MGMT20143 - Think Big: Financial Management Consulting Project

This project outlines a financial management consulting services business, covering key aspects such as target market (MNCs, big companies, HNIs), benefits (increased revenue, reduced risk, overall expansion), and a business model involving advanced payment options and profit sharing. It details the organizational structure, initial investments (HR, rent, IT, sales, advertising, overheads), and key metrics (product, place, price, promotion). The project concludes that a finance management business is feasible and can achieve effective growth in sales and profits. Desklib is a platform where students can find similar solved assignments and project reports.

Think Big

Changes have taken place in various
organizations due to demand of the
customers and the business as per the
latest technology.
Technology plays a key role
Introduction

*CEOs of a particular company have multiple aspects
of thinking towards a particular problem (Dees,
2017). This signifies the greatness of their thought
process pertaining to a greater scenario and
situations of disruptive thinking.
*Financial strategies however can not support the
organizational needs in the sector of reduction of
cost, deciding profit margin, cash flow and financing.
*Employing a CFO can be proved as helpful for the
financial consultants, who are required to move into
the role (Finkler et al., 2016).
Opportunities of the
Business

*Previously it was considered that the function of finance is
limited to the transactional processing of various
departments and is only helpful in meeting the statutory
compliance needs of the organization.
*However, as per the rapid change of technology, the
application of finance functioning has also expanded
significantly (Christopher, Payne & Ballantyne, 2013).
*At present, the successful efficient and finance executives
are collaborating with the board members and C-Suite
members in order to build and implement long-term
strategies (Kirzner, 2015). This innovative practice will be
helpful in the business as they will enable the managers
to perceive the significance of financial management in
the growth of an organization.
*In Financial Management, the experts engaged in the
process will provide instant guidance to the management
of a company regarding the usage of fund to boost the
organizational production and functioning.
Financial Management
Consulting Services

*MNC’s
*Big Companies
*HNI
Target Market

*Increased revenue
*Less risk
*Increased Sales
*Overall expansion of the firm (Kaynak,
Wong & Leung, 2013)
Benefits

*The business model has entails the cost
structure and revenue streams as well. It
is dependent on the customers to pay
100% advanced or they have an option to
pay 50% initially as advanced fees and
share around 5 or 10% of the profits made
by the customer as per the guidance of
the consultant (McDaniel & Gates, 2013).
Business Model

Department Number of employees
HR Department 4
Consultants 20
Team for sales and marketing 15
Team for finance and Accounts 4
Research Team 4
Advertisement and Marketing 2
Organizational
Structure

The initial investments for the organization
is as follows:
Particulars Estimated Expenses
The expenses of human resource
management entailing the cost of
recruitment and salaries of
employees
AUD 15000
Rent Expenses and infrastructure
of office
AUD 35000
Expenses for IT such as the latest
software for handle the financial
transaction
AUD 30000
Cost sustained by the sales team AUD 3000
Advertisement and Customer
relationship management
AUD 20000
Overheads of office AUD 2500
Total AUD 105,500
Finance

PRODUCT
Fundamental
Service
Advanced
Service
PLACE
Melbourne
Target market-
Australia
PRICE
Premium
Skimming
Strategy
PROMOTION
Event
marketing
Digital
marketing
Relationship
marketing
Key Metrics

Conclusion
*Starting a new business is a wide-ranging
process.
*Finance management business will be
feasible
*Effective growth in sales and profits
(Karadag, 2015)
*Overall it can be considered as a feasible
business idea

Reference
Christopher, M., Payne, A., & Ballantyne, D.
(2013). Relationship marketing. Routledge.
Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship.
In Case Studies in Social Entrepreneurship and
Sustainability (pp. 34-42). Routledge.
Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M.
(2016). Financial management for public, health, and
not-for-profit organizations. CQ Press.
Karadag, H. (2015). Financial management challenges in
small and medium-sized enterprises: A strategic
management approach. EMAJ: Emerging Markets
Journal, 5(1), 26-40
Kaynak, E., Wong, Y. H., & Leung, T. (2013). Guanxi:
Relationship marketing in a Chinese context. Routledge.
Kirzner, I. M. (2015). Competition and entrepreneurship.
University of Chicago press.
McDaniel, C., & Gates, R. (2013). Marketing research.
Singapore.