Essay
Financial Services to Support Business level 3 M2 UNIT 3
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Analyse the guidance, advice and support available to a business to consolidate its operations and achieve sustained growth.
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By: huzzisaid • 5 year ago
By: rebecca-distinction • 5 year ago
Thanks for the feedback , any questions feel free to ask thank you
By: sidrit1998 • 6 year ago
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I will be analysing the guidance, advice and support available to a business such as tin-drum toconsolidate its operations and achieve sustainable growth. Business consolidation is combining a smaller
business into larger businesses. For example the smaller and the larger business will become one. In
terms of consolidating operations this will be merging operations which are the activities of the business.
In terms of consolidating operations the business can join departments as this will increase productivity
and efficiency for example the finance and the administration department can join together and help
each other with the work because administration can help the finance department with the budget and
help pay staff. Finance department can also help the administration department such as helping answer
the phone, making office orders, plan meetings and filing. This will help increase work flow because
working in teams helps work get done more quickly. Another example is joining sales and marketing
department because sales department can help the marketing department with making products aware
to customers and the marketing department can help the sales department with selling products and
providing services. Sales department will know customer feedback which they can provide to marketing
department in order to be strategic in terms of how they market the products and this will increase
growth of the business, joining the two departments will help the business grow because when both
departments are working together and helping each other with the work it will be done quicker and they
can help with strategies to increase sales. Departments can also help each other to increase work output
as work will get done faster which will allow the business to grow.
The business can move another department to another department which means giving the work of a
department to a different department and making staff redundant for example the business could move
the administration department to the finance department and make the staff in the administration
department redundant, as the work from the administration department will take less time to learn by
the finance department instead of moving finance to the administration department because the work
from finance will take longer to learn. Giving the work of administration to finance department will
reduce operating costs of the business because they will have less staff to pay. The finance department
will just have additional work to do such as managing files, answering phone, sorting post, arrange
appointments and deal with email enquiries.
Also giving staff more task is a another to consolidate operations, the staff can be given tasks from
different departments as this will reduce work and can possibly make staff redundant as their work can
be done by one person which means the business will have more money as their paying less staff and
the employee that is doing tasks from different departments skills will improve and their knowledge
which can benefit to the profit of the business.
Also reducing the businesses building and bringing operations under one building is a way to merge
operations and reduce operating costs. For example a business could have a store where they sell full
price products and they may have an outlet which means they will have to pay rent for both buildings
and other payments such as staff, supplies etc. For example bringing the outlet under the full price store
will reduce operations and it makes it convenient for customers to get all products under one building
.Also the staff from other store will no longer be needed as the staff in the main store can do the job as
nothing is different except prices and products which they will just need to adjust to. This will increase
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