B203B 2ND

Management is a very complicated process specially when it is in a company like Marks & Spenser which is worldwide famous with many branches that are employing various human resources. In the current essay, there will be a discussion for roles and duties of managers in retailing operations such as the financial manager and the commercial manager as their roles will be identified in reference to the budget and the financial plan in retailing setting with a presentation for the skills and required features of a commercial manager in the company of H&M.

 Explain three of main duties of the financial manager in a retail setting.

Retail setting is a business field that requires a good financial manager whose duties include firstly to be a mentor and a controller of the retailing operation in the entity through watching its performance of costs that can be either direct ones or indirect. Marks & Spenser is a great company that its costs can be food waste, bags presented for customers, stationary, phones and electricity expenses in addition to staff and security settings. Making a regular examination for large to tiny costs provides a chance to control it which occurs in Marks & Spenser company retailing department. 

Secondly, a financial manager is the one who has to use applications of financial plans with its tasks such as the plans of implementations for new systems, profit statements plans and security matters plans. Among the missions that a financial manager has to perform is being a creative thinker and suggest new ideas and creative strategies to help the whole business be a good rival in the market and suggest methods and ways for having a more profitable store with the least loss or wastes by using perfect planning as well as data which is updated, timed and right. (Grimsley, 2013)

Thirdly, it is finding solutions for hard problems which is the third duty of any good financial manager who is able to learn everything about all variables that are related together which allows him to manage any sudden obstacle or problem or any matter that needs dealing as feasibility maters that a financial manager interferes to give advice regarding for example Sundays and how costs are reduced in them or how to make use of them, time matters also need advice of the financial manager as opening times in all stores and branches.

Explain the difference between a financial plan and a budget. Evaluate how a budget can contribute to a business achieving its aims.

A budget is not the same as a financial plan but they are different in many things. Although the budget is a financial plan but a financial plan is not only the budget as the budget is a short term future kind of financial plans as the business depends on it for a period that does not extend to a year but less. Long term planning for two, three, four or five years is within the financial plans. The concerns of a budget are business tactics but the financial plan concerns are the strategies the organization is based on. (Foley, 2014)

Aims of any business need many assistants to be achieved as budget is one main of which that needs to be well studied to control the organization performance, comparing actual results with budgeted items is a good idea to do this as this reveals the variance analysis different points. There are benefits for a budget for managers as it enables them to think forwardly and have progressed performance and initiate system controls well. The budget provides a space for forecasting loss and profits so as to avoid loss and increase profits depending on last year statistics and this budget studies all costs as staff costs, light, phone, gas, uniform and other costs. It is beneficial to use budgets so as to comparing activities and forecasting them to promote better decision making strategies as budgeting policy in Marks & Spenser. Practice can be learnt through comparing different branches budgets analysis as this occurs in Marks & Spenser company as this helps focusing on the best practice and studying it so as to learn how to avoid mistakes in planning for budgets. (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.

H&M is a great company to work in as a manager and I have to be an efficient manager to work there as a commercial manager with the full needed skills and qualities as being well experienced in sales managing and having an overall background of commercial items in the company. I have to be good at communication and correspondence to make strong communicative relations with members of the human resources of H&M branches. Work efficiency must be enhanced via my skills of persuasiveness with customers, purchasers and employees. The convincing task is not an easy one but there are methodologies I have to discover to support this point that raises work levels of sales, profits and having good reputation in the market. Leadership abilities are also required for me as a commercial manager that deals with sales assistants and there must be direct contact with them to understand all about the sales affairs to maximize sales size and suggesting new ideas to encourage sales movement. Strategic thinking is urgently needed for a commercial manager to promote the nature of work and initiate marketing strategies that develop the business. H&M is a company that must be supported by my planning ideas that tend to raise profits and reduce loss in addition to encouraging the company's human resources. H&M stores include many items that suit all customers of all ages and social levels to make them feel at home with parts and departments divided in a comfortable way to the customer as the company policies tend to provide the best services to customers so as to encourage them stay as long as they can in the store which provides more sales chances. As a commercial manager, I have to master analytical skills highly and effectively for making the right balance of loss and profits as loss can be reduced also via costs reduction. A commercial manager must be the good listener for all human elements to deal with whether they are employees, customers or others as complaints neglecting could make the company liable for more loss and customers satisfaction is a duty of the commercial manager specially in a great company as H&M. (Huiru, 2011)

In conclusion, it is vital and essential for a business like Marks & Spenser to have skilled financial manager with all the required duties done by him for purposes of elevation of the business and towards having better future results in the work. The commercial manager duties and responsibilities as mentioned in the essay above are very important to be exactly mastered to make more profits for the company. A business as H&M needs perfect commercial manager knowing all to do for the sake of work welfare.