Essay
Financial Services to Support Business level 3 D1 UNIT 3
- Institution
- PEARSON (PEARSON)
Make recommendations to a business wanting to achieve expansion and growth and improve financial performance over the next three years.
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By: sidrit1998 • 6 year ago
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I will be making recommendations to a business wanting to achieve expansion and growth to improvetheir financial performance over the next three years.
If the business wants to achieve expansion and growth to improve their financial performance over the
next three years, they could improve their products and service because this is what will attract
customers. Also improving products and service will allow the business to be ahead of their competitors
because customers enjoy quality products and they want value for money so improving products and
services and enhancing the quality will attract customers and give the business a good reputation and
when customers are satisfied they will recommend the business to friends and family which will increase
the business sales, profit and popularity. The business could improve by providing better quality and they
could improve their service by providing a faster service.
Improving customer service can also help improve financial performance because when a business has a
good customer service the customer will be satisfied because the employees can deal with their issues.
For example if a customer enters a store with no staff to help them find what they want, they will leave
the store which means the store misses out on a sale which would of increased their profit. A business
can improve their customer service by improving staff training, sending staff out on skill improvement
courses, hiring more customer service staff so when staff are busy there are still more staff to help and
also having a phone line and customer service chat is helpful because the staff will not need to leave
their house. Also having friendly and helpful staff shows the business wants to help their customers and
when customers can receive help that will make the business a customer favourite. A store with many
products can be difficult for a customer to decide what they want or know where to find it which is why
it is good to have staff that has product knowledge so they can help the customers and this can increase
sales and profit.
Even though opening more stores can be very expensive however it can be profitable because the more
stores gives customers options as they can find a store closer to their home. If a business opens more
stores which have good customer service, tidy store and products customers will be intrigued to enter
the store and they may see something they like. Also opening a store in a popular area can attract new
types of customers and this will increase sales. Good advertising and affordable prices will attract
customers. Over the next three years this can increase the profit of the business if they promote the
business well and make sure their products are cheap and quality.
Having a cash flow and budget can allow the business to record their figures which will allow them to
know how much they are making and how much they have to spend. This will avoid the business from
overspending, they can find expenses which are too high and find alternatives which will lower these
expenses and comparing the figures from the cash flow years will allow the business to know how they
can improve also if an expense was low in a year and increased in the next year the business can figure
out what happened and they can improve and for their budget they can compare the budget years and
this will let the business know how they can improve also the budget and having an accurate budget can
allow the business to spend more if they have the funds for it because sometimes opting for the higher
cost will benefit the business such as advertising costs. The budget can allow them to have extra fund
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