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Monday, February 29, 2016

B203B

Managing business is a process that needs skills and qualities which are of high ranks as a company like Marks & Spenser which is an international company as its branches are everywhere in the world requires good management systems to be able to race others in the market. This essay is dealing with management issues through presenting a brief of what managers should be as the commercial manager and the financial managers with giving a glance on their duties and skills, the requirements of the commercial manager are presented through an example on McDonald's case study.

Explain three of main duties of the financial manager in a retail setting.
Various duties lies upon any financial manager in retailing setting field, at first, he has to watch up the organization performance regarding retailing missions as this provides support for the organization financially. Here a financial manager's role is broaden to support costs which are direct and indirect according to the way they are identified within the sales volume. As in the company of Marks & Spenser, this occurs for indirect costs as phone calls costs, electricity consumption, security and stationary expenses where direct costs refer to costs spent on staff, bags and food. The management purposes here include making a reduction for the operational costs via controlling strategies that the financial manager performs as in Marks & Spenser.
Second duty of a financial manager is the financial planning applying which is connected with retailing as by this mission a financial manager is asked to apply plans for many things within the organization concerning retailing as for example to apply plans for addressing issues of security through profit statements and new systems implementations plans and others. Thinking about ways for bringing more profits to the store is also among a financial manager duties. Accurate data which is always updated can insure the achievement of strong planning techniques and the efficient store management.  (University of Washington, 2014)
Third duty of a financial manager is problem solving which addresses the manager's capabilities of comprehending variables relationships that have some complexity and the problems that may once appear. The problems may vary to be as feasibility issues when the manager is needed to provide advice regarding Sundays costs and how to get benefits from Sundays or times when stores open and close according to pre set plans in order t achieve profits.
Explain the difference between a financial plan and a budget. Evaluate how a budget can contribute to a business achieving its aims.
It is not true that there are no difference between a budget and a financial plan but they differ in many points as a budget is itself a financial plan pre set for future settings on the short run which should not exceed one year but less than this period, on the other side, a financial plan covering more time periods' goals that could extend for five years or more than this. Tactics are within budget's main goals but strategies of the company are within goals of the financial plan. (Yale University, 2014)
Goal and aims of any business can be achieved if budget's role was well enhanced and this can be reached by studying, analyzing and preparing the budget which is a way of studying and controlling performance as any budget has its own items that could be compared with real done results for measuring how different they are by using an analysis for variances. Budgets help the business in addition to helping managers themselves to recognize the problems of the business, create new methods for solving them, controlling the system using new methods and thinking creatively towards future achievements. Forecast profit is another mission that a budget is responsible for as well as loss predicting and these predictions are based upon a view in the previous years results of sales, profits and loss so as to make a new future overview of what could really be achieved and for costs and profits. Controllable costs such as costs of employees, workers, security, light, gas and uniforms are also included within budget accounts for loss and profit. Among what could be achieved and gained through planning a good budget with forecasting missions is that such budget can make a chance for comparing different activities results as happening in Marks & Spenser company with its wide variation of stores and branches as evaluating results improves performance and enables decision maker to recognize the best practices. (A Marks & Spenser case study, 2014)
 Imagine you have just taken a new job as the commercial manager at a retailer such as Marks & Spencer. Discuss in some detail five key qualities or skills that you should have in order to succeed in this position. Analyze why these qualities or skills are important for your job.
Working in a company like McDonald's provides many good chances for managers to show how excellent they are as I am doing my best as a commercial manager there supported with my management knowledge, experiences and skills as sales experience is one of my qualities as well as having a good performance among employees and having supervising skills when needed. A commercial manager in McDonald's must be aware of communication importance as this will help him with other employees in all branches and with loving customers who always expect the best communicative approaches from a manager. Persuasiveness skills are also an asset of the job as customers are in need to be taught and persuaded about offers, new products and prices in a professional manner which makes sales at the best highest levels. A commercial manager abilities must include those of leadership with sales assistant whom he must held meetings with to learn their needs, complains and for suggesting new strategies for increasing sales. Strategic thinking and excellent planning are two features needed for a commercial  manager in McDonald's who aspire raising the business quality, sales and in turn profits. Loss should be reduced by decreasing costs and wastes with the help of all human resources.In McDonald's, the restaurant is based on a strategy for customers relaxation as there are places for families and parties for children to make the customers feel at home as this atmosphere and technique attract customers to have more time everyday. Food meals are various there and customers have an updated variety of menus to choose from everyday. There are tests and questionnaires presented for customers to measure how far they are satisfied with tastes, new meals and placing. Analytics are skills that each commercial manager have to be good at to learn about what was expected from the work and employees compared with already done facts and measure loss percentages in a way that aims at reducing loss to the least extent. Operational costs can be also at its least percentages to save more costs. Human resources are an asset which must be invested in as in McDonald's a commercial manager discusses the employees requests and complaints, then makes a study and analysis for them finding the suitable solutions. This ensures good employees performance which raises sales in turn.(McDonald's case study, 2014)
In conclusion, it is a good point in a financial manager to be acknowledged with all the duties asked by him as in Marks & Spenser company that has worldwide spread with its various branches. A budget is important for business progress. A commercial manager tasks must be enhanced with skills and job acknowledgements specially if the business was broad and strong as McDonald's.


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