Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"EXERCISE 7: DEFINE YOUR FINANCE ANDADMINISTRATION ISSUESReview the list of four finance and administration issuespresented in the preceding text and consider any others thatare not mentioned. Document your finance andadministration issues in your Major Issues and Approachesfor Resolution document (see Appendix A).EXERCISE 8: DEFINE YOUR RESPONSE TOFINANCE AND ADMINISTRATION ISSUESFor each finance and administration issue you have identifiedin Exercise 7, develop a response using the examplespresented in Table 4.4 or, as an alternative, define your ownresponses. Write these issue responses in your Major Issuesand Approaches for Resolution document (see Appendix A).Page 55TABLE 4.4 RESPONSE OPTIONS FOR FINANCE ANDADMINISTRATION ISSUESIssue 1. Our financial management and reporting systemrequires upgrading; this is hurting our financial position andnot effectively providing our corporate management andoperating organizations with timely and accurate financialinformation.• Poll the management team to develop financial reportingrequirements.• Develop and implement an upgraded financial reportingsystem.• Retain the services of an expert to develop the system.file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (70 of 219)16.02.2005 13:54:23
Philip Walcoff - "The Fast Forward MBA in Business Planning for Growth"Issue 2. Our overhead is too high; we need to take bettercontrol of our costs.• Review current costs and identify areas where cost cutting isfeasible.• Develop a budget and manage it.• Retain an expert to make recommendations.Issue 3. We need to develop budgets and rates and a system totrack them.• Develop a budget and manage it through regularly scheduledreviews.• Retain an expert to support the development of the budget.Issue 4. We're not investing in our growth; we need to makean investment (perhaps raise capital) for space, equipment,automation, facilities, staff, technology, marketing, and so on.• Review needs and develop a budget to address them.• Consider securing a loan or other means of raising capital tomeet these needs.End PointThis chapter has identified issues and developed responses for function-specific issues. Chapter 5focuses on companywide issues and response options.file:///C|/Documents and Settings/gasanova/Local Settin...Forward_MBA_in_Business_Planning_for_Growth/e-book.html (71 of 219)16.02.2005 13:54:23
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Philip Walcoff - "The Fast Forward MBA in Business Planning for ...

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