Unit 2 Business Resources D1 Evaluate how managing resources and controlling budget costs can improve the performance of a business
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Unit 2 - Business Resources
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PEARSON (PEARSON)
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BTEC Level 3 National Business Student Book 2
Unit 2 Business Resources D1 Evaluate how managing resources and controlling budget costs can improve the performance of a business. Please leave a review if you find this useful, thank you.
d1 evaluate how managing resources and controlling budget costs can improve the performance of a business
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Sadia Hussain Unit 2
D1 - Evaluation
It is very important for businesses such as Tesco to manage their resources and
control their budget costs, as Tesco is a large business with many stores
around UK. So they need to be able to manage their budgets properly and
keep track of all the expenses and revenue, this way the business will avoid
running into any issues and keep their good reputation. It is extremely
important for businesses to manage their resources, such as people,
equipment, materials etc. ‘’About two-thirds of business survive two years in
business, half of all businesses will survive five years, and one-third will survive
10.’’ This shows that a lot of start-up businesses fail, the first few years are the
hardest which is why businesses have to manage their resource properly and
control their costs, as most businesses fail due to issues related to costs, such
as not being able to pay back the loans, and overspending on stock and not
making enough revenue when selling them.
Managing human resources is important for businesses in order to improve
their performance. ‘’Managing human resources refers to the functions that a
manager performs relative to the organization's employees.’’ For example,
Tesco has to make sure that there is enough staff working in the shop floor to
ensure that all the responsibilities are covered and to ensure that the
customers are receiving all the help that they require. For example, during
busy periods such as Christmas, there may be extra staff required in the
supermarket in order to make sure that all customers are being served and
getting the guidance and help that they need.
If this is not managed properly, then the customers would not be satisfied with
their experience, customers would be more likely to enjoy their experience if
they walk into the store and know that they can ask for help, happy customers
would lead to more sales which will help improve the performance of the
organisation. ‘’Human resource management is a process to manage people
within an organization. Since employees are the most valuable asset for any
organization, HR’s focus on developing strategies to improve employee
experience remains in high priority.’’ Tesco also needs to involve their
employees more with the business process, for example in the decision making
and planning. ‘’Companies who have formalized employee engagement
programs have 26% higher annual revenue growth than those who don’t have
formalized engagement programs.’’ This shows that companies that carry out
engagement programmes make more revenue than those who do not, which is
why Tesco needs to manage their human resources properly in order to make
1
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