desired goals & objectives. By using above discussed method,
organization improves their operational efficiency as well as effectiveness.
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4. Evaluate that how information sharing with stakeholders will support the successful project
completion
In order to develop effective strategic decision, project manager of RED & BLUE
restaurant have to share organization information with key stakeholders. Restaurant has various
stakeholders such as investors, staff members, shareholders, customers, suppliers etc. With the
help of effective communication, business able to share information and make sure that it helps
in providing effective suggestions to complete the project. Below mention communication way
will be selected by the project manager of RED & BLUEE restaurant at the time of expanding
their business. Along with this, below mention way will helps in strategic decision making
process and make organization capable to complete their project successfully.
Annual meeting: This meeting will be conducted on annual basis where all the important
persons such as shareholders come together with specific agenda. Under this meeting, most the
issues try to resolve and share company related information which is important to know by them.
Along with this, all the decisions which made in this meeting also share with other stakeholders
so they also aware about the business activity.
Send news latter: It is the way to communicate with every stakeholders who have
interest in organizational issues or activity (Rosemann and vom Brocke, 2015) Organization can
communicate with their stakeholders and provide them necessary information through mail. It is
a one way communication just to share information and it is cost effective as well as time
effective method to pass the information with each member.
Conference call: This is another way to share information and it will used in urgent basis
where any specific issue occur and required to resolve in less time. So this is the time saving
method to share all the information with key stakeholders. This is the easiest method to share
information and make decision regarding project activity.
Regular meeting: every organization has to set meeting with key stakeholders in order to
make them aware regarding business issues and ask for valuable suggestions. This way of
sharing message will reduce the misunderstanding of information which is very beneficial and
make them able to understand the situation and provide valuable suggestions.
Sports event: With the help of any sports event, organization can share information
which further helps in competing project and make it successful. Company organization various
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events such as tennis, golf etc. and encourage stakeholders to participate in this event and
provide their open feedback, suggestions regarding project.
Above mention all the method helps in sharing information with key stakeholders which
support as well as help the project manager to make strategic decisions and successfully project
completion.
5. Consider own development and identify the area which required to enhance with the help of
personal development plan (PDP)
As a project manager of RED & BLUE restaurant, I have evaluated my skills and also
identify the area which required improvement in order to improve my efficiency as well as
effectiveness (Sadgrove, 2016). There are various area where I have to improve myself, so with
the help of self development I mention my strength as well as weakness in order to take
necessary steps to improve it with the help of personal development plan. Below mention table
evaluate my strength as well as weakness:
Strength Weakness
 As per my own evaluation or my peers
feedbacks or suggestion, I am capable in
managing my work on time and it further
motivate my team members to perform
well and complete every task on time.
 I am goot at communicating with other and
it make me capable to share information in
well manner where other one understand as
well. This skill help me to communicate
project related information with my team
mated. Proper or correct information will
helps in completing task and achieve
business gaols & objectives.
 I am positive thinker which helps me and
my team members to perform well in the
critical situation.
 I have to improve my leading skills
because I am less confident when I
am interacting with many people at
the same time.
 Sometimes it happen that, I am not
able to influence my team members
on any decision due to lack of
convincing power (Too and
Weaver, 2014). In result, it delay in
the work or enable employees to
achieve business goals &
objectives.
 My actions will motivate individual
but personally I am not able to
motivate my team members which
reduce their productivity as well as
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 Positively maintain the good environment
in the organization and encourage others to
perform well.
performance.
Personal development plan (PDP): It is the process of improving their skills with the
help of taking some necessary actions. Main aim of this tool is to develop them and develop their
personality as well as skills in order to make them capable according to the job role (Yang,
Huang and Hsu, 2014). This development plan evaluates the weak areas and takes necessary
actions in order to convert it into their strength. Below mention PDP table express in well
manner:
Skills Current
proficiency
Target
proficiency
Development
opportunities
Criteria for
judging
success
Time
scale
Evidence
Leadership At the time
implementin
g project, I
am using
democratic
leadership
style where I
try to involve
each member
in the
decision
making
process.
I have to
improve my
working style
as well as
leadership
according to
the standard of
organizations. I
have to meet
the targets and
deadline to
achieve goals
& objectives.
In order to
make this
leadership
style more
effective,
project
manager have
to increase the
participation
of employees
and open them
to give their
suggestion for
the further
improvement.
Top magnet
people will
evaluate my
work.
1
month
Senior
manager
Motivationa
l skills
In the critical
situation, I
I have to learn
new theories as
I have to
attend
Final
outcome
3
weak
General
manager
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am not able
to motivate
others
because they
having fear
or failure.
well as
understand the
situation and
then try to find
the way to
motivate.
classroom
lectures,
seminar, read
great leaders
success story.
will be the
criteria of
success.
Team
building
skills
I am lacking
in the team
building
skills due to
my low
confidence
and inter
personal
skill. I am
not able to
handle large
number of
team.
To make
efficient team
which helps in
completing
successfully
project with
desired
outcomes?
Regular
meeting with
staff members
will increase
confidence,
provide
various
training and
development
program as
well.
Team
performance
is the
criteria of
success.
2
month
s
Team
leader
CONCLUSION
From the above discussion it has been concluded that, leading and managing business is
the process of performing activities which required complete the project in well manner or get
success. In order to make any project successful, project manager play very important role
through motivating, directing, provide necessary training & skills in order to improve the
performance of each team member. At the time of implementing any project, management have
to share information with key stakeholder in order to make strategic decisions which further
helps in completing project and achieve business goals & objectives. With the help of personal
development plan, project manager able to improve their skills which required improvement and
take necessary actions in order to convert their weakness into strength.
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REFERENCES
Books & Journals
Ahern, T., Leavy, B. and Byrne, P. J., 2014. Complex project management as complex problem
solving: A distributed knowledge management perspective. International Journal of
Project Management. 32(8). pp.1371-1381.
Basu, R., 2014. Managing quality in projects: An empirical study. International journal of
project management. 32(1). pp.178-187.
Davis, K., 2014. Different stakeholder groups and their perceptions of project
success. International journal of project management. 32(2). pp.189-201.
Du, J., Leten, B. and Vanhaverbeke, W., 2014. Managing open innovation projects with science-
based and market-based partners. Research Policy. 43(5). pp.828-840.
Jeston, J., 2014. Business process management: practical guidelines to successful
implementations. Routledge.
Lewis, M. W., Andriopoulos, C. and Smith, W. K., 2014. Paradoxical leadership to enable
strategic agility. California Management Review. 56(3). pp.58-77.
Rosemann, M. and vom Brocke, J., 2015. The six core elements of business process
management. In Handbook on business process management 1 (pp. 105-122). Springer,
Berlin, Heidelberg.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge.
Too, E. G. and Weaver, P., 2014. The management of project management: A conceptual
framework for project governance. International Journal of Project Management. 32(8).
pp.1382-1394.
Yang, L. R., Huang, C. F. and Hsu, T.J ., 2014. Knowledge leadership to improve project and
organizational performance. International Journal of Project Management. 32(1).
pp.40-53.
Pollard, C. E., 2019. Lessons learned from client projects in an undergraduate project
management course. Journal of Information Systems Education. 23(3). p.3.
Keers, B. B. and van Fenema, P. C., 2018. Managing risks in public-private partnership
formation projects. International journal of project management. 36(6). pp.861-875.
Online
RED & BLUE Restaurant. 2019. [Online]. Available Through:
<http://www.redandbluerestaurants.com/>
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