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Explain the rationale for that decision and identifying the benefits, risks and financial implications of the suggested solution
In terms of cost and fairness, this technique is ideal. Step-by-step instructions are given to guide the process of making decisions. Realistic expectations can be met if the company’s management and treatment are efficient and focused on the objectives and accessible (Titler, 2019). Management and management are forced to focus on long-term goals while eliminating short-term objectives and forcing organisations to look forward.
Since the company is willing to give it out for free, leaders know exactly what to do next. This enhances the quality of the contrast.
Firms’ long-term goals may be recognised clearly if they have a plan in place. Consequently, making the most of your available resources is essential.
By clearly defining the long-term goals of the firm, staff know exactly what to accomplish and what it was they were striving for.
It may take a long time and cost a lot of money to accomplish the aim. There is a chance that the industry may change, because there will be obstacles to overcome. As a result, the project will cost a lot more money if it goes through as planned. Having a limited number of individuals in charge of making choices may lead to bureaucracy, since they have to guarantee that their choices are implemented across the company.
The final decision includes confrontation of the people who were involved with the event and then sending them on a training for maintaining workplace culture. In addition to this, the management should also make a list of all those who can be given such training. While the staff are on this training they will be suspended from their daily chores. There are a culmination of risks and benefits of this particular decision. The first risk being the reduced productivity of the staff as they will be suspended from work. The benefit includes the ability of the staff to gain knowledge about diverse team. Such workshops and seminars will enable them to work with different people and thus enhances their team work abilities.
Financial implications include the cost of training, training materials, trainer cost, and other miscellaneous expenses. All these would incur extra cost on the company which can affect the financial divisions of the company.
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Compare and contrast a range of different ways and approaches that are used to measure financial and non-financial performance within organisations
|Parameters||Financial performance||Non-financial performance|
|Main focus||Short-term success is the primary emphasis of financial performance assessment.||Performance evaluation in the non-financial sector focuses on the areas that will provide long-term wealth to the company or organisation in question.|
|The main addressee||In such circumstances, shareholders are the main target audience.||An organization’s management team is the primary recipient of non-financial performance measurements.|
|Territory||Measuring a company’s financial success relies on outside influences.||An internal concern is how to assess non-financial performance.|
|Applied in||Financial performance assessment is mostly used by organisations and enterprises aiming to make profits and increase revenues.||There are non-financial success metrics used by nonprofits and charities.|
|Manipulation||Various instruments and strategies may be used to manipulate and fabricate financial performance measurement(Banaszak‐Holl, 2019).
|Measuring non-financial performance has a theoretical probability of being manipulated.|
Financial analysis refers to the assessment of an organization’s financial statements over time. The economic results of a component are influenced by a variety of financial components, including the balance sheet, income statement, annual report and cash flow.
Gross Profit Margin
After removing the sales process, the full profit margin, and the investment, the residual asset of an organisation. The ratio reveals whether or not a certain financial endeavour was a success or a failure. Using this formula, one may calculate gross profit margin. The income statement excludes capital expenditures, healthcare, cash flow and taxes. While this may be true, it is still possible to say that gross profit is a metric of competition that excludes operating expenses and is exclusive to a product line.
Net profit margin
It shows how much profit and revenue are left after subtracting operations costs, sales ends up costing, tax, vat, net profit and other expenditures from the total revenue and profit (Powers, 2019). The formula for calculating net profit margin is net profit divided by revenue. An organization’s profitability is measured by the ratio, which also serves as an indicator of its overall success.
It is a measure of the organization’s available liquidity that is put to use on a daily basis.
Short-term or emergency obligations may be met by determining the organization’s ability to pay. A good fit with the organization’s present assets and obligations is ensured.
Comparison of different financial measures is as follows:
|Gross profit margin||A percentage of gross profit is given, although the actual amount of gross profit is shown.|
|Net profit margin||It is possible to express the net profit margin as a percentage of sales, using the abbreviation “net margin.”|
|Working capital ratio||A company’s working capital is the money that’s left over after all of the company’s operational costs are paid. However, the Current Ratio measures the ability of current assets to pay down current obligations.|
|Current ratio||The current ratio is a liquidity ratio that assesses a company’s capacity to pay short-term or one-year-old debts. In order to pay off its present debt and other obligations, a corporation may make the most of the assets already shown on its balance sheet, according to this report.|
Non-financial measures are as follows:
This strategy helps to determine a company’s position in the market. It also shows how the brand’s products and services meet the market needs and its consumers.
Customers play a critical role in the company’s success and they also have the ability to affect how well it performs. Using the phrase “retention,” one is referring to the percentage of customers that purchase widgets from the firm often (Shuman, 2019). A corporation may fulfil its objectives by addressing the requirements and desires of its consumers. As a result, the company has to focus on client acquisition and service.
The market share is a measure of a company’s place in the industry relative to its rivals. Based on net profit and total revenue, it is calculated. The amount of customers, goods, and facilities in a company’s portfolio may be calculated by calculating its market share.
In order to assess customer satisfaction, you must consider all of the ways in which a client comes into contact with your business. Once you’ve got them, you’ll want to figure out what makes for a great experience and what doesn’t.
It entails getting input from persons (identified or anonymous) whose opinions are seen as valuable and significant by the other person. Typically, one will get input from your most important consumers, clients, or stakeholders.
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